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Consolidation options for 2 legal entities using shared Chart of Accounts, Currency, Calendar (i.e s

edited Jun 14, 2021 3:07AM in General Ledger & Intercompany 5 comments

Summary

What are the options to consolidate 2 legal entities which share the primary ledger and have intercompany transactions (elimination jnls)

Content

Hi all

I need to consolidate 2 legal entities, which share the primary ledger. The primary ledger is AUD, and the consolidation currency is also AUD. There are no foreign currency transactions. There is intercompany between the 2 legal entities, so I need to be able to create elimination journals. My questions are:

Do I need to create a separate (secondary) ledger for the intercompany elimination journals? (And combine both ledgers into a ledger set. Consolidated reporting is based on the ledger set instead of the individual ledgers?)

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