GL Consolidation Configuration: To Configure a Consolidation Unit

In the following implementation activity, you will learn how to create a tenant with a consolidation unit and perform its initial configuration.

Story

Suppose that the SweetLife Fruits & Jams company has acquired a company in Arizona, which has to be implemented as a subsidiary in a separate tenant of MYOB Acumatica. The data of the SweetLife AZ subsidiary should be used for GL consolidation in the parent company, SweetLife. Acting as the system administrator, you need to create a new tenant for the SweetLife AZ company and perform its initial configuration.

Note: For training purposes, you will create a company in a separate tenant to learn how to perform GL consolidation.

Process Overview

In this activity, on the Tenants (SM203520) form, you will create a new tenant with the out-of-the-box company (a company in a tenant without any dataset). On the Enable/Disable Features (CS100000) form, you will enable the features needed for a consolidation unit. On the Companies (CS101500) form, you will create a company without branches and create an actual ledger for this company.

You will then update the length of the ACCOUNT segmented key on the Segmented Keys (CS202000) form and upload a chart of accounts from an Excel file on the Chart of Accounts (GL202500) form. On the General Ledger Preferences (GL102000) form, you will specify the needed GL preferences.

On the Financial Year (GL101000) form, you will create the first financial year for the company and create periods for it. On the Master Financial Calendar (GL201000) form, you will generate the calendar for this financial year and, finally, on the Manage Financial Periods (GL503000) form, you will open the periods in the first financial year.

System Preparation

Before you start configuring the consolidation unit, make sure that you have downloaded the AZ_Subsidiary_COA.xlsx file with the chart of accounts of the SweetLife AZ company.

Step 1: Creating a Tenant with the Consolidation Unit

To create a tenant with the out-of-the-box company where you will configure the consolidation unit, do the following:

  1. Launch the MYOB Acumatica instance and sign in as a system administrator by using the gibbs username and the 123 password.
  2. Open the Tenants (SM203520) form, and click Add New Record on the form toolbar.
  3. In the Tenant Name box, type AZ_Subsidiary.
  4. In the Login Name box, type AZ_Subsidiary.
  5. On the form toolbar, click Save.

    The system creates the tenant.

  6. Sign out of the current tenant.

    You are now on the Sign-In page and you can sign in to the tenant you have just created.

  7. Sign in to the newly created tenant by using the admin username and the setup password.
  8. In the New Password boxes, change the setup password to 123.
    Note: The password you are entering is for training purposes only. In a production environment, you would create a complex password.
  9. Select the unnamed check box under the password box and click Sign In.
    Note: For training purposes, you will complete all activities in the AZ_Subsidiary tenant by using the admin username. In a live system, you would use this username for initial system configuration, and then you would create usernames for specific users and assign the needed access rights to them.

Step 2: Enabling the Needed Set of Features

To enable the set of features needed for the consolidation unit, do the following:

  1. Open the Enable/Disable Features (CS100000) form.
  2. In the list of features, make sure that the check boxes for the following default set of features are selected and select the check boxes for the following features needed for the consolidation unit:
    • Finance
    • Standard Financials
    • Multibranch Support
    • Multicompany Support
    • Centralized Period Management
    • Advanced Financials
    • General Ledger Consolidation
    • Platform
    • Monitoring & Automation
    • Scheduled Processing
    • Authentication
    • Third Party Integrations
  3. On the form toolbar, click Enable.

Step 3: Creating a Company Without Branches

To configure a company without branches, do the following:

  1. Open the Companies (CS101500) form.
  2. On the form toolbar, click Add New Record.
  3. In the Summary area, specify the following settings:
    • Company ID: SWEETAZ
    • Company Name: SweetLife AZ

    In the Company Type box, notice that Without Branches is selected; you will leave this default setting.

  4. In the Main Address section of the Company Details tab, select US - United States of America in the Country box.
  5. In the State box, select AZ - ARIZONA.
  6. In the Base Currency Settings section, select USD - US Dollar in the Base Currency ID box.
  7. On the Visual Appearance tab, select the Override Colors for the Selected Company check box.
  8. In the Primary Color box, type the number sign followed by 31b4a5.
  9. On the form toolbar, click Save to save your changes.

Step 4: Creating an Actual Ledger

To create an actual ledger for the new company, which will also be the source of consolidation data, do the following:

  1. Open the Ledgers (GL201500) form.
    Tip: To open the form for creating a new record, type the form ID in the Search box, and on the Search form, point at the form title and click New right of the title.
  2. On the form toolbar, click Add New Record.
  3. In the Summary area, specify the following settings:
    • Ledger ID: ACTUALAZ
    • Description: Actual Ledger
    • Type: Actual
    • Consolidation Source: Selected
  4. On the Companies tab, click Add Row and in the Company column, select SWEETAZ.
  5. On the form toolbar, click Save to save your changes.

Step 5: Creating the Chart of Accounts

Before you start creating the chart of accounts, you need to modify the ACCOUNT segmented key. Do the following:

  1. Open the Segmented Keys (CS202000) form.
  2. In the Segmented Key ID box, select ACCOUNT.
  3. For the only row in the table, in the Length column, specify 5.
  4. On the form toolbar, click Save.
  5. Open the Chart of Accounts (GL202500) form.
  6. On the form toolbar, click Load Records from File.
  7. In the File Upload dialog box, which opens, select the file path to the AZ_Subsidiary_COA.xlsx file that you downloaded for this activity, and click Upload.
  8. In the Common Settings dialog box, which opens, leave the default settings, and click OK.
  9. In the Columns dialog box, leave the current mapping, and click OK.
  10. On the form toolbar, click Save.

Step 6: Specifying GL Preferences

To specify the general ledger preferences for the SweetLife AZ company, do the following:

  1. Open the General Ledger Preferences (GL102000) form.
  2. In the YTD Net Income Account box in the Chart of Accounts Settings section, select 33000 - Net Income. This is a required setting for enabling the system.
  3. In the Retained Earnings Account box, select 32000 - Retained Earnings. This setting is also required for enabling the system.
  4. On the form toolbar, click Save.
  5. In the Posting Settings section on the General tab, make sure that the Automatically Post on Release check box is selected.
  6. In the Data Entry Settings section, clear the Hold Batches on Entry check box.
  7. On the form toolbar, click Save.

Step 7: Creating a Financial Calendar for the Consolidation Unit

To set up the first financial year for the SweetLife AZ company and open the financial periods, do the following:

  1. Open the Financial Year (GL101000) form.
  2. In the Financial Year Starts On box of the Summary area, select 1/1/2023.
  3. In the Period Type box, make sure Month is selected.
  4. Select the Has Adjustment Period check box.
  5. On the form toolbar, click Create Periods.
  6. Click Save to save the settings of the financial year.
  7. Open the Master Financial Calendar (GL201000) form.
  8. In the Financial Year box of the Summary area, make sure that 2023 is selected.
  9. On the form toolbar, click Generate Calendar.
  10. In the Generate GL Calendar dialog box, which opens, make sure that 2023 is selected in the From Year and To Year boxes, and click OK.

    The system generates periods for the 2023 financial year.

  11. On the More menu, click Open Periods.

    The Manage Financial Periods (GL503000) form opens with the Open option selected in the Action box of the Summary area.

  12. On the form toolbar, click Process All.

    The system opens the Processing dialog box and runs the process of opening periods.

  13. Close the Processing dialog box.