Answer Detail: RE: What are the procedures of elimination during consolidation of financial statements?

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Question: What are the procedures of elimination during consolidation of financial statements?

June 06, 2009 04:16:24	#1
anuradha.vijayaraghava	Member Since: March 2007 Total Comments: 3
RE: What are the procedures of elimination during consolidation of financial statements?
After transferring the subsidiary data to the parent set of books, combine the subsidiary and parent data. Once parent and subsidiary data has been combined, enter eliminating journal entries. * Choose the State Controller's Eliminate button to create journal entries in the parent set of books for consolidation eliminations. * Create elimination sets with which you can define eliminating entries that repeat every accounting period.