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

  
Total Answers and Comments: 1 Last Update: June 08, 2009     Asked by: jeffli975 
  
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June 08, 2009 04:16:24   #1  
anuradha.vijayaraghava Member Since: March 2007   Contribution: 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.


 
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