Accounting

How to Prepare Consolidated Financial Statements on Tyms Accounting Software

Updated 8 hours ago by Tyms

Help Center Accounting How to Prepare Consolidated Financial Statements on Tyms Accounting Software



The Consolidated Statements feature allows you to combine financial data from your subsidiaries, providing a streamlined view of your business’s overall financial performance.

 

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Step 1: Navigate to Consolidation Settings

  1. Log in to your Tyms account  (https://app.tyms.io/auth/login).
  2. Go to Settings and select Consolidation.
  3. In the Consolidation section, activate subsidiaries by selecting the subsidiaries you want to consolidate from the dropdown list. (Note: Only subsidiaries registered in Tyms will appear.)
  4. Click on Save.

Step 2: Account Mapping

Account mapping aligns accounts from both the parent company and subsidiaries under a consolidated structure.

  1. Click on the New Button in the Account Mapping section.
  2. Create a consolidation account by entering the following details:
    • Consolidated Account Name
    • Account Type and Subtype
  3. Select the accounts from both the parent company and subsidiaries to include. (Note: The available accounts depend on the chosen account type and subtype.)
  4. Click on Save to view a table of all mapped accounts, with options to edit if needed.

Step 3: Set Exchange Rates (for Different Currencies)

This step is required only if subsidiaries use different currencies to ensure accurate consolidation.

  1. Go to the Exchange Rate section and click on the New Button.
  2. Select the Subsidiary and Year for which to add exchange rates.
  3. The system will show the parent company’s base currency and prompt you to enter equivalent values for each month in the subsidiary’s currency.
  4. Click on Save to view a table of exchange rates with options to edit or delete as needed.

Step 4: Foreign Exchange Adjustments

Foreign exchange adjustments address currency differences during consolidation.

  1. Go to the Foreign Exchange Adjustments tab.
  2. Select where to display the adjustments:
    • Other Expenses: FX adjustments will appear on the Profit and Loss Statement.
    • Equity: FX adjustments will reflect on the Balance Sheet.
  3. Click on Save.

Step 5: View Consolidated Statements

  1. Navigate to the Accounting Module from the module list in the top-left corner.
  2. Select Consolidated Statements from the sidebar menu.
    • (Note: Ensure subsidiaries are set up and account mappings are complete. For setup instructions, refer to Steps 1 to 4.)
  3. The table will display Profit and Loss and Balance Sheet statements for consolidated data.

Step 6: Customize the Consolidated Statements Report

After accessing Consolidated Statements, you can tailor the report using the following options:

  • Choose Period Type: Select Annual or Single Month.
  • Filter by Year, Month, or Annual: Choose a specific year and either a single month or a full year for consolidated data.
  • Select Specific Subsidiaries: Choose specific entities or branches for a consolidated view.

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