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
- Log in to your Tyms account (https://app.tyms.io/auth/login).
- Go to Settings and select Consolidation.
- 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.)
- Click on Save.
Step 2: Account Mapping
Account mapping aligns accounts from both the parent company and subsidiaries under a consolidated structure.
- Click on the New Button in the Account Mapping section.
- Create a consolidation account by entering the following details:
- Consolidated Account Name
- Account Type and Subtype
- Select the accounts from both the parent company and subsidiaries to include. (Note: The available accounts depend on the chosen account type and subtype.)
- 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.
- Go to the Exchange Rate section and click on the New Button.
- Select the Subsidiary and Year for which to add exchange rates.
- 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.
- 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.
- Go to the Foreign Exchange Adjustments tab.
- 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.
- Click on Save.
Step 5: View Consolidated Statements
- Navigate to the Accounting Module from the module list in the top-left corner.
- 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.)
- 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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