Adding Subsidiaries in a Single-Tier Consolidated Engagement

You must add at least one subsidiary when creating a single-tier consolidated engagement. You can add additional subsidiaries after creation. See Editing Subsidiary Information in a Single-Tier Consolidated Engagement. You can have up to 100 subsidiaries per single-tier consolidated engagement. To add subsidiaries to a multi-tier engagement, please see Adding Parent and Subsidiary Entities in a MultiTier Consolidated Engagement.

To add subsidiaries in the Subsidiary Setup grid while creating a new consolidated engagement, enter the following information into the grid:

  1. Subsidiary Name. Name can be up to 75 characters. All characters are valid.

  2. Short name. Short name can be up to 30 characters. These special characters are not allowed ‘ | : “ , ( ) The short name is displayed in column headers of the trial balance, leadsheets and other reports. Short name is also used in the formulas created with Trial Balance Links (TB Links). If you change the short name after creating TB Links, the links will be broken.

  3. For tax consolidations, enter the subsidiary's CLIENT ID.SUB ID as setup in Client manager in CCH iFirm Taxprep. The CLIENT ID.SUB ID will be used to search for the subsidiaries tax return so you can link tax balances to a CCH iFirm Taxprep return. Alternatively, you can leave the field blank and the application will automatically fill in the CLIENT ID.SUB ID from the consolidated engagement.

    Note: Changing the CLIENT ID.SUB ID after linking to a tax return will break the link to the tax return.

  4. Enter a percentage of the subsidiary owned by the parent in the % Owned column. This is optional and for informational purposes only. It is not used in the application.

  5. The Tier column will display a “1” for single-tier and cannot be changed.

  6. The order of the subsidiaries will be used in the trial balance and reports. You can change the order of the subsidiaries at any time by clicking and dragging the handle at the far left of a subsidiary row. Release the handle when the subsidiary is in the desired location in the grid.

  7. Click Create to create the single-tier consolidated engagement. You will be navigated to the home page and the new engagement will be at the top of engagement list.

  8. Click on the engagement name to open. The Subsidiary Setup page will be displayed.

  9. Do either of the following:
    • Click Import in the Trial Balance column to import the subsidiary's trial balance. Continue this step for each subsidiary. See Importing Trial Balance Data for information about uploading a trial balance.

      Note: Once you have imported a trial balance, the Import option changes to View. Click View to go directly to the trial balance page for the subsidiary.

    • Click Engagement View to go to the Engagement View page for the consolidated engagement. You can upload workpapers or setup folders and subfolders.