Creating a Consolidated Engagement
When you create a new engagement, you will have an option to create either a Financial or a Tax consolidated engagement where account balances will be summed up across all subsidiaries at either the financial group and sub-group level or the tax group and sub-group level.
Notes:
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The consolidated balances are in real time. If you change balances in a subsidiary, the consolidated balances will immediately be updated.
- Each consolidated engagement will count as two engagement licenses.
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The year-end date and tax entity type for the subsidiaries must be the same as the parent company.
To create a consolidated engagement, do the following:
- On the Engagement List page, click Create New Engagement.
- Enter the client name. As you type, the client list from the CCH iFirm Common Client database opens and filters based on the characters you type.
- Enter the engagement name. The engagement name, ID and year-end date must be unique for a client.
- Enter the ID if needed, this field is optional.
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The Country field will default based the application URL. You can select any value available in the drop-down list. This is a required field.
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The Currency field will default based on the country selected. You can select any value available in the drop-down list. This is a required field.
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Enter the engagement description if needed, up to 32 characters. This field is optional.
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Enter the charge code if needed, up to 50 characters. This field is optional.
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Enter the due date if needed. This field is optional.
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Select the responsible staff if needed from the drop-down list. As you type, the staff list opens and filters based on the characters you type. This field is optional.
- Select Year-end date.
- Select Period start and Period end dates.
Note: Only annual periods are allowed.
- Select the engagement type from the list.
- Select the module that you would like to use for the engagement. See CCH iFirm Engagement Licenses for more information about the modules.
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Select the type of tax entity.
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Select Yes for Is this a consolidation?
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Select either Financial or Tax for the type of consolidation.
Note: You cannot add a new client from CCH iFirm Engagement. You must go to Client Manager in the CCH iFirm Contacts menu to add new clients.
Note: You cannot consolidate by both financial and tax groups and sub-groups within the same engagement. If you want consolidated totals for both financial and tax, you must create separate engagements.
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Click Next.
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Select Yes or No for Is this a multi-tier consolidation? to continue either Adding Subsidiaries to a Single-Tier Consolidated Engagement or Adding Parent and Subsidiary Entities to a Multi-Tier Consolidated Engagement.