Consolidations

How to Handle Consolidations in Jirav

Jirav offers several approaches to handle consolidations efficiently. Below are some different methods, along with recommendations on their usage:

Option 1: Custom Table Consolidation

Overview: This method involves connecting Jirav to the the GL associated with the main entity. Then, two sets of custom tables are created, one for to hold the financial statements for the additional entities and a second to consolidate the data from the main entity in the system income statement and balance sheet tables with the additional entities in the custom tables.

Steps:

1. Connect Jirav to the GL for the main entity. 
2. Create Custom Tables for each additional entity to hold its financial data. 
3. Import actuals from Google Sheets into the entity specific Custom Tables.
4. Enter forecast into the entity specific Custom Tables.
5. Create additional Custom Tables for consolidated financials.
6. Add drivers to add together the data imported from the GL with the data in the Custom Tables. There should be no data imported or input to this table, it is for reporting purposes only. 
7. Use this consolidated Custom Tables in Custom reports for any reporting needs across multiple entities. 

Recommendation: This method is recommended when transactions in the new entities are minimal. It is recommended to work with Jirav Professional Services to implement this approach. 

Option 2: Separate Jirav Accounts

Overview: In this scenario, each entity and their associated GL corresponds to a separate Jirav account. Consolidation between entities must occur outside of Jirav.

Steps:

1. Create separate Jirav accounts for each entity and connect each one to it's associated GL. 
2. Utilize Jirav for individual entity-level planning, reporting and analysis.
3. Perform any consolidation between entities outside of Jirav in Google Sheets or Excel. 

Recommendation: This method is recommended for entities with a high volume of transactions and where the consolidation process is already well-established outside of Jirav. It is also suitable when separate reporting and access requirements for each entity are preferred.

Option 3: JustConsolidate (QBO Only)

Overview: JustConsolidate is a third-party tool specialized in consolidating multiple QuickBooks Online files. Jirav can connect to the parent consolidated QBO account. The entities defined in JustConsolidate will map to QuickBooks Location. Subsequently, you can then choose to either map Class or Location to your Jirav Departments.  

Steps:

1. Use JustConsolidate to consolidate multiple QBO files into one parent account.
2. Connect Jirav to the consolidated QBO account.
3. Entities will be represented as departments within Jirav.
4. Utilize the Income Statement & Income Statement by Department reports to view data by Entity (Location) or Department (Class). Balance Sheet and Cash Flow will be consolidated. 

Recommendation: The JustConsolidate method is suitable when dealing with multiple entities utilizing QuickBooks Online (QBO). JustConsolidate does not support other General Ledgers (GLs) at this time. This method produces an Income Statement by Entity (Location) or Department (Class), but not both simultaneously. Additionally, the balance sheet and cash flow will both be at the consolidated level.

Choosing the appropriate consolidation method depends on factors such as the volume of transactions, reporting needs, and existing workflows. If you have further questions or need assistance, please contact your customer success manager or submit a support ticket.