How to do consolidated group reporting in Xero

Use this professional hack to get it done

If you have a client that requires a consolidated group report, then we can do it in Xero.

What do you need?

Well you can watch this video and follow these steps:

1. You need to make sure we have set up a template for you that has the words "Group" and not "Company"
   1. If we have not, please ask us, as you might be due for a renewed system
2. You need to consolidate all entities and do elimination journals in another software, such as excel, sheets, or a software solution such as Translucent or Fathom
   1. See our article on Translucent
3. You then input that set of accounts into an Xero
   1. Import the manual journal 
4. Maker sure the legal name is "ABC / 123 / XYZ and its Controlled Entities"
5. Make a "parent entity disclosure" 
6. Disclose the subsidiaries and the percentage of each one