Combine several entities into one consolidated tax trial balance. If you prepare returns for a parent company and its subsidiaries, you can define the ownership structure once and merge the subsidiaries' trial balances into the parent's binder.
What it does
You create Consolidation Groups made up of a parent entity and one or more subsidiary members, each with an ownership percentage. Groups can be nested up to about three levels. Once a group is set up, you open the parent entity's binder and run consolidation to merge the member trial balances into the parent TB.
How to turn it on
Consolidated Tax Trial Balance is a self-enable feature. Open the What's New panel and enable Consolidated Tax Trial Balance under the Self-Enable section. A Tax Consolidation Groups button then appears in the right-hand menu on the Clients page and in the binder inspector panel.
Prerequisite: The parent and every subsidiary must already exist as separate clients in Tallyfor.
Setting up a consolidation group
On the Clients page, click Tax Consolidation Groups in the right-hand menu (or go to Settings → Consolidation).
Click New Consolidation Group.
Enter a group name and choose the consolidation type (Tax Consolidation).
Add the parent entity, then add subsidiary members and enter each one's ownership percentage.
(Optional) Nest this group under a parent group.
Save the group.
Running consolidation
Open the parent entity's binder.
Click Tax Consolidation Groups in the right inspector panel.
Select the consolidation group.
Click Consolidate to merge the subsidiary trial balances into the parent's TB.
Review the consolidated trial balance on the parent's TB screen.
Managing groups
From the Consolidation Groups panel you can search by group or entity name, edit member names and ownership percentages, and delete groups.
Related features
Consolidation merges multiple entities. To manage multiple properties within a single client, use Multi-Property. To manage K-1 ownership relationships, use Ownership Linking.