In the Prepare Snapshot Consolidation process, you will use windows to gather balances and budget information from all subsidiaries of the parent company, so that you can update the consolidated balances and budget values for the parent company. When performing a snapshot consolidation you do not need to close the accounting periods associated with the consolidation process as in the normal consolidation process. Effectively, it will be possible to create a entire snapshot in one step so you can immediately analyze the performance of the parent and the subsidiary companies whenever you want.
The snapshot consolidation process does not create any vouchers or voucher rows. It simply updates or creates a snapshot balance table. You also can update or create the snapshot balance table, by importing external snapshot files that have been exported from a remote database. The external file can be imported to the parent company's database and the snapshot can be performed after that. The ability to import external files allows you to consolidate balances and budgets even when subsidiaries use different types of databases.
After the snapshot consolidation is complete, the parent company can use any IFS Financials function, such as queries, fixed reports, or using IFS/Report Generator, to analyze and report on the consolidated company data.
Before you start entering information, check that Basic Data Required (BDR) has been set up following the instructions in the Set Up Basic Data Period Reconciliation process in Define Financials Basics.