Financial Consolidations withing Microsoft Dynamics NAV

A customer recently asked me about group consolidations within Dynamics NAV. It is surprising how seldom I see it as once it is set up it very rarely goes wrong. Looking at it again reminded me of just how simple and elegant a solution it is.

The consolidation functionality has been around since version 2, and there have been relatively little requirement for improvement in that time.

The functionality allows you to create a consolidation company and then import data from a number of other companies either within the same database or from another database using a .csv file (pre version 3.70) or XML. There is no requirement for the subsidiary companies to use the same chart of accounts as there is setup to map one chart of accounts to another. Consolidation can also be performed for subsidiaries working in different currencies and subsidiaries which are part-owned (you can import a proportion of a subsidiaries balance).

Once you have all your subsidiaries’ data in your consolidation company, you can analyse the data by Business Unit using standard NAV tools such as Account Schedules and Analysis Views. You can post general journals for inter-company eliminations and year-end adjustments and then use the results as the basis for group reporting.

It is a great shame that some of the great financial reporting functionality within Dynamics NAV is often forgotten about. This is a shame as it is very powerful and user-friendly and the license cost is quite low.

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