Related Terms Balance sheet overview Income statement overview Statement of cash flows overview What are consolidated financial statements?
You can consolidate data from companies with databases external to the consolidated company database, or you can consolidate data from companies within the same database, a so-called "online" consolidation.
Accounting for Transactions with the Subsidiary Preparing Consolidated Financial Statements Community Q&A A subsidiary is a company that is controlled by another company that owns 50% or more of its voting stock.
Some of the tasks noted here can be automated, or at least made simpler, in order to produce financial statements more quickly.
In a consolidation, you gather transactions from several company accounts into a single set of company accounts.
You can print reports, such as financial statements, from the consolidated company, but you cannot use this company for daily transactions.