How to easily consolidate companies in Business Central?

Dynamics 365 Business Central

Consolidations in Dynamics 365 Business Central involve creating a separate company for consolidation transactions and setting up each operating company as a "business unit" in the consolidation company.
Exchange rates for consolidations are manually entered during the consolidation process and do not persist after use.
The "Close income statement" function in Dynamics 365 Business Central transfers profit and loss account balances to retained earnings at the end of the fiscal year, creating specific journal entries.
Closing transactions from the "Close income statement" function do not appear to be included in the consolidation process, requiring separate action for reporting purposes.
The "business unit" field is crucial for reporting on a consolidated company's data, and the "Consolidated Trial Balance" report helps ensure proper inclusion of business units in the consolidation.
Reports in Business Central can be challenging, but data can be easily pulled into Power BI for more flexible reporting options.
Clear data filtering is essential when reporting in Power BI, especially for consolidated company data, to distinguish subsidiary origins.
The author anticipates potential future challenges with the consolidation process but welcomes feedback on the topic.

Registered users can view the full text for FREE!