Group functions

 
Account settings

The settings menu provides the user with the account name, number.

Here you can set whether the NCI, FCTR are calculated and posted automatically when you run your balance sheet (we highly recommend leaving this on).

You can also define whether the Retained Earnings Proof is set to automatically be ticked on the trial balance upload screen (we highly recommend leaving this on).

The retained earnings proof checks that your retained earnings amount hasn't changed month on month and that the movement over year-end agrees to the total income statement value for the prior year.

Group 1 and Group 2 are fields that you can define for your group. These fields are present on the Company Details screen against which you can record any data for each entity, for example, Province, City or whether an entity is profitable or not. You will be able to filter against the data in these fields on the reporting screen. 

Trial balance & operational metric decimals will determine how many decimals you see on your reports.
 

 
Organisational chart

This screen shows you your group's company organogram. This represents the structure of your group, the type of each entity in your group and the relevant shareholding percentages that are held in each entity.

 
System locks – journal locks

This is the screen you use to lock down specific periods from journals being processed. There is no limit to the number of locks you can apply. You can also create a lock for a specific trial balance type, for example, if you are busy in a budget cycle you could lock Actuals and Forecasts while leaving budgets open for a specific date range.

System locks – mapping locks

This screen is used to lock the mapping for a specific entity.

 

Remember that if the mapping for a company changes it will affect all reports that you run for all time including historical information.

 

Once the mapping for a company has been finalized you should come to this screen and lock that particular mapping.

 

Quick Consols provides 3 different mapping locks:

-- None - this means no lock is in place and any user with write access to a company can change the mapping for any general ledger account for that company, including mapped and unmapped accounts.

-- Partial - this means that a user with write access will only be able to map new unmapped general ledger accounts that have not been mapped before. For example, new general ledger accounts created in a month.

-- Full - this means no one will be able to map any accounts, including previously mapped accounts.

System locks – trial balance locks

This is the screen you use to lock down specific periods from trial balances from being uploaded.

There is no limit to the number of locks you can apply. You can also create a lock for a specific trial balance type, for example, if you are busy in a budget cycle you could lock Actuals and Forecasts while leaving budgets open for a specific date range.

 
Manage rollups

This screen is used to manage the line items that appear on your reports. Quick Consols provides a default set of line items but you may have specific items that are required on the face of your reports. For example, Quick Consols provides standard operating expense line items such as audit fees and rent, however, if you have a specific line item that you need to appear under operating expenses on the income statement you would create and manage that here.

 

The term "Rollup" refers to a general ledger account rolling up into a certain section of a report for example,

--> general ledger account "1000 - Wages" rolls up into "Salaries and Wages" (Level 4)

       --> "Salaries and Wages" (Level 4) rolls up into "Payroll Expenses" (Level 3)

                --> "Payroll Expenses" (Level 3) rolls up into "Operating Expenses" (Level 2)

                         --> "Operating Expenses" (Level 2) rolls up into "Income Statement" (Level 1)

 

Levels 1,2,3 appear on the face of the reports and Level 4 is an additional level of the summary before drilling down to the general ledger. Level 4 is not compulsory and does not appear on the face of the report.

 

This is also where you change the order in which line items are displayed on your report. Simply drag the rollup up or down depending on where you want it positioned in your report relative to the other rollups in that section.

 

If you wish to change the names of any of the default rollups provided please log a support ticket.

 

If you create a level 4 rollup to which you have already mapped accounts to its parent rollup those accounts will be automatically unmapped.

Manage exchange rates
 

This screen is used to update your Group's foreign exchange rates.

 

PLEASE NOTE: All currency conversions in Quick Consols are made using the US Dollar as its base. This means that all the rates that you enter on this screen need to be with reference to the USD. This allows Quick Consols to more easily report in various currencies without you having to maintain a different cross currency pair for each cross.

 

You will also note that you are required to enter an average exchange rate and a closing (spot/end) rate for each month. Quick Consols uses these rates to automatically calculate FCTR and NCI and ensure compliance with IFRS.

 

The currencies available to you are sourced from each company in your Group.

Manage report subtotals
 

Quick Consols allows the user to manage their report subtotals on this screen. Report subtotals are subtotals that appear on the face of your reports. Examples include Gross Profit or an EBITDA %. Quick Consols provides a default set of subtotals that every business uses. If you want to add/amend any subtotals simply click "Create new", "Edit", or "Remove" and follow the input fields presented.

 

Please contact technical support for:

-- Amending any of the default subtotals provided please log a call with technical support.

-- If you've created a custom rollup that you would like to use in a subtotal calculation.

 
Operational metrics 

This screen allows the user to manage all the operational metrics across the group. Operational metrics are performance indicators in your group that are not contained in your trial balance/accounting records.

 

To add a new operational metric simply fill in the following information

-- Metric name - this is the name that you would like to give your metric (e.g. Sales Department Headcount or square meters at your factory)

-- Unit of measure - this is how you measure your operational metric (e.g. Sales Department Headcount would be measured in each and square meters would be SQM)

-- Category - this allows you to group your operational metrics together (e.g. Sales Department Headcount would be added to the HR category and square meter metrics would be added to the "Floor Space" category)

-- Group 1 and 2 - Quick Consols allows you to capture any text field in Group 1 and Group 2 as you may want to group your metrics in ways not provided by just the Category field

 

This screen also allows you to edit or remove metrics that already exist in the system.

Operational metrics – assign operational metric

Not every operational metric that exists in your group is applicable to every single entity in your group. For this reason, you need to assign each operational metric to the entities in your group to which they apply. For example "Sales Headcount" as a metric will only apply to the entities in our group that actually have a sales team. Entities that are not assigned a metric will never be presented with that metric on their capture screen nor will it be available for reporting on which makes the various metrics easier to manage across your group.

 

You can either assign the relevant metrics to each entity in your group or you can apply a metric to your whole group at once by using the "Companies" filter. If you want to assign a metric to all the companies in your group simply select "All Available Companies" from the "Companies Filter".

 

To assign the metric simply select the metric and make sure the correct company is selected and click the selection box on the right hand side and click "Save" on the bottom right hand corner.

Operational metrics – capture metric data

This screen allows the user to capture the actual values against each metric. The user has the option to either capture metrics by the company (if you want to capture all the relevant metrics per company) or by metric (if you want to capture a specific metric across your group).

The metrics are all captured on a monthly basis.

Remember to select the relevant filters depending on what you are capturing for (e.g. Company name, trial balance type etc).

If your group has a large amount of operational metrics that need to be captured please log a support call so that we can assist in automating this process for you.
 

Operational metrics – manage operational metric ratios

Manage operational metric ratios - this screen allows the user to create a metric ratio that will be used in either the income statement, balance sheet or the cash flow statement. Once a user has clicked create new and the relevant statement that they would like to see the ratio on they create the ratio by using logical expressions (Value one plus Value two), whether this ratio should be shown as a percentage, aggregated on consolidation or just showing a single value.

 

Here you can combine your financial and non financial data to create unique ratios and calculations for your group. For example Revenue per Sales Employee.

 

If you want to use a financial element in your calculation you need to create that item as a subtotal first through the Group--> Manage Report Subtotals screen. Quick Consols provides the default subtotals though.

 

Building your operational metric rations works the same as the report subtotals screen. All elements in your calculation need to be added and built out in a logical fashion.

 

Remember you can sort your operational metric ratios by simply dragging the ratios up or down on this screen.

 
Business units

This screen is used to manage the business units in your group.

 

A business unit is any operating unit within an entity in your group that you may want to report on separately. To successfully set up a business unit in Quick Consols the business unit must be identifiable through a unique character set in the General Ledger account number. For example, if the general ledger account number (xx-yyyy-zzzzzzzz) is segmented in such a way that a unique code within the general ledger account number can be extracted, a business can be set up. For example, if all general ledger accounts that start with "15" might represent the IT department then we can set up the IT department as a business unit and report on it separately.

 

Another scenario that Quick Consols can cater for is where you have a specific set of general ledger accounts that make up a business unit you can add those as well.

 

Here you name your business units, give them a description and define what type the business unit is (e.g. cost centre, branch, profit centre etc). Setting up the technical aspects of your business are not performed here. Those functions are performed in the following screen "Assign Company Business Units".

 

The company count refers to how many companies/entities in your group have this particular business unit assigned to it. For example you may have a 2 IT departments in your group. In this case you would assign the IT department to those 2 entities and the company count would reflect 2.

 
Manage intercompany accounts

This screen allows you to link the intercompany accounts across your group.

 

For example general ledger account ABC001 in Holdco may be an intercompany account linked to general ledger account DEF999 in Subco. By linking these accounts you are able to run intercompany reports.

 

For example:

-- Run reports and only show intercompany accounts

-- Run reports and specifically exclude intercompany accounts

 

Please note: This function currently does not allow a general ledger account to be used more than once. This functionality will be developed in future.

 
Integrations

Connect to Xero with 3 easy steps

  • Sign up with Quick Consols

  • Create your companies in Quick Consols with the help of our expert team

  • Click “Group” --> Integrations --> Select the company you want to connect and click “Connect to Xero” and follow the authentication prompts

  • To disconnect a company simply click “Group” --> Integrations --> Select the company you want to disconnect and click “Disconnect from Xero”

For a detailed explanation as well as some videos on how to connect and disconnect you can watch the videos below

Capture.JPG
 

Company functions

Company details

Company details screen - this screen offers users the ability to enter the details that are pertinent to the company.

Created on - when the company was added on the system
Is Group Company - this indicates whether the company is the ultimate holding company in your group
Has Children - indicates whether this company has entities below it on the organogram
Registration number - [non mandatory] - the entity's legal registration number
Year-End - [mandatory] - the financial year-end of the entity
Preferred Currency - [mandatory] - this is the entity's functional/trading currency
Name - [mandatory] - this is the entity's legal name
Trading As - [non-mandatory] - any other name the entity is referred to as
Website Address - [non mandatory] - the entity's website address
Invoice Email - [non-mandatory] - this is the email address that we send the invoice to
Main Business Sector - [mandatory] - the main business sector that the entity operates in - used in segmental reporting
Sub Business Sector - [mandatory] - the sub-business sector that the entity operates in - used in segmental reporting
Business Start Date - [mandatory] - the date from which you want to import your data into Quick Consols
Auto Create Missing GL Accounts - [mandatory, ticked by default] - when you upload a trial balance and there are new general ledger accounts, this function will create those accounts automatically
TB Tolerance - [non-mandatory, default set to zero] - this is the tolerance that is applied which allows an unbalanced trial balance to be uploaded.
Group 1/2 - [non-mandatory] - use this field if you want to add any other criteria to your entity that you would like to filter on when reporting. See Group->Settings screen for more information    https://www.youtube.com/watch?v=9Nen-sIVtTI

 
Trial balance accounts

This screen is where you manage the chart of accounts for the particular company selected. When you create a company for the first time you can upload the company's chart of accounts.

 

The following functions are available on this screen:

- Account number --> Quick Consols does not allow duplicate account numbers.

- Account name --> Here you can update the account name if it changes in your underlying ERP system. Quick Consols does not update the account names automatically.

- Add new account --> Here you can add a new general ledger account manually. Accounts that you add don't necessarily have to be in your ERP system but it is strongly advised.

- Remove unused accounts --> Use this function if you have added general ledger accounts that you no longer need or have added in error. Only accounts that are not mapped or don't have amounts loaded against them will be deleted.

 
Trial balance uploads

This screen is where you manage the chart of accounts for the particular company selected. When you create a company for the first time you can upload the company's chart of accounts.

 

The following functions are available on this screen:

- Account number --> Quick Consols does not allow duplicate account numbers.

- Account name --> Here you can update the account name if it changes in your underlying ERP system. Quick Consols does not update the account names automatically.

- Add new account --> Here you can add a new general ledger account manually. Accounts that you add don't necessarily have to be in your ERP system but it is strongly advised.

- Remove unused accounts --> Use this function if you have added general ledger accounts that you no longer need or have added in error. Only accounts that are not mapped or don't have amounts loaded against them will be deleted.

 
Journals

This screen gives you a summary of all the journals that have been posted and also allows you to post a new journal. To see prior posted journals click either "Actual", "Budget" or "Forecast". You can click "details" to see the journal details or "remove" to delete the journal.

 

To post a new journal simply enter the following information:

-- Year - Select the relevant year to post your journal in (calendar year)

-- Month - Select the relevant month to post your journal in

-- Journal function

           --> Proforma journal - Also known as a consolidation journal, these journals only exist at consolidation level and do not affect the underlying entities to which they relate - always turned on when you report

           --> IFRS journal - These are journals that appear within the relevant company to which you post and are used where you may need to adjust your numbers from IFRS to GAAP etc - can get turned on and off as required when you report

           --> Normalisation journal - These are journals posted to normalise your business (for example reversing once-off amounts posted to the income statement)  - can get turned on and off as required when you report

Journal type - Quick Consols provide a list of the most common journal types. Select "Other" if your required journal type is different from the ones provided

Journal Narration - This describes why you are posting the journal and provides a reference

 
Add child company

Use this function to add additional entities to your group.

The following cells need to be completed 

 - Name - [mandatory] - The entity's legal name
 - Trading As - [non-mandatory] - The name the entity is commonly known as
 - Registration No - [non mandatory] - The entity's registration number
 - Financial Year End - [mandatory] - The entity's financial year-end
 - Preferred Currency - [mandatory] - The entity's functional/trading currency
 - Company Type - [mandatory] - Select from the options provided - please log a call with support if the required entity type is not available
 -Percentage Holding - [mandatory] - This refers to the % shareholding that the holding company has in this company - Quick Consols does not cater for cross-shareholding
 - Business Start Date - This is the date from which Quick Consols will start reporting and does not   refer to when the business was started
 - Acquisition Date - This refers to the date in which the shares in this company were purchased

 

 
Trial balance mappings

Each entity in your group might have a different chart of accounts and the mapping functionality makes sure that general ledger accounts are grouped together correctly and are all pointing to the correct place when its time to report.

 

On the left-hand side, you will see that particular entity's unmapped general ledger accounts. On the right-hand side are all the Rollups that have been created for your Group (this is sometimes also referred to as the global chart of accounts).

 

The process of mapping is fairly easy, you simply drag accounts on the left to where they belong on the right.

 

We've really tried to make mapping as easy as possible for you and as a result, you'll see a whole lot of filtering options to help you filter and sort your data while you map. Filtering helps you see just what you are working with at that moment in time. If you are busy mapping your bank accounts then you would only want to see bank-related rollups on the right-hand side.Likewise, if you are only interested in mapping general ledger accounts that fall within a specific range you can do that also and discard the rest of your accounts for that moment.

 

Level 1 Filter: This is your highest level filter and filters level 1 (see Manage Rollups for information on levels)

Level 2 Filter: This filters out a major report category for you like Revenue or Non-Current Assets

Level 3 Filter: This filters out individual line items on your reports like Salaries and Wages or Depreciation

Level 4 Filter: Filter items that are grouped within a level 3 rollup

 

The second section of the filtering works as follows:

Account No Delimiter - Is there a special character in your general ledger account that separates your account number

Range Filter Position - Which section of the general ledger account are you interested in filtering (based on your delimiter)

Range Start - If you want to filter a range of accounts set the starting value here (for example all accounts between 1000 and 4999) - insert 1000 here

Range End -  If you want to filter a range of accounts set the starting value here (for example all accounts between 1000 and 4999) - insert 4999 here

Account Name Filter - If you want to filter your general ledger accounts by name

Rollup Name Filter - If you want to filter your rollups based on rollup name

 

Should you only wish to map accounts for a specific business unit then please apply the business unit filter on the previous screen where you select your rollups.

 

PLEASE NOTE: If you have multiple entities that all have identical accounts and mappings please log a support ticket so that we can assist you in copying that mapping across all your entities.

PLEASE NOTE: Retained Earnings, FCTR and Non-Controlling Interest MUST be mapped before you can save your mapping.

PLEASE NOTE: Quick Consols has system-generated accounts that are auto mapped. Do not change the mapping of these accounts.

 
Manage holdings

This function is used where the % holding in a company changes from time to time.

Quick Consols automates the calculation of NCI over time.

Any increases or decreases in the percentage shareholding is processed here.

 
Retained earnings takeon

Please contact support should you wish to use this function. This function is used on initial setup of the system only.

 

Reporting

Balance sheet,  Income statement, Cashflow, SOCE

When selecting your report parameters the following selections are available.

 

TB Type: This is the base of your report and will be displayed first (options include Actual, Budget or Forecast)

Display as: Ones, Thousands, Millions

Currency: Select any of the available currencies to report in

Report view: YTD (a traditional stack up by entity), Multi-Period (by month) or Current vs Prior (also a stack up by entity)

From: Select any year and month for which you have data

To: Select any year and month for which you have data (this is limited to a maximum of 24 months from the "From" date selected)

 

Advanced Filters:

-- Standard - allows you to select any entities in your group

-- Advanced - allows you to easily select entities based on country, Group 1 and Group 2 fields, Main business or Sub business sector

-- Business Units - allows you to select per Business Units per Entity for business unit reporting. To stack up your business units make sure you've selected YTD report view and clicked "Report Options-->Consolidate by Business Unit".

 

Quick Consols will also run validations on your selections. Should there be a problem with the data you will be notified with an error message and prompted to fix these errors before continuing.

 

PLEASE NOTE: Proforma journals are only brought in where BOTH companies relating to a proforma have been selected.

PLEASE NOTE: NCI and FCTR will only be calculated where companies selected are contiguous.

 
 
 
Data exports

Operations

Data exports - come to this screen if you want raw dumps of your data.

 

Trial balances (select a company, period and TB type and click submit this will generate an excel extract).

Exchange rates (select a period that you want to see the exchange rates for and click submit this will generate an excel extract).

Rollup structures (Select which structure you want to see, BS/IS or CF and click submit this will generate an excel extract for the rollup structures).

Journals (Select a period that you want to see the journals for and click submit this will generate an excel extract).

Mappings (Select which company you want to view the mappings for and click submit this will generate an excel extract that you can view).

Intercompany accounts (The download button will generate an excel extract showing all the intercompany accounts that have been created).

 
Manage users

Managing users: this is where users get set up and access to the system is controlled

 

The following access controls can be applied

- Account admin -- this is superuser access to the entire system including changing user permissions. Only Account Admin users have access to the "Group" menu

- Normal user

   --> write access - unrestricted access to a particular company including all reports and functions for that company

   --> read access - can only view information for a particular company, may not upload or change any data

 

Business Unit Restrictions - where a user has "Read Only" access to a particular company it is possible to further restrict their access to a particular business unit. For example, if you want to give you IT manager access to the IT-related information you can do so here. These restricted users will only have access to View their respective business unit's reports and information.

 

Rollup Restrictions: A user can be restricted to a particular section(s) of a report. For example, Human Resources may only be allowed to see staff-related expenditure on the Income Statement. In this case, you can restrict a user to only see lines items such as Salaries and Wages, Training or Staff Welfare. These restrictions are also only available if a user has Read-Only access to an entity.

 

PLEASE NOTE: It is imperative that Account Admin users actively manage their user base, especially when users leave the employ of the organisation.

 
Discussions

Discussions are created from the face of the reports and are linked to that particular number's general ledger account for that period and are designed to facilitate the review process. A discussion happens when a user creates a discussion to raise a query or make a comment on a particular number. Files may also be uploaded during a discussion but these are limited to non executable files such as jpeg, pdf and excel.

 

Discussions are flagged as open and are assigned to someone by a user and can be closed once the discussion item has been addressed.

 

Discussions remain in the system into perpetuity as opposed to comments that can be deleted by removing the comment text and saving. Discussions and comments do not get overridden when a new trial balance is loaded into the system.