Software for consolidating financial statements
This accounting software program is suitable for small businesses such as restaurants, retailers, distributors and brokerage agencies that have separate units employing between 10 to 50 employees.
Consolidation of financial statements is a requirement of the IAS 27 of the International Financial Reporting Standards.
This rarely happens in the real world, leaving numerous critical financial statements at risk for material errors. Ray Panko, of the University of Hawai’i College of Business Administration, ( and a follow up paper ( it is made clear that a very large percentage of spreadsheets used in business today are flawed.
This should become a major concern for those using spreadsheets in accounting and finance functions.
"Revaluation" is the increased value over time of both tangible and intangible assets. Post credit entries of the current assets and debit entries of the current liabilities for each of the business units.
Do not bother with the inter-unit transactions, because the corresponding entries that you enter as debits and credits will automatically be cancelled out by Business Works.
Even with the new MS Excel 2013 with it’s better than ever built-in audit tools, it is ultimately the end-users who must establish an effective control environment that can be practically maintained and audited.It seems that ever since there was a spreadsheet people have been relinquishing many tasks and responsibilities to it and for apparently good reasons.It was easy to set up and perform all but the most complex functions and it was available everywhere.Balance sheet and owners' equity, income statement and statement of cash flows are the main items of the financial statements that can be consolidated using Business Works. Click the general ledger module in the list of modules displayed in the menu bar of your Business Works program.Create accounts for each of the business units -- using the name or location of each business unit as the account name for each account.