A consolidated financial statement takes the financial statement of a parent company and its subsidiaries and combines them into one comprehensive financial statement.
When one company owns part or all of another company, it must account for this ownership interest in the other company.
Fourth, readjust all the subsidiary's balance sheet accounts to the current fair market value of the accounts.
Fifth, recognize a goodwill for the change in the assets value.
Tip: If you frequently consolidate data, it might help to create new worksheets from a worksheet template that uses a consistent layout.
It can also be difficult to spot a mistake after entering a complex formula.
If the data to consolidate is in the same cells on different worksheets: Enter a formula with a 3-D reference that uses a reference to a range of worksheet names.
To summarize and report results from separate worksheets, you can consolidate data from each sheet into a master worksheet.
The sheets can be in the same workbook as the master worksheet, or in other workbooks.
Search for consolidating entries:
There are two ways to consolidate data, either by position or category.