Overview

Qvinci has a new eliminations option available! Eliminations are necessary for some organizations and we have created a new way to perform this task. There is no cost for this new feature and it is available for all accounts by default. Intercompany eliminations are used when there is a larger parent company with multiple businesses/subsidiaries that have intercompany transactions. There are many reasons why these transactions are eliminated before the consolidated financial statements are generated. Due to this need, Qvinci has created 3 different eliminations reports for our customers with SCoA and native options for all three.

• ELIM - Det - By Ent – RM (S and N version)

• ELIM - Det - By Ent - R3M (S and N version)

• ELIM - Det - By Ent - FYTD (S and N version)

Eliminations will be available for ALL file types except Xero and manual entry. Eliminations can only be entered based on native accounts. You can find the "Eliminations Entry Management" page under our "Manage" tab.  The admin, leader, and manager have the required permission level to create elimination entries. Admin, leader, and managers can create, approve, or unapprove elimination entries. Manage > Eliminations page will house all approved and unapproved elimination entries. Users can filter down the  "Elimination Entry Management" page to display all elimination entries that INCLUDE the entities selected.

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Summary of Contents

What's New

Steps for Creating Eliminations

ELIM - Det - By Ent – RM (S and N version)

ELIM - Det - By Ent - R3M (S and N version)

ELIM - Det - By Ent - FYTD (S and N version)

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What's New

• Users can get elimination entry details by hovering over "Elimination Entry Management" page and by hovering over various columns for elimination entries.
• Elimination entries can be exported to Excel via Elimination Entry Management > Export to Excel button based on the active filter and rule above. Full entry details are included in the export. 
• Elimination entries must be approved to appear on an elimination report.
• Elimination entries, when enabled, only affect P&L Monthly, Balance Sheet, and Cashflow reports.
• To view elimination entries in your P&L Monthly, Balance Sheet, or Cashflow report, users must enable them via the "Show Eliminations" checkbox on the column chooser options.
• Any data tied to accounts via elimination entries will report to the same SCoA account as the native account is mapped if account mapping is enabled.
• Elimination entries should be based on the QB COA name (Not the SCoA).  Their values will be reflected in the SCoA account they are mapped to in mapped reports.
• Elimination entry data is included in the elimination report per the "Detailed Specifics" section below.
• Users will NOT be able to run an elimination report if they have not selected ALL Entities included in the elimination. If they attempt to do so they will receive a "Please select all entities (WE LIST MISSING ENTITIES HERE) involved in Eliminations, in the filter, to see report" message. Users can run eliminations reports with MORE entities than involved with eliminations, but not less.
• Entities with eliminations applied will NOT be able to disconnect their files from Manage > Entities. This is to make sure they do not lose all elimination data OR lose a portion of an elimination entry (in terms of entities).
• Elimination entries are NOT synced back to the files, they only live in Qvinci's platform. They do not affect your accounting files.
• Elimination entries are NOT supported for manual entry entities.
• Elimination entries do NOT affect Sales by Customer, Expense by Vendor, A/R Aging, A/P Aging, Trial Balance, Ranking, or Ratios reports.
• Elimination entries do NOT affect Advisory Portal or Financial Portal data (see questions to answer).
• Elimination entries do NOT affect Financial Snapshot or Alert emails.
• Elimination entries do NOT affect Tools > Pro Forma.
• Elimination entries do NOT affect non-financials.

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Steps for Creating Eliminations

Step 1:  Click on the "Manage" tab.

Step 2:  Go to the bottom and select "Eliminations."

Step 3:  The "Eliminations Entry Management" page will open on the right side.

Step 4:  On this page the admin, leader, or manager can approve or unapprove eliminations on the right.

Step 5:  Select the "Create Eliminations Entry" on the top right to add a new elimination entry.

Step 6:  Filter to the desired entities (top center).

Step 7:  Select the appropriate date.

Step 8:  Select the entities.

Step 9:  Select the accounts.

Step 10:  Enter the appropriate debits or credits.

Step 11:  Click "Save."

Step 12:  The entry is now ready for approval.

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The Detailed Specifics on Our 3 New Eliminations Reports

• P&L Monthly eliminations will be activity-based and will only report if the elimination transaction date is in the requested date range.
• Balance Sheet eliminations will be point-in-time-based and all eliminations with a transaction date before the END of the requested date range will be reported.
• Cashflow eliminations will be activity-based and will only report if the elimination transaction date is in the requested date range.

Steps Required To Run Any of the Eliminations Reports:

Step 1: Make your eliminations on the "Elimination Entry Management" page and approve them.

Step 2: Filter to the correct entity.

Step 3: Select the "Preview" button on the report of your choosing.

1.  ELIM - Det - By Ent – RM (S and N version)

This report has three reports: P&L, Balance Sheet, and Cashflow

2.  ELIM - Det - By Ent - R3M (S and N version)

This report has two reports: P&L and Balance Sheet

3.  ELIM - Det - By Ent - FYTD (S and N version)

This report has three reports:  P&L, Balance Sheet, and Cashflow

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