Consolidated financial statements

If you have multiple organizations on Wafeq, you can generate consolidated financial statements.

Which reports can be consolidated

You can generate consolidated financial statements for three reports:

  • Profit and Loss
  • Cash flow
  • Balance sheet

How to view a condolidated report

To view a consolidated report:

  1. Go to Reports in the left side menu, then go to All Reports.
  2. Under the Consolidated financial statements, click one of the reports.
  3. By default, you will see the report of the currently active organization
  4. To add more organizations to the report, click the Filter in the top right corner, and in the Organization dropdown select the organizations you would like to add to the report
  5. You can change the reporting currency if required

User permissions

You must have the permission to view the report for each organization in order to be able to consolidate it. For example, if you're generating the Consolidated Profit and Loss report, you must have the Profit and Loss Report permission.

How consolidation works

Wafeq will consolidate the reports by adding up the amounts for each account and each organization. The account code, name and type of the account must all match exactly across each organization so that Wafeq calculates the sum.

Multi-currency consolidation

Wafeq can even consolidate reports of organizations that have different base currencies. To do that, Wafeq will convert each organization's reports to the reporting currency based on the exchange rates prevailing at the end of each period.