Consolidation

Consolidate the group. Skip the spreadsheet.

Put your companies in a group, accept the intercompany pairs Halfkit suggests, and get one P&L and balance sheet in the currency your board reads.

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Northwind Group

Apr–Sep 2026 · USD '000

Consolidated revenue

2,345.2

Net income

692.0

Revenue by company

Holding Ltd · QuickBooks1,380.5

Northwind UK · Xero, GBP318.4

Northwind India · Zoho, INR742.3

Intercompany eliminated(96.0)

Intercompany in balance India 80% owned

Groups

Any mix of ledgers, one report.

Name a holding company, add its subsidiaries and set how much of each it owns. QuickBooks Online, Xero, Zoho Books and TallyPrime companies can sit in the same group, each in its own currency.

Consolidated profit & loss

Northwind Group, by company

USD '000 · Apr–Sep 2026

Example consolidated profit and loss for three companies, figures in thousands of US dollars
Account	HoldingHold.QBO	UKUKXero · GBP	IndiaIndiaZoho · INR	EliminationsElim.	ConsolidatedConsol.
Revenue	1,284.5	318.4	742.3	–	2,345.2
Intercompany fees	96.0	–	–	(96.0)	–
Cost of goods sold	(512.4)	(121.6)	(301.9)	–	(935.9)
Gross profit	868.1	196.8	440.4	(96.0)	1,409.3
Management fees paid	–	–	(96.0)	96.0	–
Operating expenses	(431.2)	(98.5)	(187.6)	–	(717.3)
Net income	436.9	98.3	156.8	–	692.0
Owners of the parent					660.6
Non-controlling interests					31.4

Illustrative figures. Every report has a column per company, an eliminations column and the consolidated total. Run it by company or month by month.

Eliminations

Halfkit finds the pairs. You click once.

Halfkit looks for accounts that face each other across the group: due from and due to, intercompany sales and charges, and ledgers named after the other company. It matches them on names, intercompany wording and amounts, and marks each suggestion high or medium confidence.

It also matches one to many. A single "Due from subsidiaries" in the parent is matched against the accounts in several companies that add up to it.

One click eliminates every side of a suggestion.
Mark a parent account and its sub-accounts go with it.
If the sides don't match, the report says it's out of balance, and an alert can email you when the gap passes an amount you set.

Suggested eliminations · USD '000

Due from Northwind India 48.2 Holding Ltd · QuickBooks Due to Holding Ltd (48.2) Northwind India · Zoho

High

Due from subsidiaries 61.5 Due to parent · UK (25.0) Holding Ltd · India (36.5) One to many: 25.0 + 36.5 = 61.5

Medium

Intercompany fees vs management fees paid96.0 / (96.0)

Illustrative. Accepted pairs show in the eliminations column of every report.

Multi-currency

Every company translated, and the balance sheet still balances.

Report in INR, USD, GBP, SGD, EUR or CAD. Halfkit fetches European Central Bank reference rates every day and keeps them as monthly averages. A rate you enter yourself always wins.

The P&L is translated month by month. The balance sheet uses the reporting month's rate. Set an equity date for a company and its capital and reserves stay at that month's rate. The difference lands on a Currency Translation Adjustment line, so the consolidated balance sheet balances.

Consolidated equity · USD '000

Equity at historical rates1,048.2

Currency Translation Adjustment(12.6)

Total equity1,035.6

Partial ownership

Own 80%? Report it that way.

Set the share of each subsidiary the group owns. Revenue, costs, assets and liabilities stay in full, as in an IFRS 10 consolidation. Net income is then split between owners of the parent and non-controlling interests, and the balance sheet shows non-controlling interests in equity.

Net income split · USD '000

Consolidated net income692.0

Northwind India net income20% held outside the group156.8

Non-controlling interests20% × 156.831.4

Owners of the parent660.6

Illustrative, from the report above.

Account mapping

"Sales", "Turnover", "Revenue from operations": one line.

Give accounts in different companies a shared line name and they add up on one row. Halfkit suggests shared lines for similar names of the same type across companies. Accept them one at a time, or all at once.

Eliminations still follow each account's own name, so mapping never hides an intercompany balance.

Suggested shared lines

Sales · Turnover · Revenue from operationsIncome · QuickBooks, Xero, ZohoRevenue

Rent · Rent & ratesExpense · QuickBooks, XeroRent

Bank charges · Bank feesExpense · Xero, ZohoBank charges

3 suggestionsAccept all

Illustrative account names.

Worksheet & period close

Show your working, then lock the month.

Export the consolidation worksheet to Excel with live formulas: the P&L by company and by month, the balance sheet, eliminations, account mapping and exchange rates. Your auditor can trace any total back to the company figures.

When the month is done, close it for the whole workspace. Closed months are served from stored figures, so a late edit in a ledger doesn't change what you reported. Every close and reopen is recorded in an audit log.

Consolidation worksheet · Excel

P&L by companyP&L by monthBalance sheetEliminationsMappingRates

Consolidated revenue=SUM(B4:D4)+E4

September 2026Closed

Audit logclose · reopen · close

Illustrative formula and log.

Questions

About consolidation.

Do all companies need to use the same accounting system?

No. A group can mix QuickBooks Online, Xero, Zoho Books and TallyPrime companies, each in its own currency. Account mapping lines up their different account names. See integrations.

Does Halfkit post elimination journals to my books?

No. Halfkit is read-only. Eliminations live in Halfkit and show in the eliminations column of each report and in the Excel worksheet; nothing is written back to your ledgers.

What happens if the two sides of an intercompany balance don't match?

The report flags it as out of balance so you can find the missing entry. You can also set an alert that emails you, and posts to Slack if you like, when the gap goes over an amount you choose.

Can we use our own exchange rates?

Yes. ECB reference rates are fetched daily and kept as monthly averages, but any rate you enter takes priority. Reporting currencies are INR, USD, GBP, SGD, EUR and CAD.

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Consolidate the group. Skip the spreadsheet.

Any mix of ledgers, one report.

Halfkit finds the pairs. You click once.

Every company translated, and the balance sheet still balances.

Own 80%? Report it that way.

"Sales", "Turnover", "Revenue from operations": one line.

Show your working, then lock the month.

About consolidation.

What happens after consolidation.

Cash forecast

Board packs

Integrations

India

Your next close, on one set of numbers.