What does the "Consolidation" process in OneStream involve?

The consolidation process in OneStream is primarily concerned with aggregating financial data from multiple entities. This step is crucial in financial reporting and analysis, as it combines data from different subsidiaries, branches, or business units to form a comprehensive view of the organization's overall financial performance.

In OneStream, this process not only consolidates data numerically but also ensures that it is in accordance with accounting standards, helping organizations achieve a unified financial picture. This includes adjustments for intercompany transactions, currency conversions, and aligning various accounting methods, all of which are essential for accurate financial reporting.

While creating new financial entities, distributing reports, and validating data entry are important functions within the broader context of financial management and data integrity, they do not specifically define the consolidation process. The core focus of consolidation is the aggregation of all relevant financial data to provide stakeholders with an accurate depiction of the organization's financial health.