Consolidated Financial Reports in Wafeq

Consolidated Reports in Wafeq allow you to combine accounting data to generate comprehensive reports for all organizations and branches, including:

Consolidated Income Statement
Consolidated Cash Flow Statement
Consolidated Balance Sheet (Statement of Financial Position)

The consolidation is done through:

Displaying figures in a single consolidated report: Data is presented in one unified report without the need to switch between individual organization reports.
Merging Matched Accounts: Balances are automatically combined for accounts that share the same name, code, and account type.
Example: “Operating Expenses” with code 604 in two entities appears as one line with a combined total.
Currency Conversion When Needed: If entities use different base currencies, Wafeq automatically converts the amounts to the report’s currency using the exchange rate on the last day of the selected period.

Accessing Consolidated Reports

Click on “Reports” from the main menu, then select the desired report from the “Consolidated Reports” section.

Consolidated Income Statement

The Consolidated Income Statement presents the combined financial performance of the selected organizations in terms of revenues, expenses, and profitability, providing a unified and comprehensive view of overall operating performance.
It also allows you to click on a specific organization’s name to view its individual report separately.

Reviewing figure details in the Consolidated Income Statement

While reviewing the Consolidated Income Statement, you may need to understand what makes up a specific figure in terms of revenues or expenses across different organizations, without having to navigate to separate reports or individual transactions.

For this purpose, Wafeq allows you to review the details of consolidated figures directly within the Consolidated Income Statement.

When you hover over any figure in the report, an information box appears showing:

The top five transactions that contributed to this figure.
The date of each transaction.
The transaction description.
The transaction amount.

This way, you can quickly understand the sources of consolidated revenue or expense figures, helping you analyze operating performance efficiently without navigating to the transactions page.

Consolidated Cash Flow Statement

The Consolidated Cash Flow Statement tracks cash flows from operating, investing, and financing activities across all selected organizations, presenting them in a single consolidated report that highlights available liquidity and its trends.
It also allows you to click on a specific organization’s name to view its individual cash flow report separately.

Consolidated Balance Sheet

The Consolidated Statement of Financial Position combines the financial balances of all selected organizations to present a unified view of assets, liabilities, and equity, making it easier to assess the overall financial position of the organization at a specific point in time.
It also allows you to click on a specific organization’s name to view its individual report separately.

Selecting organizations to include in the report

When you open any consolidated report, Wafeq displays the consolidated data based on the organizations currently selected.
If you want to change the organizations included in the report or view data for specific organizations only, you will need to select the organizations manually.

How to select organizations?

Click the "Select organizations" button.
A window appears showing all organizations linked to your account.
Select the organizations you want to consolidate using the checkboxes.
Once finished, click "Apply" to update the report and display the consolidated figures for the selected organizations.

Notes

You must have permission to view the same report for each organization you want to include.
Consolidated reports are available only for organizations subscribed to the Premium plan, and organizations not included in the plan cannot be selected.

Available actions on consolidated financial reports

To choose which branches to include in the report, click on the "Filter" button at the top of the report screen. Then, select the desired entities and branches, and click "Apply".

You must have permission to view the selected report for each branch you wish to include.
For example:
If you're generating a Consolidated Income Statement for three entities, you must have access to the Income Statement report for all three.

Additional filters available

Using the filter button, you can also:

Compare periods: Display two periods side-by-side, such as this year versus last year.
Set a date range: Choose the specific period to analyze (e.g., a month or a quarter).
The selected date range affects the displayed data, including consolidated balances.
Project: Show data related to a specific project only.
Cost center: Track financials by cost center to monitor specific activities or departments.
As at end: Indicates that the values in the report reflect account balances as at the end of the selected period.
This field appears in the Consolidated Balance Sheet only
Change report currency: All transactions are converted to your organization’s local currency by default. However, you can change the report currency to any desired currency by clicking the currency name at the top of the report and selecting the alternative currency from the dropdown list.

Colored icons allow you to identify which organizations have transactions for each account within the consolidated report.