UK groups with intercompany transactions between entities must eliminate them under FRS 102 Section 9 before presenting consolidated statements. BrizoConsol automates detection and elimination across all your QuickBooks company files — intercompany revenue, loans, management fees, and dividends.
Every transaction between entities within your group — if left unadjusted — overstates group revenue, costs, and balances. The overstatement is silent and grows with every intercompany trade.
Intercompany eliminations are not one-size-fits-all. Each transaction type involves different accounts and different elimination logic. BrizoConsol handles all of them.
When one group entity sells goods or services to another, the seller records revenue and the buyer records a cost. Both must be eliminated — group revenue is reduced by the intercompany sales figure, and the corresponding cost is removed simultaneously.
When one entity lends money to another within the group, one side shows a receivable and the other shows a payable. Both must be eliminated so the group balance sheet does not include an asset and liability that cancel each other out.
Management fees, IT charges, shared service allocations, and head office overhead recharged from a parent to subsidiaries create intercompany income in the parent and intercompany expense in the subsidiary — both must be eliminated from the group P&L.
When a subsidiary pays a dividend to its parent, the parent records dividend income. That income must be eliminated from the group P&L — the dividend is a transfer of existing group equity, not new income generated from external sources.
When one entity sells a fixed asset to another within the group, any profit on the transfer is unrealised from the group's perspective — the asset is still within the group. The gain must be eliminated and the asset restated at its original cost to the group.
The parent's cost of investment in each subsidiary is eliminated against the subsidiary's share capital and pre-acquisition reserves. This elimination establishes goodwill (or negative goodwill) at acquisition date and is a foundational step in every consolidation.
BrizoConsol's elimination engine runs automatically on every consolidation. Here is exactly what it does.
BrizoConsol pulls the general ledger from every connected QuickBooks Online company nightly via Intuit's OAuth. Mixed-platform groups — QuickBooks companies alongside Xero, MYOB, or Zoho Books entities — are all included in the same consolidation run. All transactions — including those in intercompany accounts — are available for matching and elimination.
Runs automatically · Nightly syncBrizoConsol identifies intercompany transactions using accounts you flag as intercompany during setup, and by matching account codes that appear on both sides of an entity relationship. No manual cross-referencing of each period's transactions is needed.
Auto-detect + account-code matchingMatched intercompany pairs are eliminated automatically. Any transaction where the two sides don't reconcile — different amounts, missing counterpart — is flagged in the elimination review dashboard before the consolidation is finalised, so you can investigate and correct before the report is produced.
Mismatch alerts before finalisationEvery elimination — automatic or manual — is logged with the originating entities, account codes, amounts, and basis of elimination. The audit trail is permanent, exportable, and presented alongside the consolidated statements for reviewer sign-off.
IFRS 10 · FRS 102 · Auditor-readyUK-headquartered groups using QuickBooks Online often have subsidiaries across the EU, Australia, the US, and beyond — each with its own accounting system and local currency. BrizoConsol connects to each QuickBooks entity and any other platforms your regional subsidiaries use, consolidating all of them into a single FRS 102-compliant group view. GBP, EUR, USD, AUD — all translated under FRS 102 Section 30 in a single automated run.
UK groups with EU subsidiaries in Germany, France, the Netherlands, or Ireland consolidate GBP and EUR under FRS 102 Section 30. BrizoConsol applies closing and average rates automatically, eliminates intercompany balances, and produces a single FRS 102-compliant consolidated view each period.
UK groups expanding into the US and Australia on QuickBooks span GBP, USD, and AUD. BrizoConsol consolidates all three jurisdictions — FRS 102 Section 30 currency translation, full intercompany elimination, and NCI attribution — producing a single GBP-based consolidated view automatically.
QuickBooks Online uses one subscription per company — a UK group with five entities has five separate QBO accounts with no native consolidated view. BrizoConsol connects to each QBO subscription independently and consolidates all of them, with intercompany eliminations and FRS 102-compliant currency translation applied automatically.
UK groups with QuickBooks in the holding entity alongside Xero (AU/NZ operations) or MYOB (Australian subsidiaries) can consolidate all platforms in BrizoConsol simultaneously. Each entity connects independently — the group consolidation runs across all platforms in one view.
UK groups preparing consolidated financial statements must comply with FRS 102 Section 9 Consolidated and Separate Financial Statements under the Companies Act 2006. Listed companies on AIM or the LSE follow IFRS 10. BrizoConsol automates FRS 102-compliant consolidation for QuickBooks groups across the UK — including intercompany eliminations, GBP-based currency translation under FRS 102 Section 30, and NCI attribution.
FRS 102 Section 9 requires a UK parent entity to consolidate all subsidiaries it controls under the Companies Act 2006. BrizoConsol applies FRS 102 Section 9-compliant consolidation logic — including full intercompany elimination and NCI — across all connected QuickBooks entities automatically each period your companies close.
UK groups with foreign subsidiaries — in the EU (EUR), Australia (AUD), the US (USD), or Asia — apply FRS 102 Section 30 for currency translation. BrizoConsol translates each foreign entity at closing rates (Balance Sheet) and average rates (P&L), calculates the translation reserve, and includes it in equity — automatically each period.
UK parent companies must file consolidated financial statements with Companies House under the Companies Act 2006. The Financial Reporting Council (FRC) sets UK accounting standards. BrizoConsol produces audit-ready consolidated statements with a full elimination audit trail, ready for your auditors and Companies House submission.
UK-headquartered groups typically span entities in the EU (EUR), Australia (AUD), the US (USD), Asia, and the Middle East — each requiring GBP translation under FRS 102 Section 30. Many use QuickBooks in their UK holding entity alongside other platforms regionally. BrizoConsol consolidates GBP, EUR, USD, AUD, AED, and other currencies in a single run automatically.