You can now update your consolidation group drop downs after editing / creating them.  After you have completed all your edits for a session click on the Update Anterra Button.  You will initiate a cube update that will refresh your consolidation group menu items in all modules of Anterra.

The update status appears when you click on the Data Status icon on the menu bar.  The icon will show 2 arrows in a circle while the update is running.

See the related article Data Synchronization - Status display in the AnterraBI Menu Bar for information on the Data Status icon.