What is balance carryforward in SAP EC-CS - Consolidation?

SAP Term: balance carryforward

• Component: EC-CS

• Component Name: Consolidation

• Description: The carrying forward of FS item balances from the old year to the new year as opening balances. The balances of all balance sheet items are carried forward automatically. The balances of statistical items can be carried forward if desired. The balances of income statement items are usually not carried forward. An exception is retained earnings when appropriations are appended to the income statement. The consolidation transaction types are carried forward to their assigned carryforward transaction type.

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• Key Concepts: 
  Balance carryforward is a feature of the SAP EC-CS Consolidation component that allows for the transfer of balances from one period to the next. This feature is used to ensure that the financial statements of a company are accurate and up-to-date. It also helps to reduce the amount of manual work required to keep the financial statements up-to-date.
  
  How to use it: 
  In order to use balance carryforward, you must first set up the consolidation process in SAP EC-CS. This includes setting up the consolidation group, defining the consolidation rules, and setting up the consolidation hierarchy. Once this is done, you can then use balance carryforward to transfer balances from one period to the next. This can be done manually or automatically, depending on your preferences.
  
  Tips & Tricks: 
  When using balance carryforward, it is important to ensure that all of the necessary data is included in the transfer. This includes any adjustments or corrections that need to be made in order to ensure accuracy. Additionally, it is important to ensure that all of the necessary accounts are included in the transfer in order for it to be successful.
  
  Related Information: 
  For more information on balance carryforward and how to use it in SAP EC-CS Consolidation, please refer to SAP Help documentation or contact your local SAP support team. Additionally, there are many online resources available that provide detailed instructions on how to use balance carryforward in SAP EC-CS Consolidation.