What is consolidation in SAP EC-CS - Consolidation?

SAP Term: consolidation

• Component: EC-CS

• Component Name: Consolidation

• Description: The merging of data of a corporate group to form consolidated financial statements. The system supports different types of consolidated statements to meet legal requirements for external financial reporting purposes as well as internal informational requirements. The following types of consolidation are supported: Company consolidation legal consolidation Business area consolidation Profit center consolidation of user-specific dimensions The creation of consolidated statements requires consolidation tasks. These include standardizing entries, currency translation, reclassifications, interunit elimination, elimination of interunit profit and loss, and consolidation of investments. The system provides automated posting processes for these tasks.

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• Key Concepts: 
  Consolidation is a process used to combine financial data from multiple legal entities into a single set of financial statements. The SAP EC-CS Consolidation component is a tool that helps companies manage their consolidation process. It provides a comprehensive set of features to help companies automate the consolidation process, including data collection, consolidation, and reporting. 
  
  How to use it: 
  The SAP EC-CS Consolidation component can be used to collect data from multiple legal entities and consolidate it into a single set of financial statements. It provides features such as automated data collection, consolidation, and reporting. It also provides tools for analyzing the consolidated data and creating reports. 
  
  Tips & Tricks: 
  When using the SAP EC-CS Consolidation component, it is important to ensure that all of the data being collected is accurate and up-to-date. Additionally, it is important to ensure that all of the legal entities involved in the consolidation process are properly configured in the system. 
  
  Related Information: 
  The SAP EC-CS Consolidation component is part of the SAP Enterprise Resource Planning (ERP) suite of products. It is designed to help companies automate their consolidation process and provide them with tools for analyzing and reporting on their consolidated financial data.