What is consolidation chart of accounts in SAP EC-CS - Consolidation?

SAP Term: consolidation chart of accounts

• Component: EC-CS

• Component Name: Consolidation

• Description: A systemic classification of financial statement items that belong together. The classification is marked by either corporate external or internal requirements or both. For example, you could have one consolidation chart of accounts for the purpose of generating financial statements to meet the requirements of statutory authorities, and you could have another consolidation chart of accounts to accommodate corporate-internal requirements for contribution margin accounting. You can have multiple consolidation charts of accounts within a single dimension. This enables you to generate multiple financial statements at the same time to meet various requirements. &EXAMPLE& Within a single dimension for statutory consolidation, you could use one consolidation chart of accounts for generating consolidated financial statements according to the 4th/7th EU directive, and another consolidation chart of accounts for generating consolidated financial statements according to US GAAP.

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• Key Concepts: 
  The consolidation chart of accounts is a feature of the SAP EC-CS Consolidation component. It is a set of accounts that are used to consolidate financial data from multiple companies into one financial statement. The chart of accounts is used to ensure that all the data is accurately consolidated and reported in the same format. 
  
  How to use it: 
  The consolidation chart of accounts is used to define the structure of the consolidated financial statements. It includes all the accounts that are necessary for the consolidation process, such as income, expenses, assets, liabilities, and equity. The chart of accounts also includes any additional accounts that may be needed for specific reporting requirements. 
  
  Once the chart of accounts has been created, it can be used to map the data from each company into the consolidated financial statements. This mapping process ensures that all the data is accurately consolidated and reported in the same format. 
  
  Tips & Tricks: 
  When creating a consolidation chart of accounts, it is important to ensure that all the necessary accounts are included and that they are mapped correctly. It is also important to ensure that any additional accounts needed for specific reporting requirements are included in the chart of accounts. 
  
  Related Information: 
  For more information on how to use the consolidation chart of accounts in SAP EC-CS Consolidation, please refer to SAP Help documentation or contact your local SAP support team.