What is consolidation entry in SAP EC-CS - Consolidation?

SAP Term: consolidation entry

• Component: EC-CS

• Component Name: Consolidation

• Description: The journal entries that transfer standardized financial data to the consolidated financial statements. These include: Elimination entries for Interunit payables or receivables Interunit revenue or expense Interunit profit or loss in transferred assets Interunit profit or loss in inventory group consolidating entries of investments Reclassifications on a group level

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• Key Concepts: 
  A consolidation entry is a type of journal entry used in the SAP EC-CS Consolidation component. It is used to combine the financial data of multiple companies into a single set of consolidated financial statements. The consolidation entry is used to eliminate intercompany transactions and to adjust for differences in accounting methods between companies. 
  
  How to use it: 
  The consolidation entry is created in the SAP system by entering the necessary data into the consolidation entry screen. This includes the company code, the account type, and the amount of the transaction. Once all of the data has been entered, the consolidation entry can be posted to the general ledger. 
  
  Tips & Tricks: 
  When creating a consolidation entry, it is important to ensure that all of the necessary data is entered correctly. This includes making sure that all of the accounts are correctly mapped and that all of the amounts are correct. Additionally, it is important to ensure that all of the intercompany transactions are eliminated and that any differences in accounting methods are properly adjusted for. 
  
  Related Information: 
  The SAP EC-CS Consolidation component also includes other features such as currency translation, equity adjustments, and minority interest calculations. Additionally, there are various reports available in the system which can be used to analyze and review consolidated financial statements.