What is financial data type in SAP EC-CS - Consolidation?

SAP Term: financial data type

• Component: EC-CS

• Component Name: Consolidation

• Description: A category combining a level of detail and an object for the entry of financial data. Financial data types are used for consolidation units and, where applicable, for consolidation groups whose financial data is entered directly in the SAP System or by using PC data entry with Microsoft Access. These types are assigned to consolidation units or consolidation groups in the master data.

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• Key Concepts: 
  Financial data type is a component of the EC-CS Consolidation module in SAP. It is used to define the characteristics of financial data, such as currency, account type, and account group. This allows for the consolidation of financial data from multiple sources into a single report. 
  
  How to use it: 
  To use the financial data type, first create a new financial data type in the EC-CS Consolidation module. Then, assign the appropriate characteristics to the financial data type, such as currency, account type, and account group. Finally, use the financial data type to consolidate financial data from multiple sources into a single report. 
  
  Tips & Tricks: 
  When creating a new financial data type, make sure to assign the appropriate characteristics to ensure accurate consolidation of financial data. Additionally, it is important to review and update existing financial data types regularly to ensure accuracy. 
  
  Related Information: 
  For more information on using the EC-CS Consolidation module in SAP, please refer to the official SAP documentation. Additionally, there are many online resources available that provide tutorials and tips on using this module.