What is income statement in SAP (EC-CS - Consolidation)?

SAP Term: income statement

• Component: EC-CS

• Component Name: Consolidation

• Description: A comparison of revenue and expense of an accounting period to determine the net income or loss of the company and its sources. The income statement is a mandatory part of the annual financial statement.

Smart SAP Assistant

• Key Concepts: 
  An income statement is a financial statement that summarizes a company's revenues and expenses over a specific period of time. In SAP, the EC-CS Consolidation component is used to create an income statement. This component allows users to consolidate financial data from multiple sources into one report. 
  
  How to use it: 
  To use the EC-CS Consolidation component, users must first set up the consolidation structure. This includes defining the consolidation area, setting up the consolidation hierarchy, and assigning the appropriate accounts. Once the structure is set up, users can enter data into the system and generate an income statement. 
  
  Tips & Tricks: 
  When setting up the consolidation structure, it is important to ensure that all accounts are properly assigned and that all data is entered accurately. This will ensure that the income statement generated is accurate and reliable. 
  
  Related Information: 
  The EC-CS Consolidation component can also be used to generate other financial statements such as balance sheets and cash flow statements. Additionally, users can use this component to analyze financial data and create reports for management review.