What is preparation for consolidation in SAP EC-CS - Consolidation?

SAP Term: preparation for consolidation

• Component: EC-CS

• Component Name: Consolidation

• Description: The preparation of reported financial data to ensure that such data can be passed on to the application in a form in which it can then be processed. These preparations are a prerequisite for the automatic transfer of data from the SAP applications Financial Accounting, Profit Center Accounting, Materials Management and Sales and Distribution into the application. These systems, in which data is initially entered prior to consolidation, have the capability of managing the necessary account assignments in their documents and passing them on to the application when data is transferred. The following are examples of account assignments: Subitem Partner unit Currency Acquisition year Some of the functions involved in preparations for consolidation can also be used independently of the SAP application to reconcile payables and receivables or revenue and expenditure between consolidation units, and to send data to the parent company's Con

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• Key Concepts: 
  Preparation for consolidation is a process in the SAP EC-CS Consolidation component that allows users to prepare their financial data for consolidation. This process involves collecting and organizing the financial data from multiple sources, such as subsidiaries, into a single, consolidated set of financial statements. The data is then checked for accuracy and completeness before it is used in the consolidation process.
  
  How to use it: 
  To use the preparation for consolidation process in SAP EC-CS Consolidation, users must first collect the financial data from all of their subsidiaries. This data should be organized into a single set of financial statements that can be used for consolidation. Once the data is collected and organized, users must check it for accuracy and completeness before it is used in the consolidation process.
  
  Tips & Tricks: 
  When collecting and organizing the financial data from subsidiaries, it is important to ensure that all of the necessary information is included. This includes not only the financial statements but also any additional information that may be needed for the consolidation process. Additionally, it is important to double-check the accuracy and completeness of the data before it is used in the consolidation process.
  
  Related Information: 
  For more information on preparation for consolidation in SAP EC-CS Consolidation, please refer to SAP's official documentation on the topic. Additionally, there are many online resources available that provide detailed instructions on how to use this feature in SAP EC-CS Consolidation.