What is 'reconciliation of balances' in SAP EC-CS - Consolidation?

reconciliation of balances - Overview

• Component: EC-CS

• Component Name: Consolidation

• Description: A reconciliation procedure that compares and eliminates differences in the business relationships of consolidation units with the group. The key to reconciliation of balances is to discern any differences prior to the consolidation process.

reconciliation of balances - Details

• 
  Key Concepts: 
  Reconciliation of balances is a process in the SAP EC-CS Consolidation component that allows users to compare the balances of two or more accounts and identify any discrepancies. This process is used to ensure that the financial data in the system is accurate and up-to-date.
  
  How to use it: 
  To use the reconciliation of balances process, users must first select the accounts they wish to compare. They can then view the differences between the balances of each account and identify any discrepancies. Once any discrepancies have been identified, users can then take corrective action to ensure that the financial data is accurate.
  
  Tips & Tricks: 
  It is important to regularly reconcile the balances of accounts in order to ensure that the financial data in the system is accurate and up-to-date. Additionally, it is recommended that users create a reconciliation report for each account they are comparing in order to easily identify any discrepancies.
  
  Related Information: 
  For more information on reconciliation of balances in SAP EC-CS Consolidation, please refer to the official SAP documentation at https://help.sap.com/viewer/product/EC-CS/7.5/en-US.