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

SAP Term: standardized financial data

• Component: EC-CS

• Component Name: Consolidation

• Description: The financial data which meets the group's accounting guidelines. Standardized financial data is typically created by standardizing entries involving the reported financial data.

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• Key Concepts: 
  Standardized financial data is a term used to describe the process of consolidating financial data from multiple sources into a single, unified format. This process is used to ensure that all financial data is consistent and accurate across all sources. The EC-CS Consolidation component of SAP is a tool used to facilitate this process. 
  
  How to use it: 
  The EC-CS Consolidation component of SAP allows users to easily consolidate financial data from multiple sources into a single, unified format. It provides users with the ability to define the data structure, create rules for data mapping, and generate reports. Additionally, it allows users to monitor the progress of the consolidation process and make adjustments as needed. 
  
  Tips & Tricks: 
  When using the EC-CS Consolidation component of SAP, it is important to ensure that all financial data is accurately mapped and that all rules are properly defined. Additionally, it is important to regularly monitor the progress of the consolidation process and make any necessary adjustments. 
  
  Related Information: 
  For more information on the EC-CS Consolidation component of SAP, please refer to the official SAP documentation or contact your local SAP representative. Additionally, there are many online resources available that provide helpful tips and tricks for using this component.