What is standardizing entry in SAP EC-CS - Consolidation?

SAP Term: standardizing entry

• Component: EC-CS

• Component Name: Consolidation

• Description: A journal entry used for adjusting the reported financial data so that it meets the policies and requirements of the corporate group. Standardizing entries can be made to the reported financial data decentrally by the individual company being consolidated. However, often the standardizing entries required from the group point of view are not known to the consolidation unit. If the consolidation unit reports its data in local currency, the standardizing entry is also made in local currency. The reported financial data and the standardizing entries are then translated into group currency during the currency translation process. In the system, standardizing entries are stored in separate data records in addition to the reported financial data. This is to facilitate independent analysis of the data at any time. Standardizing entries that simultaneously post amounts to balance sheet items and income statement items can cause an adjustment to net income, in which case the Consoli

Smart SAP Assistant

• Key Concepts: 
  Standardizing entry is a feature of the EC-CS Consolidation component of SAP. It allows users to standardize the way data is entered into the system, ensuring that all entries are consistent and accurate. This helps to reduce errors and improve the accuracy of financial reporting.
  
  How to use it: 
  Standardizing entry in EC-CS Consolidation can be used to ensure that all entries are consistent and accurate. To do this, users can set up rules for how data should be entered into the system. These rules can include things like formatting, data types, and validation checks. Once these rules are set up, all entries will be automatically checked against them to ensure accuracy.
  
  Tips & Tricks: 
  When setting up rules for standardizing entry in EC-CS Consolidation, it is important to make sure that they are comprehensive and cover all possible scenarios. This will help to ensure that all entries are accurate and consistent. Additionally, it is important to regularly review the rules to make sure they are still relevant and up-to-date.
  
  Related Information: 
  For more information on standardizing entry in EC-CS Consolidation, please refer to the SAP Help documentation or contact your local SAP support team.