What is account family in SAP EPM-FC - SAP BusinessObjects Financial Consolidation?

SAP Term: account family

• Component: EPM-FC

• Component Name: SAP BusinessObjects Financial Consolidation

• Description: A group of accounts that belong to a category scenario and have the same set of flows with the same properties

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• Key Concepts: 
  Account family is a feature of SAP BusinessObjects Financial Consolidation (EPM-FC) that allows users to group accounts into categories. This helps to simplify the consolidation process by allowing users to quickly identify and analyze related accounts. Account families can be used to group accounts by type, such as assets, liabilities, or income. They can also be used to group accounts by region or business unit. 
  
  How to use it: 
  To use account families in SAP BusinessObjects Financial Consolidation, users must first create the account families in the application. This can be done by selecting the “Account Families” option from the main menu. From there, users can create new account families and assign accounts to them. Once the account families have been created, they can be used in the consolidation process to quickly identify and analyze related accounts. 
  
  Tips & Tricks: 
  When creating account families, it is important to consider how they will be used in the consolidation process. For example, if you are consolidating multiple business units, it may be helpful to create an account family for each business unit. This will make it easier to identify and analyze related accounts during the consolidation process. 
  
  Related Information: 
  For more information on using account families in SAP BusinessObjects Financial Consolidation, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide tips and tricks for using account families in EPM-FC.