What is approval in SAP EPM-FC - SAP BusinessObjects Financial Consolidation?

SAP Term: approval

• Component: EPM-FC

• Component Name: SAP BusinessObjects Financial Consolidation

• Description: The status in the workflow which means that the package is now available to a user from a directly higher hierarchy level who can make changes to it.

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• Key Concepts: 
  Approval in SAP BusinessObjects Financial Consolidation (EPM-FC) is the process of validating and authorizing a consolidation process. It is used to ensure that all data is accurate and up-to-date before it is used for reporting. The approval process can be done manually or automatically, depending on the organization's needs. 
  
  How to use it: 
  In order to use the approval process in EPM-FC, users must first set up an approval workflow. This workflow will define the steps that must be taken in order for a consolidation process to be approved. Once the workflow is set up, users can then initiate the approval process by submitting their consolidation for review. 
  
  Tips & Tricks: 
  When setting up an approval workflow, it is important to consider the roles and responsibilities of each user involved in the process. This will help ensure that all data is properly reviewed and approved before it is used for reporting. Additionally, it is important to ensure that all users have access to the necessary tools and information needed to complete their tasks. 
  
  Related Information: 
  For more information on setting up an approval workflow in EPM-FC, please refer to the SAP BusinessObjects Financial Consolidation User Guide. Additionally, there are several online resources available that provide detailed instructions on how to use the approval process in EPM-FC.