What is 'changes in balance sheet from local to consolidated values' in SAP FI-LC - Consolidation?

changes in balance sheet from local to consolidated values - Overview

• Component: FI-LC

• Component Name: Consolidation

• Description: A worksheet that shows item values after various consolidation steps. For example, changes as a result of: Local valuation of individual financial statements Standardizing entries to corporate valuation of individual financial statements Eliminating subgroup-consolidating entries to the final group valuation consolidated values

changes in balance sheet from local to consolidated values - Details

• 
  Key Concepts: 
  FI-LC Consolidation is a component of SAP software that allows users to consolidate their local balance sheets into a single, consolidated balance sheet. This process involves taking the individual balance sheets of each local entity and combining them into one consolidated balance sheet. This allows users to get a better understanding of their overall financial position. 
  
  How to use it: 
  To use FI-LC Consolidation, users must first enter the individual balance sheets of each local entity into the system. Once this is done, the system will automatically generate a consolidated balance sheet that combines all of the local entities’ balance sheets into one. This consolidated balance sheet can then be used to gain a better understanding of the company’s overall financial position. 
  
  Tips & Tricks: 
  When entering the individual balance sheets of each local entity into the system, it is important to make sure that all of the information is accurate and up-to-date. This will ensure that the consolidated balance sheet generated by the system is accurate and reliable. 
  
  Related Information: 
  FI-LC Consolidation is just one component of SAP software. Other components include FI-GL (General Ledger), FI-AP (Accounts Payable), and FI-AR (Accounts Receivable). Each component has its own set of features and functions that can be used to help manage a company’s finances.