What is classification of FS items in SAP FI-LC - Consolidation?

SAP Term: classification of FS items

• Component: FI-LC

• Component Name: Consolidation

• Description: The classification of financial statement items refers to the chart of accounts in the case of individual financial statements, or the FS chart of accounts in the case of consolidated financial statements.

Smart SAP Assistant

• Key Concepts: 
  Classification of FS items is a feature of the FI-LC Consolidation component of SAP. It allows users to classify financial statements (FS) items into different categories, such as assets, liabilities, and equity. This classification helps to provide a better understanding of the financial position of an organization. 
  
  How to use it: 
  In order to use the classification of FS items feature, users must first create a classification structure in the system. This structure will define the categories that can be used for classifying FS items. Once the structure is created, users can then assign FS items to the appropriate categories. 
  
  Tips & Tricks: 
  When creating a classification structure, it is important to ensure that all relevant categories are included. This will ensure that all FS items can be accurately classified. Additionally, it is important to keep the structure as simple as possible in order to make it easier for users to understand and use. 
  
  Related Information: 
  The classification of FS items feature is closely related to other features of the FI-LC Consolidation component, such as consolidation and reporting. These features can be used in conjunction with the classification feature in order to provide a more comprehensive view of an organization’s financial position.