What is consolidated entity in SAP FI-LC - Consolidation?

SAP Term: consolidated entity

• Component: FI-LC

• Component Name: Consolidation

• Description: A user-defined combination of several consolidation units, grouped for consolidation and reporting purposes.

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• Key Concepts: 
  A consolidated entity is a legal entity that is part of a larger group of companies. It is responsible for consolidating the financial statements of all the companies in the group, and for reporting the combined financial results to the parent company. In SAP, the FI-LC Consolidation component is used to manage the consolidation process. 
  
  How to use it: 
  The FI-LC Consolidation component allows users to define and maintain consolidated entities, as well as to create and manage consolidation plans. It also provides tools for analyzing and reporting on consolidated financial data. 
  
  Tips & Tricks: 
  When creating a consolidation plan, it is important to ensure that all relevant data is included in the plan. This includes data from both the parent company and all subsidiaries. Additionally, it is important to ensure that all data is up-to-date and accurate before running any reports or analyses. 
  
  Related Information: 
  For more information on using the FI-LC Consolidation component, please refer to SAP's official documentation. Additionally, there are many online resources available that provide tutorials and tips on using this component.