What is external trading partner in SAP FI-LC - Consolidation?

SAP Term: external trading partner

• Component: FI-LC

• Component Name: Consolidation

• Description: An external trading partner is a company that is not controlled by any company within the group but has relations with companies of the group.

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• Key Concepts: 
  An external trading partner is a company or individual that is not part of the SAP system but interacts with it. In the context of FI-LC Consolidation, an external trading partner is a company or individual that is not part of the SAP system but has a financial relationship with the company using SAP. This could include suppliers, customers, banks, and other financial institutions. 
  
  How to use it: 
  External trading partners can be added to the SAP system by entering their details into the relevant fields in the FI-LC Consolidation module. This will allow the company to track and manage their financial relationships with these external trading partners. 
  
  Tips & Tricks: 
  It is important to ensure that all external trading partners are added to the SAP system in order to ensure accurate and up-to-date financial information. It is also important to keep track of any changes in contact information or other details for each external trading partner. 
  
  Related Information: 
  For more information on how to add and manage external trading partners in SAP, please refer to the official SAP documentation on FI-LC Consolidation.