What is financial statement item in SAP FI-LC - Consolidation?

SAP Term: financial statement item

• Component: FI-LC

• Component Name: Consolidation

• Description: The financial statement item is the key account assignment, and forms the basis for data entry, posting and reporting in . The charts of accounts of the companies to be consolidated which differ as a result of varying foreign requirements are standardized in the FS chart of accounts. Financial statement items are not only used for accounting purposes within the balance sheet and income statement. They can also be used for statistical purposes number of employees to produce the group reports. The types of financial statement items used in : Value items Totals items Ratios The FS item is identified by a 10-digit number. To prevent the FS chart of accounts from becoming unwieldy, has the following additional account assignments: Trading partner Transaction type Transaction currency Year of acquisition

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• Key Concepts: 
  Financial statement items are the individual elements that make up a financial statement. In SAP, financial statement items are used to define the structure of a financial statement. The FI-LC Consolidation component in SAP allows users to consolidate multiple financial statements into one. 
  
  How to use it: 
  In order to use the FI-LC Consolidation component, users must first define the structure of their financial statements by creating financial statement items. This is done by entering the relevant information such as account numbers, descriptions, and amounts into the system. Once the structure is defined, users can then use the component to consolidate multiple financial statements into one. 
  
  Tips & Tricks: 
  When creating financial statement items, it is important to ensure that all of the information entered is accurate and up-to-date. This will ensure that the consolidated financial statement is accurate and reliable. Additionally, it is important to keep track of any changes made to the structure of the financial statements as this can affect the accuracy of the consolidated statement. 
  
  Related Information: 
  For more information on using the FI-LC Consolidation component in SAP, please refer to SAP’s official documentation on Financial Statement Items and Consolidation. Additionally, there are many online resources available that provide tutorials and tips on using this component.