What is FS item type in SAP FI-LC - Consolidation?

SAP Term: FS item type

• Component: FI-LC

• Component Name: Consolidation

• Description: An indicator that determines whether the financial statement item represents a balance sheet asset or liability, income statement profit and loss, or another type of item.

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• Key Concepts: 
  FS item type is a component of the FI-LC Consolidation module in SAP. It is used to define the characteristics of a financial statement item, such as its name, type, and currency. It also determines how the item is to be consolidated and reported. 
  
  How to use it: 
  To use FS item type, you must first create an FS item type in the system. This can be done by entering the required information in the relevant fields in the FS item type maintenance screen. Once created, you can assign the FS item type to a financial statement item in the consolidation process. 
  
  Tips & Tricks: 
  When creating an FS item type, it is important to ensure that all of the required information is entered correctly. This will ensure that the consolidation process runs smoothly and accurately. 
  
  Related Information: 
  For more information on FS item types and how to use them, please refer to SAP's official documentation on FI-LC Consolidation.