What is group in SAP FI-LC - Consolidation?

SAP Term: group

• Component: FI-LC

• Component Name: Consolidation

• Description: A business organization that, from a consolidation standpoint, consists of two or more companies is called a group. Besides being structured by companies, a group can also be structured by any other organizational unit.

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• Key Concepts: 
  Group in the context of FI-LC Consolidation is a collection of legal entities that are consolidated into one financial statement. It is used to define the scope of consolidation and to determine which legal entities are included in the consolidation process. 
  
  How to use it: 
  In order to use the group feature, you must first create a group in the system. This can be done by going to the “Group” tab in the FI-LC Consolidation application and selecting “Create Group”. Once you have created a group, you can add legal entities to it by selecting “Add Legal Entity” from the same tab. 
  
  Tips & Tricks: 
  When creating a group, it is important to consider which legal entities should be included in the consolidation process. It is also important to consider how often the group should be updated, as this will affect how often the consolidation process needs to be run. 
  
  Related Information: 
  For more information on groups and how they are used in FI-LC Consolidation, please refer to SAP Help documentation.