What is master data in SAP FI-LC - Consolidation?

SAP Term: master data

• Component: FI-LC

• Component Name: Consolidation

• Description: The data that portrays the basic units of consolidation in the SAP System: Companies Subgroups Financial statement items Transaction types

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• Key Concepts: 
  Master data is the core data that is used to identify and describe an entity in SAP. In the FI-LC Consolidation component, master data includes the company codes, cost centers, and other related information that are used to define the consolidation process. 
  
  How to use it: 
  In order to use the FI-LC Consolidation component, you must first create and maintain the master data. This includes setting up the company codes, cost centers, and other related information. Once this is done, you can then use the component to consolidate financial data from multiple sources. 
  
  Tips & Tricks: 
  When setting up master data for the FI-LC Consolidation component, it is important to ensure that all of the information is accurate and up-to-date. This will help ensure that the consolidation process runs smoothly and accurately. 
  
  Related Information: 
  For more information on setting up master data for the FI-LC Consolidation component, please refer to SAP's official documentation.