What is standardizing entry in SAP FI-LC - Consolidation?

SAP Term: standardizing entry

• Component: FI-LC

• Component Name: Consolidation

• Description: A journal entry made to the financial data of companies being consolidated, to bring this data into line with corporate standards. Standardizing entries can be made locally by the individual subsidiaries, but the standardizing entries required from the group point of view are not known to the subsidiary, and are therefore made only in the system. If the subsidiary reports its data in local currency, then the standardizing entry is also made in local currency. The individual financial statement data and standardizing entries for the subsidiary are then translated into group currency during currency translation. In , standardizing entries are stored separately from the reported financial statement data in special data records. This enables you to analyze each type of data separately. Entries that post to both the balance sheet and income statement can cause an adjustment to net income that is calculated automatically in the system. This can lead to the allo

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• Key Concepts: 
  Standardizing entry is a feature of the FI-LC Consolidation component of SAP. It allows users to standardize the way data is entered into the system, ensuring that all entries are consistent and accurate. This helps to reduce errors and improve data accuracy.
  
  How to use it: 
  Standardizing entry can be used by setting up rules for how data should be entered into the system. These rules can be set up for each field in the system, ensuring that all entries are consistent and accurate. Once these rules are set up, users can then enter data into the system in a standardized way.
  
  Tips & Tricks: 
  When setting up rules for standardizing entry, it is important to consider how the data will be used in the future. This will help ensure that the rules are set up in a way that will make it easier to use the data in the future. Additionally, it is important to review the rules regularly to ensure that they are still relevant and accurate.
  
  Related Information: 
  Standardizing entry is just one of many features of SAP's FI-LC Consolidation component. Other features include data validation, reporting, and analysis tools. Additionally, there are many other components of SAP that can help with standardizing entry, such as SAP HANA and SAP BusinessObjects.