What is summarized financial statements in SAP FI-LC - Consolidation?

SAP Term: summarized financial statements

• Component: FI-LC

• Component Name: Consolidation

• Description: The sum of all the individual financial statements corporate valuation that have been through currency translation.

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• Key Concepts: 
  Summarized financial statements are a type of financial statement that is used to present the consolidated financial position of a group of companies. This type of statement is created by combining the individual financial statements of each company in the group. The FI-LC Consolidation component of SAP is used to create these summarized financial statements. 
  
  How to use it: 
  The FI-LC Consolidation component of SAP can be used to create summarized financial statements. This component allows users to consolidate the individual financial statements of each company in the group into one summarized statement. The component also allows users to adjust for differences in accounting principles and currency exchange rates. 
  
  Tips & Tricks: 
  When using the FI-LC Consolidation component, it is important to ensure that all data is accurate and up-to-date. This will ensure that the summarized financial statement is accurate and reliable. Additionally, it is important to ensure that all companies in the group are included in the consolidation process. 
  
  Related Information: 
  For more information on the FI-LC Consolidation component, please refer to SAP’s official documentation on the topic. Additionally, there are many online resources available that provide tutorials and tips on how to use this component effectively.