What is trading partner in SAP FI-LC - Consolidation?

SAP Term: trading partner

• Component: FI-LC

• Component Name: Consolidation

• Description: A trading partner is a legally independent company belonging to the group.

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• Key Concepts: 
  A trading partner in SAP FI-LC Consolidation is a company or organization that is involved in a business transaction. This could include customers, suppliers, banks, and other entities. The trading partner is used to identify the counterparties in a transaction and to track the financial flows between them. 
  
  How to use it: 
  In SAP FI-LC Consolidation, trading partners are used to identify the counterparties in a transaction and to track the financial flows between them. The trading partner can be set up in the system by entering the relevant information such as name, address, contact details, and other relevant information. Once set up, the trading partner can be used to create transactions and track the financial flows between them. 
  
  Tips & Tricks: 
  When setting up a trading partner in SAP FI-LC Consolidation, it is important to ensure that all of the relevant information is entered correctly. This will ensure that transactions are tracked accurately and that financial flows are tracked correctly. 
  
  Related Information: 
  For more information on setting up trading partners in SAP FI-LC Consolidation, please refer to the official SAP documentation.