What is financial statement item in SAP FIN-CS - S4HANA Financial Consolidation?

SAP Term: financial statement item

• Component: FIN-CS

• Component Name: S4HANA Financial Consolidation

• Description: A fundamental account assignment in group reporting that form the basis for consolidation data collection, posting, and reporting. Financial Statement FS items can be used in multiple consolidation charts of accounts. Not only are they used for accounting purposes on balance sheets, profit and loss statements<>,<> or statements of retained earnings, they can also be used for maintaining metrics and key figures. The attributes of an FS item include the FS item type, the where-used indicator, and the breakdown category.

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• Key Concepts: 
  Financial statement items are the individual elements that make up a financial statement. They are used to record and report financial information such as assets, liabilities, income, expenses, and equity. In SAP S4HANA Financial Consolidation, financial statement items are used to create a consolidated financial statement from multiple legal entities. 
  
  How to use it: 
  Financial statement items can be created in SAP S4HANA Financial Consolidation by entering the relevant information into the system. This includes the item name, type (asset, liability, income, expense, or equity), and any other relevant information. Once created, these items can be used to create a consolidated financial statement. 
  
  Tips & Tricks: 
  When creating financial statement items in SAP S4HANA Financial Consolidation, it is important to ensure that all of the information is accurate and up-to-date. This will ensure that the consolidated financial statement is accurate and reliable. 
  
  Related Information: 
  For more information on financial statement items in SAP S4HANA Financial Consolidation, please refer to the official documentation available on the SAP website.