What is financial statement item in SAP FIN-SEM-BCS - Business Consolidation?

SAP Term: financial statement item

• Component: FIN-SEM-BCS

• Component Name: Business Consolidation

• Description: The fundamental account assignment of the Consolidation system. Financial statement FS items form the basis for data entry and collection, posting and reporting of monetary data in consolidation. An item is very similar to an "account" in general ledger accounting. Items are not only used for accounting purposes on balance sheets, income statements or statements of retained earnings. They can also be used for recording statistical information and key figures. The attributes of an FS item include the FS item type, the where-used indicator, the FS item category, the debit or credit sign and the breakdown category. Items have the following properties: Item type balance sheet, income statement, statistical Debit/credit sign 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 in a structured way. In SAP Business Consolidation (FIN-SEM-BCS), financial statement items are used to define the structure of a financial statement, such as the balance sheet or income statement. 
  
  How to use it: 
  In FIN-SEM-BCS, financial statement items are used to define the structure of a financial statement. This includes defining the type of item (e.g. asset, liability, revenue, expense), the account type (e.g. current, non-current), and the currency (e.g. USD, EUR). Financial statement items can also be used to define the reporting period for a financial statement (e.g. monthly, quarterly). 
  
  Tips & Tricks: 
  When creating financial statement items in FIN-SEM-BCS, it is important to ensure that all items are correctly defined and linked to the appropriate accounts. This will ensure that all financial information is accurately reported in the financial statements. 
  
  Related Information: 
  For more information on creating and managing financial statement items in FIN-SEM-BCS, please refer to the SAP Help documentation at https://help.sap.com/viewer/product/FIN_SEM_BCS/731/en-US