What is master data in SAP FIN-SEM-BCS - Business Consolidation?

SAP Term: master data

• Component: FIN-SEM-BCS

• Component Name: Business Consolidation

• Description: The data in the Consolidation system that remains unchanged over a long period of time. The following types of master data are most essential: Dimensions Consolidation units Consolidation groups Financial statement items or simply, items Subassignments Master data for noncurrent assets including the year and period of capitalization, and depreciable life Many types of master data are organized in hierarchies.

Smart SAP Assistant

• Key Concepts: 
  Master data is the core data that is used to identify and describe an entity in SAP. In the context of Business Consolidation (FIN-SEM-BCS), master data includes the company structure, consolidation groups, and other related information. It is used to define the scope of consolidation and to ensure that all relevant data is included in the consolidation process. 
  
  How to use it: 
  In order to use master data in Business Consolidation, it must first be created and maintained. This can be done by accessing the relevant transaction codes in SAP, such as FAGL_FC_MASTERDATA or FAGL_FC_MASTERDATA_MAINTAIN. Once the master data has been created, it can be used to define the scope of consolidation and ensure that all relevant data is included in the consolidation process. 
  
  Tips & Tricks: 
  It is important to ensure that all master data is up-to-date and accurate before running a consolidation process. This will help to ensure that all relevant data is included in the consolidation process and that any errors are avoided. Additionally, it is important to regularly review and update master data as needed in order to ensure that it remains accurate and up-to-date. 
  
  Related Information: 
  For more information on master data in Business Consolidation, please refer to SAP Help Portal (https://help.sap.com/viewer/product/FIN_SEM_BCS/7.5/en-US). Additionally, there are a number of online resources available which provide further information on how to use master data in Business Consolidation.