What is reconciliation in SAP FIN-SEM-BCS - Business Consolidation?

SAP Term: reconciliation

• Component: FIN-SEM-BCS

• Component Name: Business Consolidation

• Description: Reconciliation of balances of consolidation units that have business relationships with each other for the purpose of analyzing elimination differences. Prior to interunit elimination, you can use reconciliation to determine elimination differences without have the system post elimination entries. This lets you correct posting errors in reported financial data or lets you post standardizing entries.

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• Key Concepts: 
  Reconciliation is a process used in SAP Business Consolidation (FIN-SEM-BCS) to compare two sets of data and identify any discrepancies. It is used to ensure that the data in the consolidation system is accurate and up-to-date. The process involves comparing the data from the source system with the data in the consolidation system and then making any necessary adjustments.
  
  How to use it: 
  Reconciliation can be done manually or automatically. Manual reconciliation requires a user to manually compare the data from the source system with the data in the consolidation system and make any necessary adjustments. Automated reconciliation uses software to compare the two sets of data and identify any discrepancies. Once identified, the software can then make any necessary adjustments.
  
  Tips & Tricks: 
  When performing reconciliation, it is important to ensure that all data is up-to-date and accurate. This can be done by regularly checking for any discrepancies between the source system and the consolidation system. Additionally, it is important to ensure that all adjustments are properly documented so that they can be tracked and audited if necessary.
  
  Related Information: 
  For more information on reconciliation in SAP Business Consolidation, please refer to SAP Help Portal (https://help.sap.com/viewer/product/FIN_SEM_BCS/7.5/en-US). Additionally, there are many online resources available that provide detailed information on how to perform reconciliation in SAP Business Consolidation.