What is financial statement in SAP PSM - Public Sector Management?

SAP Term: financial statement

• Component: PSM

• Component Name: Public Sector Management

• Description: Counterpart to the budget plan, which displays the effective income and expenditure and any receivables and payables that still exist for the year-end closing. The financial statement is derived from the general ledger. The content of the financial statement is defined by current legislation.

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• Key Concepts: 
  Financial statement is a document that provides an overview of the financial performance of an organization. It includes information such as income, expenses, assets, liabilities, and equity. In the Public Sector Management (PSM) component of SAP, financial statements are used to track and analyze the financial performance of public sector organizations.
  
  How to use it: 
  In the PSM component of SAP, financial statements can be used to track and analyze the financial performance of public sector organizations. Financial statements can be generated from the SAP system by entering the necessary data into the system. This data can include income, expenses, assets, liabilities, and equity. Once the data is entered into the system, a financial statement can be generated that provides an overview of the organization’s financial performance.
  
  Tips & Tricks: 
  When generating a financial statement in SAP PSM, it is important to ensure that all necessary data is entered into the system accurately. This will ensure that the financial statement is accurate and provides an accurate overview of the organization’s financial performance. Additionally, it is important to review the financial statement regularly to ensure that it is up-to-date and accurate.
  
  Related Information: 
  In addition to generating financial statements in SAP PSM, users can also generate reports such as balance sheets and income statements. These reports provide additional information about an organization’s financial performance and can be used to further analyze and understand an organization’s finances. Additionally, users can use SAP PSM to generate budgeting reports which provide information about an organization’s budgeting process and how it affects their overall financial performance.