Describing Financial Statement Items

Objectives
After completing this lesson, you will be able to:

After completing this lesson, you will be able to:

  • Describe the consolidation chart of accounts
  • Explain financial statement items
  • Outline the use of FS item attributes

Consolidation Chart of Accounts

Consolidation Chart of Account – Key Points

  • A consolidation chart of accounts (COA) is a systematic grouping of financial statement (FS) items that belong together and are used for group reporting.

  • In local accounting, companies use a local COA with G/L accounts (General Ledger Accounts) and corresponding levels of detail.

  • In group reporting, to enable the preparation of consolidated financial statements from the financial data of the consolidation units, however, the operational data must first be aggregated uniformly across the group. Therefore, at least one consolidation COA must be defined.

  • The predefined consolidation COA is fixed as Y1.

    Setting up a customer-specific ID for the consolidation COA other than Y1 is currently not supported.

Note

In case Y1 does not fulfill your requirements, you can create or change the FS items which Y1 contains.

Check the How-to Guide "How to Replace FS Items in Consolidation COA", which is attached to SAP Note 2659656.

Financial Statement Items (FS Items)

FS Item Attributes – Key Points

Benefits of FS Item Selection Attributes and Target Attributes

FS Item Attributes: Purpose and Assignment Relation

The FS Item Role attribute which belongs to the Selection Attributes can be used, for example, to configure the calculation of annual net income, deferred tax, retained earnings, currency translation (CT) difference, and rounding difference.

Note

An FS item can only have one role, and a role can only be assigned to one FS item in a certain fiscal year and period and consolidation version.

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