A ‘Financial Statement Version’ helps to define the Financial Statements (both the Balance Sheet and Profit & Loss statements). When you copy the settings from an existing Company Code to a new one, you will also be copying the financial statement version defined for the ‘source’ Company Code.
You may also define a new financial statement version and build the financial statements from scratch. You may create the financial statements both for external reporting (Company Code financial statements) and internal reporting (business area financial statements).
You may also create the balance sheets for a group of Company Codes using FI-SL (Special Purpose Ledgers). The financial statements may be defined to provide information from a period accounting point of view (GL account groups wise) or a cost of sales point of view (functional area financial statements). All the above statements can be configured and defined to provide different levels of detail.
A financial statement version can have a maximum of 10 hierarchy levels, with each level assigned with an item (account category). As you go down the hierarchy, you define the account categories in more detail, with the lowest level being represented by the GL accounts. The system displays the relevant amount for each of these items.