Selection Objects and Reclassifications in Accounting

A selection object groups a range of consolidation master data, usually financial statement items, using filters. It allows for the reuse of these selections in various consolidation settings like validation rules, reclassification methods, currency translation methods, and breakdown categories.

Selection objects create a separation between master data and configuration objects. This means changes to master data, like adding a new financial statement item, won't require modifications to your configurations.

Selection objects are reusable, which reduces maintenance costs. They can be used in various settings without needing to be recreated.

Reclassification methods are used for adjustments to financial data to align with group accounting principles. They are configured with rules that define how the data should be transformed.

A reclassification rule defines a specific adjustment that is applied to financial data during reclassification. It specifies how data should be moved or transformed.

Reclassification methods are assigned to tasks in the Data Monitor and the Consolidation Monitor for specific posting levels. These tasks allow for tracking and monitoring of reclassification activities.

Reclassification is allowed in the Data Monitor for manual correction of reported data, manual standardizing, and manual correction of the universal journal.

In the Consolidation Monitor, you can use Reclassifications for adjustments to reported data, standardizing entry, two-sided elimination entry, and consolidation entry.