List out the Benefits of New General Ledger in SAP?
The new General Ledger in mySAP ERP has the following advantages over the classic General Ledger in R/3 Enterprise:
Benefits of New General Ledger
a) In the new General Ledger, you can display the parallel accounting using parallel accounts (as in R/3) or using parallel ledgers. The FI standard functions and reports are available for all parallel ledgers.
b) The ‘Segment’ entity and the relevant reporting that are required for segment reporting according to IAS and U.S. GAAP are available in the new General Ledger.
c) In addition, you can enhance the new General Ledger flexibly, that is, you can enter user-defined fields and update the relevant totals. Many standard reports can evaluate the information from the user-defined fields.
d) When you use the new ‘Document Splitting’ function (online split), you can create financial statements at company code level and, if required, for entities, such as the segment. For each document, the system then creates a zero balance
For the relevant entity, for example, for the segment.
Also See: What is a Special G/L Transaction?
e) As a result, you no longer have to carry out time-consuming reconciliation tasks between FI and CO for the end of period since cross-entity processes are transferred in real-time to the new General Ledger in Controlling. Furthermore, you can, for example, navigate from the financial statements report results or the profit and loss statement report results to the relevant CO report.
f) The new General Ledger uses the same interfaces as the General Ledger in R/3. As a result, users do not require any additional training.
g) Due to the new ‘multi-dimensional’ aspect in the General Ledger, all data that is relevant for the General Ledger is stored in one environment. As a result, reconciliation tasks, for example, between the general ledger and Profit Center Accounting or the consolidation staging ledger, and processing steps that have to be carried out repeatedly in the individual applications (for example, balance carry forward are no longer required. When you use the new General Ledger, you may not have to use the special ledger anymore.
Also See: What are the Month End Closing Activities in Finance
Migration to New General Ledger Accounting – Overview
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