What is new general ledger?
The New GL concept covers all the functions and requirements in one place providing the functions: Document Splitting. Balanced books (zero balance) by dimensions like Profit Center, segment, Business area etc. Real-time integration of Financial Accounting with FI. Parallel Ledgers.
What are the benefits of new GL?
New General Ledger Accounting has an extended data structure in the standard delivery. Customer fields can also be added to the general ledger. With (real-time) document splitting, balance sheets can be created for entities, such as “Segment”.
What is the difference between classic GL and new GL in SAP?
In classic GL only Leading ledger (0L) was present and parallel accounting was possible using accounts approach. However, in New GL we can also create non-leading ledgers for parallel accounting like IFRS and GAAP. Parallel ledger functionality provide us the benefit to create different sets of financial statements.
What is a general accounting ledger?
A general ledger represents the record-keeping system for a company’s financial data, with debit and credit account records validated by a trial balance. Transaction data is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.
Which transaction is used in new general ledger account?
How To create a New General Ledger Account. Step 1) Enter Transaction FS00 into the SAP command prompt , click execute.
How do I know if my new GL is active?
check table FAGL_ACTIVEC to see if NewGL is active or not. Or view a posted document using FB03, if you can see an entry view and you can switch to a general ledger view, NewGL is active.
What is special purpose GL in SAP?
The special purpose ledgers enable you to report at various levels using the values from the various application components. The functions available in the special purpose ledgers enable you to collect and combine information, create and modify totals, and distribute actual and plan values.
Is new GL mandatory for s4hana?
The switch from Classic General Ledger to the New General Ledger can be done as modernisation activity in your existing SAP ECC system or as part of your SAP S/4HANA migration project as the New GL is mandatory in the new system upgrade. …
What is classic GL in SAP?
In classic GL with New GL, SAP (Systems, Applications, Products in Data Processing) has consolidated the multiple totals table (GLT0, GLPCT, etc) into a single FAGLFLEXT Totals table. For reporting one Summary Table provides faster response time and flexibility.
What is parallel ledger in SAP?
Parallel Accounting: The ‘Parallel Accounting’ in SAP is achieved by storing and posting data in various ‘accounting principal’ in separate ledgers, with the data for one accounting principle stored in the G/L (leading ledger) as the ‘leading’ valuation view.
What is classic general ledger?
In Classical GL accounting General Ledger, Profit Center Acting, Reconciliation Ledger, Business Area, Spl Prupose Legers and Cost of Sales Accounting are different components but all these are incorporated in New GL accounting. The New funcationalites included in New GL Accounting are, 1.