logo
logo
Sign in

Advantages in new general ledger

avatar
shivam
Advantages in new general ledger

Thease are the Following Advantages of General Ledger


a) You can display parallel accounting in the new General Ledger using parallel accounts (as in R/3) or parallel ledgers. All parallel ledgers have access to the FI standard functions and reporting.


b) The new General Ledger has the 'Segment' entity as well as the necessary reporting for segment reporting in accordance with IAS and US GAAP.


c) You can also customize the new General Ledger by adding user-defined fields and updating the relevant totals. Many common reports are capable of evaluating data from user-defined fields.


d) You can prepare financial statements at the business code level and, if necessary, for entities such as the section, using the new 'Document Splitting' function (online split). The system then creates a zero balance for the relevant entity, such as the segment, for each document.


e) As a result, you no longer need to perform time-consuming end-of-period reconciliation operations between FI and CO because cross-entity processes are transmitted in real-time to Controlling's new General Ledger. You can also navigate to the applicable CO report from the financial statements report results or the profit and loss statement report results, for example.


b) The new General Ledger shares the same user interfaces as the R/3 General Ledger. As a result, no further training is required for users.


g) All data relevant to the General Ledger is saved in one environment, thanks to the new'multi-dimensional' characteristic of the General Ledger. As a result, duties such as reconciling the general ledger with Profit Center Accounting or the consolidation staging ledger, as well as processing steps that must be repeated in each application (such as balance carryforward), are no longer required. You may not need to use the specific ledger if you use the new General Ledger.


2. Delivery by default


New General Ledger Accounting is enabled by default in new installations. We do not propose that new customers utilise classic general ledger accounting because it necessitates further migrations later on. As a result, new clients must obtain SAP's express permission to use traditional general ledger accounting. If you'd like to employ the traditional general ledger accounting method. 


The old General Ledger stays active when upgrading an R/3 system to mySAP ERP at initial. If you want to switch your system to the new General Ledger following the upgrade, you can do so within a project. See point 3 for more information on this subject.


3. Assistance with migration


This basic technical solution is based on conventional migration scenarios and is offered as migration packages at a set price. A NewGL migration back office, which was created specifically for this purpose, provides this function. A license key is issued to you after you commission the service. The migration functions are now free to use.


4. The New General Ledger's Advantages


In comparison to traditional General Ledger Accounting, new General Ledger Accounting in mySAP ERP offers the following benefits:


The standard distribution of New General Ledger Accounting includes an enhanced data format.

The general ledger might also include customer fields.


Balance sheets for entities like "Segment" can be constructed using (real-time) document splitting.


There is a real-time connectivity with Controlling, so you may do a real-time reconciliation of Management Accounting (CO) and Financial Accounting (FI). This study the need for time-consuming reconciliation processes!


Visit our website for more information: https://ondemandint.com/



collect
0
avatar
shivam
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more