General Ledger Accounting (FI-GL) (New)

The central task of G/L accounting is to provide a comprehensive picture of external

accounting and accounts. Recording all business transactions (primary postings as
well as settlements from internal accounting) in a software system that is fully
integrated with all the other operational areas of a company ensures that the
accounting data is always complete and accurate.
Beyond fulfilling the legal requirements, General Ledger Accounting also fulfills
other requirements for modern accounting:
- Parallel Accounting
General Ledger Accounting allows you to perform parallel accounting by managing
several parallel ledgers for different accounting principles.
- Integration of Legal and Management Reporting
In General Ledger Accounting, you can perform internal management reporting in
parallel with legal reporting. For this purpose, the Profit Center Accounting functions
are integrated with General Ledger Accounting. Furthermore, you can generate
financial statements for any dimension (such as profit center).
- Segment Reporting
General Ledger Accounting supports the segment reports required by the accounting
principles IFRS (International Financial Reporting Standards) and US GAAP
(Generally Accepted Accounting Principles). For this purpose, General Ledger
Accounting contains the Segment dimension.
- Cost of Sales Accounting
You can perform cost of sales accounting in General Ledger Accounting. For this
purpose, General Ledger Accounting contains the Functional Area dimension.
Features
General Ledger Accounting comprises the following functions for entering and
evaluating posting data:
- Choice between group level or company level

- Automatic and simultaneous posting of all subledger items in the appropriate general
ledger accounts (reconciliation accounts)
- Simultaneous updating of the parallel general ledgers and of the cost accounting
areas
- Real-time evaluation of and reporting on current posting data, in the form of account
displays, financial statements with different balance sheet versions, and additional
analyses.
In this way, General Ledger Accounting automatically serves as a complete record of
all business transactions. It is the central and up-to-date component for reporting.
Individual transactions can be checked at any time in real time by displaying the
original documents, line items, and monthly debits and credits at various levels such
as:
- Account information
- Journals
- Totals/transaction figures
- Balance sheet/profit and loss evaluations
However, SAP still offers to choose between the New GL and the old Classic GL way
of accounting.
There are certain limitations in the new GL and clients are adopting to the new gl
concept.