Migration from Classic General Ledger to New General Ledger

New Functionality in the New General Ledger

  • Segment Reporting

Segment reporting is a legal requirement in many countries. US GAAP, and IFRS require a segment to be reported if the total external revenue of the segment exceed 10% of the total revenue. They also require to report income statement and balance sheet to be reported by segment. The big change in Segment reporting is that there is now a separate filed in the Profit Center master record.

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Parallel Accounting in New General Ledger

The new GL functions include “Parallel Accounting”, it’s an SAP feature where you can maintain different sets of books to satisfy all different requirements of Financial Statement users accurately, efficiently and effectively. Standard reports are already available and readily available to use.

How does Parallel Accounting works in SAP (FICO)? Requirement is; a leading ledger is created in the system (0L – ledger = GAAP). Then another ledger should be created and classified as non-leading ledger (1L – ledger = TAX).

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Important SAP Procedures for New Fiscal Year

Take a look at these basic procedures for new fiscal year in a SAP system. Familiarity of these procedures is more advantageous. These procedures should be done inorder to post transactions in the new fiscal year; thus, avoiding any error during transaction entry.

1. Open and Close Posting Period – In this procedure, you close and open period/fiscal year. There are two (2) intervals available, from period 1 to period 2. For each interval, set a lower limit, an upper period limit, and the fiscal year.

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Year End Closing in SAP Asset Accounting

The process described in this article assists you in keeping on top of Critical Factors, such as data consistency, which can involve a considerable amount of time and work during the year-end closing phase in asset accounting. This article takes you through all of the steps necessary for an unproblematic year-end closing, before the critical external audit phase.

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