What are the features of new GL in SAP FICO?

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 is difference between classic GL and new GL in SAP FICO?

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 the difference between GL and new GL?

In classic GL an extension to the existing functionality is provided or, Compared to classic GL, new functionality is provided, or. To perform functionality in Classic GL, provide a technologically superior way.

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 are the functionalities of new GL?

New General Ledger Accounting

Posting and Clearing for Specific Ledger Groups.
Transfer of External Plan Data to New General Ledger Accounting.
Integrated Planning with Controlling for Secondary Cost Elements.
Cumulative Plan Data Entry for Balance Sheet Accounts.
Drilldown Reports for Profit Centers and Segments.

What is new GL configuration?

The Leading Ledger is based on the same accounting principles as that of the consolidated financial statements. It is integrated with all subsidiary ledgers and is updated in all company codes. This means that it is automatically assigned to all company codes.

What is parallel accounting in New GL?

Parallel accounting enables valuation and closing transactions for a company code based on group accounting principles as well as additional accounting principles such as local accounting principles. To implement parallel accounting in your system, for example, you can use parallel ledgers.

Is new GL mandatory for simple finance?

One question that comes up frequently is whether it is necessary to upgrade to the “SAP General Ledger” (also known as the “New G/L”). The short answer: the New G/L is not a pre-requisite to move to the Universal Journal.

What is special purpose GL in SAP?

The Special Purpose Ledger (FI-SL) is a receiver system to which data created in other SAP applications is sent. It is not a sender system for other SAP applications.

How do I assign a company code to leading ledger?

You can perform assignment of Ledger to Company code from the ledger menu. Navigate to SPRO → IMG → Define Settings for Journal Entry Ledger and Currency Type. In Customizing, you have to set up the ledger and assign it to the company code.

What is representative ledger in SAP?

The criteria for a representative ledger are as follows: Any ledger can be assigned as a representative ledger if all the ledgers in the group have a fiscal year variant that is different from the one assigned to the company code.

What is document splitting in new GL?

Document Splitting in SAP is the new functionality introduced in SAP ECC 6.0 New GL to create segment financial statements. It is used to allocate one expense line item into two segments in New General Ledger.

What is new G/L accounting in SAP Fico?

When you activate New G/L accounting in SAP FICO, the system updates the balances also in the tables of the Classic General Ledger accounting. This is in addition to the tables of New G/L accounting.

What is SAP Fico new GL migration?

SAP New GL Migration is the migration of data from the classic General Ledger Accounting to New General Ledger Accounting in SAP FICO. It helps to integrate Managerial Accounting and Financial Accounting while reducing the cost of the project. When do we need to do this Migration?

What is SAP new GL?

SAP New GL addresses the shortcoming of the traditional accounting systems in SAP ERP. It provides the required flexibility in accounting and reporting with enhancement packages including EHP 7 – ECC 6.

What is SAP faglflext?

The new GL functionality which came into existence from ECC 5.0 Version in SAP and called as my SAP ERP. SAP has consolidated multiple tables in classic GL (such as GLT0, GLPCT, GLFUNCT, COFIT etc.) into a single FAGLFLEXT totals table with New GL.

https://www.youtube.com/watch?v=CtjwIqpm4Kg