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 new GL in SAP s4 Hana?
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 the difference between classic GL and new 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 are the new GL functionality in SAP?
The New General Ledger eliminates data redundancy by storing all the transactional data in a single totals table. This improves the efficiency of the database. With the New General Ledger, there is no need to use separate ledgers like the Special Purpose Ledger, Profit Center Ledger, etc.
Is document splitting mandatory in s4 Hana?
Typically customers encounter scenarios where the source system is SAP ECC without document splitting while Target SAP S/4HANA has mandatory document splitting.
What are the benefits of new general ledger over classic general ledger?
With New GL, you benefit from accelerated period-end closing (Fast Close), improved mapping of parallel, international accounting standards and guidelines in your SAP system, and accounting options at profit center, segment and business unit level.
Is it mandatory to use document splitting in new GL?
Now almost every financial transaction in considered for document splitting. In this step we have to define the zero balance clearing account which will be used to generate and balance out financial entry when it is not possible to balance out at its own, as we have seen this example earlier. Mandatory.
How do I know if my new GL is active in SAP?
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 are the two types of GL?
General Ledger – General Ledger is divided into two types – Nominal Ledger and Private Ledger. Nominal ledger gives information on expenses, income, depreciation, insurance, etc. And Private ledger gives private information like salaries, wages, capitals, etc. Private ledger is not accessible to everyone.
How many types of GL are there in SAP?
There are 6 types of GL accounts are there as per SAP.
What are different types of GL?
6 common types of general ledger accounts
- Assets.
- Liabilities.
- Equity.
- Revenue.
- Expenses.
- Other income accounts.
How many types of GL accounts are there?
There are three types of General Ledger accounts that can be created: Asset, Revenue, and Liability.
What is document splitting in SAP s4 Hana?
Quote from video:
What are the two types of GL?
General Ledger – General Ledger is divided into two types – Nominal Ledger and Private Ledger. Nominal ledger gives information on expenses, income, depreciation, insurance, etc. And Private ledger gives private information like salaries, wages, capitals, etc. Private ledger is not accessible to everyone.
What are different types of GL?
6 common types of general ledger accounts
- Assets.
- Liabilities.
- Equity.
- Revenue.
- Expenses.
- Other income accounts.
How many types of GL are there in SAP?
There are 6 types of GL accounts are there as per SAP.
How many types of GL accounts are there?
There are three types of General Ledger accounts that can be created: Asset, Revenue, and Liability.
What are the 3 types of ledgers?
The three types of ledgers are:
- General ledger.
- Sales ledger or debtor’s ledger.
- Purchase ledger or creditor’s ledger.
What are the 7 types of accounts?
List of Top 7 Types of Accounting
- Financial Accounting. It even includes the analysis of these financial statements.
- Project Accounting.
- Managerial Accounting.
- Government Accounting.
- Forensic Accounting.
- Tax Accounting.
- Cost Accounting. Cost Accounting.