What is new GL configuration in SAP FICO?

After activation of New General Ledger Accounting , a new sub node appears in the IMG structure. Clicking on the checkbox identifies one of your ledgers as the Leading Ledger. Non Leading Ledgers are parallel ledgers to the Leading Ledger . They can be based on local accounting principle, for example.

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How do you create a general ledger in SAP FICO?

How To create a New General Ledger Account. Step 1) Enter Transaction FS00 into the SAP command prompt , click execute. Enter G/L Account no. Click Create.

What is GL configuration in SAP?

GL Accounting Configuration Steps:-

Step-1:- Define Chart of Accounts. Step-2:-Assign Company Code to Chart of Accounts. Step 3:- Define Account Groups. Step 4:- Define Retained Earning Account. Step 5:- Creation of GL Master Records.

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.

How many types of GL are there?

There are 6 types of GL accounts are there as per SAP. Group accont is also a GL account which will be used for group consolidation purpose.

What is FS00 used for in SAP?

In SAP a set of all general ledger accounts are used by a company or a group of companies is called a chart of accounts. These are the accounts that will be used for the preparation of financial statements and reporting. You can use the t-code FS00 to define a G/L account.

What are the 5 types of general ledger accounts?

These five categories are assets, liabilities, owner’s equity, revenue, and expenses.
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These terms also refer to the three types of accounts in which a business records its transactions.

Asset Accounts:
Liability Accounts:
Equity Accounts:
Revenue Accounts:
Expense Accounts:

What is GL configuration?

Default general ledger (GL) accounts are created as part of the installation process but you can create additional GL account codes at a later date. You must configure default GL account code formats for the system level before you can create a chart of accounts.

What are the features of new GL?

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.

Can we use both new GL and classic GL?

Over classic GL, New GL provides lot of benefits. Benefits of the New GL include: In classic GL an extension to the existing functionality is provided or, Compared to classic GL, new functionality is provided, or.

What is new GL accounting?

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 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 new GL functionality?

What is GL account mapping?

GL Account Mapping allows you to set up rules in the system so that lines on your invoices will have GL Codes pre-allocated. These mappings can be done to categories, items, non-inventory items, vendors and more, and are used to automatically allocate the correct GL Accounts on invoices and bills.

What are 7 types of accounts?

Different Types of Bank Accounts

Current account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others.
Savings account.
Salary account.
Fixed deposit account.
Recurring deposit account.
NRI accounts.

How do I setup my GL?

How to Set Up a General Ledger

Divide a piece of paper into four columns.
Label the first column “Date.” Label the second column “Journal Entry.” Label the third column “Debit Amount.” Label the fourth column “Credit Amount.”
Fill out the general ledger with each transaction.

What are the benefits of new GL?

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.

What are the 5 types of accounts?

The 5 Account Types

Assets.
Liabilities.
Expenses.
Income (Revenue)
Equity.

What are the 4 types of accounts?

What Are Four Types of Bank Accounts?

Checking Account. Think of a checking account is as your “everyday account.” It’s a place to keep the money you use to pay your bills or cover everyday expenses.
Savings Account.
Money Market Account.
Certificate of Deposit (CD)

What are GL account types?

The different types of general ledger account

Accounts receivable: money owed to your business—an asset account.
Accounts payable: money your business owes—an expense account.
Cash: liquid assets your company owns, including owners’ equity—an equity account.

What are GL account categories?

General Ledger Accounts (GLs) are account numbers used to categorize types of financial transactions. Most commonly used GLs are revenues, expenses and transfers. A “chart of accounts” is a complete listing of every account in an accounting system.

What are the 2 main types of accounts?

3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

What are the 5 main accounts?

The chart of accounts organizes your finances into five major account types, called accounts: assets, liabilities, equity, revenue, and expenses.

What is new general ledger accounting?

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.

How many types of GL accounts are there?

There are three types of General Ledger accounts that can be created: Asset, Revenue, and Liability.