What is SAP FI GL?

What is SAP FI GL?

General Ledger (G/L) accounts are used to provide a picture of external accounting and accounts and to record all the business transactions in a SAP system. This software system is fully integrated with all the other operational areas of a company and ensures that the accounting data is always complete and accurate.

What is new GL accounting in SAP FI?

You use the New General Ledger Accounting business function to optimize the FI-GL (New) application component for the processes of parallel accounting as well as planning and reporting on the basis of profit centers. The following functions are provided: Posting and Clearing for Specific Ledger Groups.

What is new GL features in SAP?

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.

What type of data is GL accounts?

As a General Ledger (GL) records all of the transactions that affect a company’s accounting elements such as Assets, Liabilities, Equity, Expenses, and Revenue, it is the data source used to construct the Balance Sheet. The financial statements are key to both financial modeling and accounting.

How many ledgers are there in SAP?

There are now 4 types of Ledgers in S4 Finance: Leading Ledger: 0L is the “standard” Leading Ledger in a standard SAP system. When non-Ledger specific financial documents are posted, this Ledger is always updated, for all company codes.

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

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 fi mm Integration in SAP?

FI MM integration in SAP is an example of how different modules of SAP ERP systems are integrated. With the integration, SAP ensures that data from one module flows to another module automatically.

What are the types of GL accounts in SAP?

GL Account Type:

  • X – Balance Sheet Account à Balance Sheet Accounts.
  • N- Non-operating Expenses or Income à Profit & Loss account used only in FI (Without CO).
  • P- Primary Costs or Revenue à Profit & Loss account used both in FI & CO.
  • S- Secondary Costs à Profit & Loss account used for allocations in CO.

How does SAP determine GL accounts?

For our customer – 491000, open this customer in Tx- XD03 and go to the sales area data & in the billing document tab, customer account assignment group is assigned to the customer. This customer and material account assignment group will help to determine the GL account.

What is the difference between ledger and ledger Group?

A ledger group is a combination of standard ledgers for the purpose of applying the functions and processes of General Ledger Accounting to the group as a whole.

What is new GL in SAP s4 Hana?

SAP New GL – Solution to Classic GL Shortcomings 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.