The classic general Ledger contains all the financial transactions of a business. Besides using the classic general Ledger, businesses make use of the Special Ledger and other components like Profit Center Accounting (PCA) in order to meet statutory as well as internal requirements. SAP Profit Center Accounting and the special Ledger reside in separate applications. Therefore, these modules were not automatically reconciled with the classic general Ledger. Due to this there was a need to perform additional closing activities in order to reconcile these additional modules with the classic general Ledger.
The new general Ledger uses the same familiar interface as the classic general Ledger but overcomes the difficulty encountered while carrying out the closing activities in the classic general Ledger.
ADVANTAGES OF USING THE NEW SAP GENERAL LEDGER
- The new general Ledger covers all the functions that were previously implemented by the use of separate ledgers like the Costs of Sales Ledger, Special Purpose Ledger, the Reconciliation Ledger or the Profit Centre Ledger. Therefore, businesses need not maintain the separate ledgers in separate applications. This makes the recording at Administration of transactional data easier.