The traditional or ‘Classic FI-GL accounting’ in FI has been focused on providing comprehensive external reporting by recording all business transactions in the system. However, to meet modern-day requirements, this has now been enhanced, called the ‘New FI-GL’ and includes the following:
- Parallel accounting: Maintaining several parallel ledgers to meet different accounting principles.
- Integrated legal and management reporting: Unlike the traditional GL, the ‘New FI-GL’ enables you to perform internal management reporting along with legal reporting. So you are in a position to generate Financial Statements for any dimension (for example, profit center) in the business.
- Segment reporting: With the introduction of the Segment dimension, SAP now enables you to produce Segment Reports based on IFRS (International Financial Reporting Standards) and the GAPP (Generally Accepted Accounting Principles) accounting principles.
- Cost of sales accounting: It is now possible to perform cost of sales accounting in the ‘New FI-GL’
However, the following functions are not yet supported in the ‘New FI-GL’:
- Transfer Price
- SKF (Statistical Key Figure)
- Euro Translation
- AIS (Audit Information System)
- Data Retention Tool
The ‘New FI-GL’ needs to be activated in the system before you start using the IMG Menu Path :>Financial Accounting (New)->Financial Accounting Global Settings (New)/General Ledger Accounting (New).
In the standard system, the tables from ‘classic general ledger accounting’ (GLT0) are updated as well as the tables in ‘New FI-GL’ during the activation. This enables you to perform a ‘ledger comparison’ during the implementation of ‘New FI-GL’ to ensure that your ‘new GL accounting’ has the correct settings and is working correctly. To compare ledgers, in Customizing choose Financial Accounting Global Settings (New)->Tools->Compare Ledgers.
It is recommended that you ‘deactivate’ the update of tables for ‘classic GL accounting’ once you have established that ‘New FI-GL’ is working correctly. To do this, in Customizing choose Financial Accounting Global Settings (New)-> Tools-> Deactivate ‘Update of Classic General Ledger.’