The new hot area in SAP is new general ledger (NEW GL) accounting which has the following features:
1. new segment reporting
2. International accounting standards
3. balancing book by dimension
4. parallel set of books
5. fast close
Following are the main features:
Compliance with International accounting standards:
The new general ledger accounting supports international requirement by integrating management dimension in the GL and supporting simple cost accounting. Customers can also define their own standards based on their own business requirement.
Balanced Book by any dimension:
This feature enables reporting of the balance sheet by segments. This helps company control balance sheet by using segments. This is also satisfies the legal requirement.
Parallel Set of Books:
Parallel accounting has been enabled within the new general ledger functionality, by designating one lead ledger. Then all the company codes are assigned to the lead ledger. This feature helps companies manage multiple books within the general ledger. When the new GL is active the financial accounting document always has two views, one is the entry view and other the GL view. The main difference the entry view and the GL view is that the entry view gives information as it appears on the sub ledger of the accounts payable or accounts receivable ledgers. But in the general view it gives a snap shot of how it is appears on the general ledger.
Fast Close:
The new GL enables the merger of financial and management accounting. This merger eliminates inconsistencies in the reconciliation process. If you have accounting degree or knowledge in accounting this is a good niche area to focus for your career in SAP finance and controlling. Most of the companies using SAP will upgrade their old GL functionality into new GL. This means they will need people to support their implementation. As a new bee into SAP career you can be involved in testing, documentation, training support, and first level production support. If you are CPA you can also get involved in configuring the SAP System. This will involve understanding client's business process and configuring the sap system as per clients requirement. For example if you need to create a vendor in the SAP System and one of the requirement will be to enable credit check. Then this check has to be made required field in the vendor master configuration screen. All business processes have their own checks and balances based on the industry. Many people are wondering what is sap and if they can leverage their existing business knowledge to start a new career in SAP.
http://ezinearticles.com/?How-to-Use-Your-Accounting-Knowledge-to-Learn-SAP-Finance-and-Controlling-Module&id=60003741. new segment reporting
2. International accounting standards
3. balancing book by dimension
4. parallel set of books
5. fast close
Following are the main features:
Compliance with International accounting standards:
The new general ledger accounting supports international requirement by integrating management dimension in the GL and supporting simple cost accounting. Customers can also define their own standards based on their own business requirement.
Balanced Book by any dimension:
This feature enables reporting of the balance sheet by segments. This helps company control balance sheet by using segments. This is also satisfies the legal requirement.
Parallel Set of Books:
Parallel accounting has been enabled within the new general ledger functionality, by designating one lead ledger. Then all the company codes are assigned to the lead ledger. This feature helps companies manage multiple books within the general ledger. When the new GL is active the financial accounting document always has two views, one is the entry view and other the GL view. The main difference the entry view and the GL view is that the entry view gives information as it appears on the sub ledger of the accounts payable or accounts receivable ledgers. But in the general view it gives a snap shot of how it is appears on the general ledger.
Fast Close:
The new GL enables the merger of financial and management accounting. This merger eliminates inconsistencies in the reconciliation process. If you have accounting degree or knowledge in accounting this is a good niche area to focus for your career in SAP finance and controlling. Most of the companies using SAP will upgrade their old GL functionality into new GL. This means they will need people to support their implementation. As a new bee into SAP career you can be involved in testing, documentation, training support, and first level production support. If you are CPA you can also get involved in configuring the SAP System. This will involve understanding client's business process and configuring the sap system as per clients requirement. For example if you need to create a vendor in the SAP System and one of the requirement will be to enable credit check. Then this check has to be made required field in the vendor master configuration screen. All business processes have their own checks and balances based on the industry. Many people are wondering what is sap and if they can leverage their existing business knowledge to start a new career in SAP.
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