With new General Ledger Accounting, SAP provides a way to improve the quality of data in Financial Accounting (FI).Note: The correct expression is "new General Ledger Accounting" or "General Ledger Accounting (new)".

There is a need for a component that provides improved quality, mapping, and evaluation of segment reporting of a complete financial statement. The reasons for developing a new component are as follows: Prior to the development of the SAP ERP application, SAP customers needed to install and use various components to meet international or industry-specific requirements and standards as completely as possible. Service providers in the public sector, for example, insurance and media, demanded balance sheets based on additional criteria, such as grant, fund, or industry. Issues such as fast close and Sarbanes-Oxley needed to be tackled. Increasing importance is attached to the International Financial Reporting Standards (IFRS) and US GAAP as accounting principles.The outcome is new General Ledger Accounting, a component that performs various financial reporting functions.

Even though new General Ledger Accounting has new features, the interfaces for entering the data and postings are similar to those of the classic General Ledger Accounting. Hint: See SAP Note 756146 for an overview of the advantages of using new General Ledger Accounting. For detailed information on The Basic Architecture of New General Ledger Accounting in SAP ERP in English and German, see SAP Note 918675.

In the Media Library mentioned in the figure, you can also find information of interest about new General Ledger Accounting.