New General Ledger vs. Classic General Ledger

Classic General Ledger and New General Ledger are the two ways to implement General Ledger functionalities in both SAP ECC6 and SAP ECC 5. The new SAP General Ledger combines the features of Profit Center Accounting, Special Purpose Ledger, Cost of Sale Accounting, Reconciliation Ledger, Business Area and the Classic GL. The new GL benefits more compared to the classic GL and some of them are

Offers an easy extension to functionality already existing in classic GL
Offers an improved new functionality compared to classic GL
Offers a superior technological way to perform functionality in classic GL

Some of the new General Ledger Concepts are

New Tables
Document Splitting
Segment Reporting
Parallel Valuation
Ledger Maintenance
Migration of New GL from Classic GL

New General Ledger Accounting:

Parallel Accounting
Segment Reporting
Integration of Management Reporting and Legal Reporting
Cost of Sales Accounting

Features of General Ledger Accounting:

The new GL Accounting involves the following functions to enter and evaluate the data
Choice between company and group level
Automatic posting of sub ledger items the appropriate GL accounts simultaneously
Updating cost accounting areas and parallel ledger areas simultaneously
Real time reporting and evaluation of current data in different forms
General Ledger Accounting routinely provides a absolute record of all business transactions. Individual transactions can be checked in anytime by displaying documents, monthly statements of credit and debit, line items at various levels like
Total Transactional figures
Account Information
Journals
Balance Sheet, Profit or Loss evaluation