In this lesson we will learn about day-to-day processes that run in our Universal Journal, for example different kinds of postings and transactions. We will also take a look at ledgers, which are objects that contain postings based on particular legal requirements. Finally we will learn how to report and analyze our accounting data and gather meaningful insights about it.
Our manufacturing company wants to have all financial and management accounting transactions in one place. This is possible with the Universal Journal, which is a standard part of SAP S/4HANA. It is important that all areas of accounting have the same single source of truth so that you can rely on the numbers and can always trace back to the source documents.
Business transactions are documented by journal entries in Financial Accounting and Management Accounting.
The general term Journal Entry for FI and CO transactions can be derived from the data structure in SAP S/4HANA.
In SAP S/4HANA, the so-called universal journal (table ACDOCA) forms the basis of an integrated accounting system in which the actual financial accounting and controlling data is recorded in a common item table.
If, for example, an incoming invoice is entered in Financial Accounting in connection with a cost center account assignment of the expenses, a central document is created in SAP S/4HANA: a Journal Entry for Financial Accounting as well as Controlling*.
What are the benefits of the Universal Journal in SAP S/4HANA?
- Data is saved only once. This eliminates the need for time-consuming reconciliation activities between FI and CO.
- Flexible and fast, multidimensional reporting without the need to replicate data for BI (discontinuation of OLAP systems). If an OLAP system is still required, the data only needs to be provided from one data source.
- Avoiding redundancies reduces the memory footprint.