The universal journal is a single table incorporating all financial information and select logistics and operational information. While many finance controllers, system implementors, and accountants acknowledge the reporting benefits of having information stored in a single table, the recent combination of the Finance and Controlling tables into the universal journal in the latest version of SAP S/4HANA significantly impacts the chart of accounts. This article explains how finance professionals can navigate this impact and utilize SAP S/4HANA functionality to reduce the number of general ledger (G/L) accounts in their existing chart of accounts.
Read this article and learn:
• How to achieve G/L account optimization using SAP S/4HANA functionality;
• An overview of the universal journal and its impact on the G/L; and
• Usage of dimensions in the universal journal and reporting capabilities.