Universal Parallel Accounting – the next big thing?

Universal Parallel Accounting – the next big thing?

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  • Janet Salmon

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The Universal Journal was the big thing in initial releases of SAP S/4HANA, combining data from Financial Accounting, Controlling and Profitability Analysis in one document and Universal Parallel Accounting is the next evolution in this journey meeting the apparently conflicting needs of Financial Accounting (local accounting principles, local calendars) and Controlling (a common accounting principle and calendar) not to mention historical differences in the handling of currencies in the different applications in a harmonized approach. This session will explore:

  • Use cases for Universal Parallel Accounting and the impact of working with multiple ledgers in Asset Accounting, Overhead Management, Inventory Valuation, Production Accounting and Margin Analysis and how this new approach can reduce manual work for international organizations
  • How the event-based approach to revenue recognition and production accounting removes tasks from the local period close and how on-the-fly profit elimination simplifies the corporate close
  • What to avoid now to ensure that a smooth migration to Universal Parallel Accounting in the future