What is standard ledger in SAP AC - Accounting - General?

SAP Term: standard ledger

• Component: AC

• Component Name: Accounting - General

• Description: A ledger that is self-contained regarding its line items. A standard ledger can represent an accounting principle such as IFRS or US GAAP. In this case it contains all the data needed for reporting based on that accounting principle. A standard ledger can also function as the base for one or more extension ledgers which represent the accounting principles. In this case the standard ledger contains only the data that is common to the different accounting principles, while the extension ledgers each contain the data that is specific to a particular accounting principle.

Smart SAP Assistant

• Key Concepts: 
  Standard ledger is a feature of SAP's Accounting - General Ledger Accounting component. It is a set of accounts that are used to record and track financial transactions. The standard ledger is the main source of financial information for the company and is used to generate financial statements. 
  
  How to use it: 
  The standard ledger is used to record all financial transactions, such as sales, purchases, payments, and receipts. All transactions are recorded in the standard ledger in a consistent format, which allows for easy comparison between different periods. The standard ledger also allows for the tracking of budgeted amounts and actual amounts spent. 
  
  Tips & Tricks: 
  When setting up the standard ledger, it is important to ensure that all accounts are properly categorized and labeled. This will make it easier to track and analyze financial data. Additionally, it is important to ensure that all transactions are accurately recorded in the standard ledger in order to maintain accurate financial records. 
  
  Related Information: 
  The standard ledger is closely related to other components of SAP's Accounting - General Ledger Accounting component, such as the chart of accounts and the cost center structure. Additionally, the standard ledger can be used in conjunction with other components of SAP's Financials module, such as Accounts Payable and Accounts Receivable.