What is set of books in SAP SRD-FIN-GL - FIN-General Ledger?

SAP Term: set of books

• Component: SRD-FIN-GL

• Component Name: FIN-General Ledger

• Description: A set of books forms a complete and consistent set of accounting data that is required for statutory reporting and creating financial statements. It comprises a general ledger and all subledgers Fixed Assets, Accounts Receivable, Accounts Payable, and so on. You define a set of books by making various settings, such as the accounting principle, reporting principle, chart of accounts, and fiscal year profile. The settings for a set of books apply to all the companies using that set of books. For multi-GAAP reporting, you can define multiple sets of books to create your balance sheets in accordance with a local accounting principle and with IFRS, for example.

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• Key Concepts: 
  A set of books is a feature of the SAP General Ledger (GL) component that allows users to maintain multiple sets of books for different purposes. This feature is useful for companies that need to report financial information in different ways, such as for different countries or currencies. Each set of books can have its own chart of accounts, currency, and fiscal year. 
  
  How to use it: 
  To use the set of books feature, users must first create a new set of books in the GL component. This can be done by going to the “Set of Books” tab in the GL component and clicking “Create”. From there, users can enter the necessary information for the new set of books, such as the chart of accounts, currency, and fiscal year. Once created, users can then assign transactions to the new set of books. 
  
  Tips & Tricks: 
  When creating a new set of books, it is important to make sure that all necessary information is entered correctly. This includes the chart of accounts, currency, and fiscal year. It is also important to make sure that all transactions are assigned to the correct set of books. 
  
  Related Information: 
  For more information on using the set of books feature in SAP General Ledger (GL), please refer to SAP Help documentation at https://help.sap.com/viewer/product/SAP_ERP_Financials/6.0_SPS00/en-US