Special purpose ledgers are specila ledgers in SAP. For example ur company is part of the global company situated in India and the fiscal year variant is K4. For Indian reporting the fiscal year variant is April to March. U can define Special purpose ledger and assign a different fiscal year variant so that the postings will take place accordingly. This will be linked to ur original company code in simple terms. There will be number of configurations settings required for this. Further u can also make GAAP related postings directly in FI SL .
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