Skip to Content
author's profile photo Former Member
Former Member

Parallel ledger - posting in one ledger only - Open Item managed account

Hello all,

We have a requirement which necessitates posting some entries in one ledger only for the purpose of complying with more than one GAAP. (US GAAP and local GAAP). However we understand that such postings cannot be made to GL accounts which are open item managed.

Is there any workaround for this? How do we get around this?

Regards

Sukumar

Add a comment
10|10000 characters needed characters exceeded

Related questions

1 Answer

  • author's profile photo Former Member
    Former Member
    Posted on Jun 17, 2008 at 10:16 AM

    Hi Sukumar,

    According to my understanding, directly postings to GLs is possible in case of 'Open Items Managed' GLs. To ensure parallel accounting with different GAAPs, you must have defined Leading & Non-leading Ledgers. You can pass entries directly to Non-Leading Ledgers to ensure compliance with the relevant A/cing stds.

    Regards,

    Amish.

    Add a comment
    10|10000 characters needed characters exceeded

Before answering

You should only submit an answer when you are proposing a solution to the poster's problem. If you want the poster to clarify the question or provide more information, please leave a comment instead, requesting additional details. When answering, please include specifics, such as step-by-step instructions, context for the solution, and links to useful resources. Also, please make sure that you answer complies with our Rules of Engagement.
You must be Logged in to submit an answer.

Up to 10 attachments (including images) can be used with a maximum of 1.0 MB each and 10.5 MB total.