Parallel Ledger Groups

[Former Member]

If I have 2 ledger groups and they are 0L and U0 respectively and assign accounting principle IFRS to 0L and US GAAP to U0. What happens if I create a new ledger group called 0LU0 and assign ledgers 0L and U0 to this ledger group? I understand that you are unable to assign an accounting principle to more than one ledger group so would that mean that the principle would be derived automatically?

[Former Member · Accepted solution]

I am not sure about accounting principles, but as far other characteristics go (such as fiscal year variant, posting period variant, etc.) all the characteristics of the leading ledger are considered by system as characteristics of the ledger group. If you do not have the leading ledger in a ledger group, then you must choose one of the ledgers in the ledger group as the representative ledger of the ledger group.