Generating Financial Statements as per Legal, Statutory and Leadership Reporting Needs in Real-Time using Document Splitting of New GL Accounting in SAP S/4HANA

Organizations either Public or Private usually have a wide range of both internal or external reporting needs such as Management Reporting for review of financial performance and decision making, Legal Reporting for statutory obligations etc. The data used for this reporting has to have many characteristics such as it should be Real-Time, Transparent and Compliant with the Standards issued by the regulatory authorities. Document Splitting Functionality introduced as part of New GL Accounting by SAP ensures all the financial data that is posted in SAP would maintain the characteristics specified if this functionality is activated. This article speaks about document splitting functionality and how it helps business. This document also provides guidance on how Document Splitting can be customized as per the needs of the organizations implementing SAP S/4HANA.