The new GL functions include “Parallel Accounting”, it’s an SAP feature where you canmaintain different sets of books to satisfy all different requirements of FinancialStatement users accurately, efficiently and effectively. Standard reports are alreadyavailable and readily available to use.
How does Parallel Accounting works in SAP (FICO)? Requirement is; a leading ledger iscreated in the system (0L – ledger = GAAP). Then another ledger should be created andclassified as non-leading ledger (1L – ledger = TAX).
All financial transactions in the system are posted to both ledgers if no ledger is specifiedin the transaction. If you generate a financial statement or gl account report, both ledgerscontain the data of the transaction posted.
To post only to specific ledger (e.g. 0L – ledger), the Ledger Group field in the header should be filled-up with 0L – ledger. The transaction won’t affect the other ledger (1L – ledger).
Parallel-Accounting-in-New-General-Ledger
SAP SIMPLE Docs 
Hi Jayant thanks for sharing the such wonderful knowledge . I have few question on New GL can you pls help me out to answer on that
Please ask…..!!