Ledgers sets allow you to group multiple ledgers together to achieve processing efficiencies. For example, you can open or close periods for multiple ledgers simultaneously, translate balances for all ledgers in a ledger set, run recurring journals that update balances for multiple ledgers, or run consolidated financial reports that summarize balances across multiple ledgers in a ledger set.
All ledgers in a ledger set must share the same chart of accounts and accounting calendar/period type combination. They do not have to share the same currency. This allows you to group the primary or secondary ledgers with their associated reporting currencies to reduce maintenance efforts and streamline processing.
Note: Both the source ledger and its reporting currency (Journal and Subledger level) must have the same open periods to prevent problems during posting in General Ledger.
Suggestion: Use a ledger set to combine the source ledger with its reporting currencies (journal and subledger levels) to open and close periods across all ledgers simultaneously
Some of the General Ledger features that benefit from the use of ledger sets are as follows:
Translation and Revaluation: Translate balances and run revaluation across multiple ledgers in a ledger set.
Open and Close Periods: Open and close periods for multiple ledgers within a ledger set from a single operation.
Reporting: Submit standard reports and Financial Statement Generator (FSG) reports across multiple ledgers in a ledger set.
The added benefit of using ledger sets in FSG reports is to aggregate data and create summarized balances across multiple ledgers in a ledger set.
Inquiry: Perform online inquiry on account balances or journals across multiple ledgers in a ledger set from a single view; drill down to the journal details and subledger transaction for each ledger.
Additional Information: Defining Ledger Sets