GAAPs

GAAPs as determined in one country or jurisdiction often vary from country to country or by self-governing accounting bodies and jurisdictions. Consequently, organizations record and report their operations according to local accounting requirements as well as by rules applicable to parent corporations that are often under the rules of another national jurisdiction.

PeopleSoft software provides the ability to maintain separate ledgers and ledger groups for different accounting principles, record transactions under varying statutory rules using Alternate Account and using MultiBook in PeopleSoft General Ledger and its subsystems for its automatic synchronization capabilities. However, entering separate entries for a transaction in a local ledger of a ledger group is sometimes viewed as less than optimal due to the manual nature of the approach.

PeopleSoft software supports a sometimes much favored method, especially within financial organizations. This method enables you to simultaneously generate in one business unit and ledger all the relevant accounting entries for a transaction that addresses different local and corporate accounting rules.