This feature is available in New G/L Accounting in SAP Financials.

In General Ledger Accounting, you can perform parallel accounting by running several parallel ledgers (general ledgers) for different accounting principles. During posting, you can post data to all ledgers, to a specified or to a single ledger

This feature helps to maintain different sets of ledgers in one Company Code. This feature becomes very useful when financial reporting is to be done with different accounting standards. 

The G/L Account Master data is divided into following two parts:

Chart of Accounts Data
This part contains information about G/L Account that will not change from company code to company code and will be constant for all.

Continued from Part I

Step VI
IMG Path: Financial Accounting (New)>General Ledger Accounting (New)>Business Transactions>Extended Document Splitting>Define Document Splitting Method

Background 
Document splitting is a feature introduced by SAP in New G/L Accounting. This feature was introduced to do away with the users’ requirement to transfer the balances of Balance Sheet items at period ends.

Document Splitting automatically splits the line items based on the dimensions configured or to effect zero balance setting. It creates additional lines for the same.

Definition
Account Groups play an important role in G/L Account numbering and structuring. The Account Groups are groups of G/L Accounts where we can assign Number Range to the G/L Accounts.

Account Groups are one more important part of Chart of Account which acts as a separator between various types of G/L Accounts. This helps us differentiate the G/L accounts according to their nature.