SAP S/4HANA 2020

Today 7th October 2020, SAP released it’s version S/4HANA 2020 On-Premise Digital Core

The key highlights of the S/4HANA 2020 in space of Finance are summarized below :

Simplified Bank Relationship Management process

reducing the use of general ledger (G/L) accounts as bank accounts by simplifying bank relationship-management processes.

Using the same sets of bank reconciliation accounts and clearing accounts for house bank connectivity significantly reduces the number of G/L accounts needed for payment processes. It also comes with the benefit of an easier maintenance of chart of accounts

Simplified Corporate Close

generate multiple group currencies in a single closing process

accountants can generate multiple group currencies in a single closing process. This Increases efficiency and automation when working with multiple group currencies or multiple currency translations such as for translation at constant currency rates for comparison reporting

An extremely good SAP link capturing KEY finance innovations in S/4HANA 2020 –>

https://blogs.sap.com/2020/10/07/highlights-for-finance-in-sap-s-4hana-2020/

For more information on SAP S/4HANA 2020, check out the following links:

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S/4HANA 2020 : Highlights

If you want to learn more about the finance concepts introduced in former releases – the introduction videos link is as below :

SAP S/4HANA 1909: The leapfrog for Finance professionals to drive enterprise transformation

SAP S/4HANA 1809: Technology meets Finance Expertise

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