New Feature: General Ledger - Ledger Sets

Dear All,
Ledger Sets means its a set of Ledger nothing more... ! What is the purpose of it and how it reduces the work of Functional Consultants ?
As many would aware that in previous versions there are many routine jobs which will be performed individually for every different set of books. For example, Opening a Period - This has to be carried out as an individual step for each and every set of books in the previous version.
In Release 12, we can group all the ledgers in to an Ledger Set and perform actions to that ledger set which will in turn reflect in the individual ledgers.

Another important use of this ledger sets are in Consolidation. Before moving in to its use in consolidation, let us see what was the problem in earlier versions which was faced.
In rel 11, assume that a company wants to have 2 Set of Books even though they share same Currency, Chart of Accounts and Calendar, the consultants stand would always be to AVOID having two set of books, because when the client has more than one set of books it would normally call for Global Consolidation System to be in place, if they had only one set of books the consolidation can be achieved through Financial Statement Generator (FSG) reports.

How this consolidation is solved in Rel 12 is, that assume you have two ledger named as Ledger A and Ledger B, both of them are sharing the same Features. But for consolidation in rel 12, you need not do a GCS for this case, you can create a Ledger set lets name it as Ledger set C which comprises Ledger A and Ledger B. Then assign this Ledger Set to the responsibility, from which you can run reports which can satisfy your requirements.

Note: Ledger Sets can be used to link ledgers which are sharing different Currencies also, but it does not perform conversion or translation. In order to achieve Conversion and translation benefits one need to perform Global Consolidation System which remains the same as of the previous version... !