The multi-GAAP-capable financial accounting includes all functions required for the creation of financial reports and notes. This includes calculations relevant for the initial and subsequent measurement as well as financial bookkeeping of accounting transactions which cover the entire life-cycle of financials and non-financials. The embedded Accounting Rules Engine generates journal entries for all accounting transactions. Financial Statements such as balance sheet and notes are supported. Alternatively or in addition debit/credit entries can be provided for a separate general ledger in SAP, Oracle or any Core Banking System.