Create a second Primary Ledger

Hello all.

Currently our Primary Ledger is set up for accrual accounting.  I have a requirement to add a new org that requires cash basis accounting. Am I correct then to say I need to create another 'Primary Ledger'  to achieve this?  This new ledger will use same currency, chart of accounts, calendar, periods, etc, just that I would have to attach a cash basis SLAM.

Also - is there any other setting I need to select then other than 'Use Cash Basis Accounting' under the new Ledger definition?

And...how do I assign the current legal entity to the new ledger?