General Ledger Functions & Features

The General Ledger Functions & Features comprise the following elements:

• Chart of Accounts Structure

  The chart of accounts is a list of ledger account names and account numbers, creating consistency in terminology and eliminates redundant accounts. A chart of accounts structure should include fields for account and ledger descriptions, to prevent shadow accounts from being created. Data tree tools allow users to see the structure of the fields and summaries, to help with reporting requirements, foster change, etc. Chart of Accounts Structure, General Ledger Functions & Features

• Controls for Ledgers

  Functionality below includes Ten or eleven check digits may be set and managed per module;Identifies accounts that are inactive and inhibits or prohibits posts to those accounts;Suspense account creation to hold transactions with errors, to be processed and permanently classified at a later date;Suspense accounts classified by error code;Rules validate and ensure consistency of fields and accounts;Verifies account, sub account, and cost center combinations;. Controls for Ledgers, General Ledger Functions & Features

• Ledger Development and Management

  Modules include Manages disparate sets of books for each entity;Users may manage and update a set of books for each entity's ledger;Assigned books use ledger calendar and chart of accounts;A currency base and the reporting year may be determined and set for all books;Divides sub-ledger into smaller components for departments, cost centers, expense categories, projects, etc.;Sequential account numbers are not required in order to subtotal accounts;. Ledger Development and Management, General Ledger Functions & Features

• Enterprise Reporting Structure

  Main modules include Multiple level entity structures may be designed without hierarchy limitations;Maps accounts to business entities with different chart of accounts;Many-to-many relationships may be associated across sources and targets regardless of accounting treatment;Deploys formulae to create report structures;Multi-entity roll-up may be defined by structures for reporting geographic area and functional responsibility;Base reporting structures on multilevel departments;. Enterprise Reporting Structure, General Ledger Functions & Features

• Variable Analysis

  Modules covered Analyzes deviations and changes in volume, efficiency, and standard rates;User-specified deviances by percentage or amount;Compares variance, budget, forecast, and prior year in any combination;. Variable Analysis, General Ledger Functions & Features

• Online Inquiry Reporting

  Main modules below cover Account activity and balances for current period available online;Account activity and balances for current year available online;Account balance for previous year available online;Amount designated for a planned project available online;Compares actual operation results to the planned budget, online;Compares current year to previous year or years;. Online Inquiry Reporting, General Ledger Functions & Features

• Multicurrency Capabilities

  Main modules below cover Accommodates multiple currencies for transactions, accounting, and financial reporting;Manages and updates ledger in multiple currencies;Exchange rates defined automatically or manually;Converts currency automatically, based on the functional currency for a set of books;Converts currency at present exchange rate;Converts currency using spot rate;. Multicurrency Capabilities, General Ledger Functions & Features

• Journal Vouchers

  A journal voucher (JV) is a document that authorizes payment for services performed, or for goods that are received or exchanged. As a means to record ledger transactions, JVs may have different approvals for different accounts. For example when someone submits an expense report that money is typically associated with an account on the chart of accounts in the G/L. The account may require a JV for posted entries. The JV may include copies of receipts and a sign off from a manager before the entry can be posted. Journal Vouchers, General Ledger Functions & Features

• Parameters and Structuring

  This includes Lean manufacturing accounting practices and methods (i.e., manufacturing overheads based on cycle time including labor);Fiscal calendar is defined by the user;Calendar periods are defined by the user;Calendar can be defined as uneven periods, adjustment periods, or to a maximum of 366 periods;Multiple calendars;Multi-entity financial reporting;. Parameters and Structuring, General Ledger Functions & Features

• Journal Entry and Reporting

  The accounting department is typically responsible for recording all transactions in the company in the journal (GL). All of the criteria that fall Journal Entry and Reporting relate to various ways to record journal transactions. For example payroll is an AP item. As paychecks are cut the AP items need to be reconciled with the cash outflow. A software feature might be the automatic reconciliation of payroll deductions when paychecks are issued (as opposed to having an accountant have to key the transactions by hand). Journal Entry and Reporting, General Ledger Functions & Features

• Report Writing Capabilities

  Modules include Transaction and trial balance reports;Trial balance;Report for the profit and loss statement and balance sheet;Budget statement comparison including current state and journal details;Comparison on different types of income statements;Balance sheet comparison showing different periods' balances;. Report Writing Capabilities, General Ledger Functions & Features