General Ledger is designed to operate as the center of your financial information management system. The application compiles data provided by journal entries and integrated applications, and translates this data into custom financial statements, management reports and operational analyses. General Ledger also serves as the basis for account number validation and other sophisticated processing capabilities throughout your system.
General Ledger provides the accounting information required for analysis and control of your company's financial activities. Journal entries which are entered through an online user workstation, and detail or summary transactions generated from other applications, provide the input to General Ledger. All transactions entering the system are controlled and processed against individual accounts. Account validation occurs online at entry time and does not allow invalid or out-of-balance data to post to master files.
General Ledger can support either twelve or thirteen financial periods per fiscal year. Accounting reports are compiled and presented using data from the Account Balances file, which contains ending balances for each month of the current fiscal year, and for as many years of history as you want to keep.
The fiscal year may be synchronized with or independent of the calendar year. Other applications may coincide with the general ledger accounting period, or may be ahead of or behind that used by General Ledger. Transaction entry functions allow the user to specify the month and year to which a transaction is to be posted.
The Close Month function within General Ledger transfers future posting entries to the Month-to-Date Postings file for the next accounting month. At end-of-year, revenue and expense account balances are added to retained earnings and then reset to zero, to begin accumulations for the next year. Retained earnings may be automatically kept in one or several accounts, depending on how you define your account structure.
Other application features include:
- Summary and Allocation Accounts
- Financial Statements & Reports