General Ledger Menu General Ledger Menu
There are nine main General Ledger options available. They are accessed on the General Ledger Main Menu.
Transactions
General Ledger Reports
Enter Accounts
Design Financials
Budgets
Fixed Assets
Loans
Bank Statement Reconciliation
Fiscal Periods
Current Fiscal Period
Year End Closing
This program is used to enter transactions to any account in the system. By entering a Job Cost Code or I.D. number, the job costs or equipment costs will automatically be updated by the amount of the transaction. This program is also used to edit transactions in the Transaction File.
Some transactions need to be entered on a regular basis with little or no change. Some examples are Rental Income, Lease Income and Contract Maintenance. This program is used to create Batches of transactions that may be appended to the Transaction Batch File for edit and posting.
After the Batch file has been edited, it may be posted to the system. Using this option, sets of repeating transactions from a Repeating Journal File may be posted. It is possible to define a set of transactions in any one of ten files. The transactions in these files may be appended to any General Ledger Batch File. When the Batch is posted, the transactions appended from the Repeating Journal File will be posted also.
•Transaction Report
A Transaction Report can list any of the transactions in the Transaction File. A comprehensive list of the entire file may be printed, or select transactions according to fiscal period, date, journal type, journal number, check number, account, reference number, Equipment I.D. or Job Cost Account to be printed.
•Detail by Account
A listing of each General Ledger Account and all transactions to the account may be printed. As transactions are posted to an account, the transaction is linked with all other transactions in the Master Transaction File that belong to the same account. The Transaction Detail by Account Listing contains the same information found in the transaction listing, except transactions are listed by account and by the master reference number. The Detail General Ledger Listing is easier to work with when dealing with account transactions.
•Check Registers
This program prints a list of all checks, deposits or other transactions by account number. A history from checking accounts may be printed from this option. Check registers may be printed for a single account or range of accounts, and may be defined by check date, fiscal period, check number or transaction type.
•General Ledger Chart of Accounts Listing
This program prints a list of the accounts in the G/L Master File.
•Cash Disbursements
This option prints two listings, the Cash Disbursement Journal and the Cash Receipts Journal. These reports show the associated detail for cash disbursements by check number and for cash receipts by receipt date.
•Trial Balance
This program allows printing of a summary trial balance or a working trial balance. Occasionally, adjusting transactions need to be made to the General Ledger. For example: depreciation transactions may need posting on a monthly or yearly basis. A trial balance may be printed for any fiscal period to let the accountant know all account balances as well as debit and credit transaction totals for the fiscal period.
•Financial Statement
Financial statements are generated from this option. The statements may be printed in standard format or with budgetary analysis. Both the Profit and Loss Statement (income) and Balance Sheet are produced.
This program allows the set up of the General Ledger Accounts. It also allows the addition, modification or deletion of accounts.
This program allows custom Designed Financial Statements. This is a simple process. Every line that is to show up on the Balance Sheet and on the Income Statement must be created here. Each line item can be defined as a Heading, a Total, a single Line Account or a Master Account.
Budgets may be assigned to each fiscal period for General Ledger P&L accounts through this option. If a budgetary analysis is desired during P&L printing, the program uses the budgets entered in this module for comparison.
This program is used to track and maintain depreciation schedules, depreciation expenses and transactions on existing for new fixed assets.
This program allows the user to track loans from lenders and to customers. Payment schedules are created to track monthly payment amounts and create monthly invoices.
When statements are received from the bank, reconcile cleared checks and balance all checking accounts using this option.
Export Account Reconciliation Detail
This program allows the user to select one or more A/P or P/R Check Runs and generate an Account Reconciliation File to send to the bank.
The accounting system allows an unlimited number of open books to be maintained on the system at once. This program allows these accounting periods to be defined and maintained.
Although transactions may be made to any financial period, one of these periods must be specified as the Current Period. This period will be used throughout the system as the Default Period and transactions will be posted to this period unless otherwise specified. Older transaction files can be purged, or removed from the system by combining them with the Previous Balance Fiscal Period.
In any accounting system, account balances are tracked on a year-to-date basis. Each fiscal year, the tracking of year-to-date balances must start fresh. This means General Ledger transactions must be made to reverse the balances of each Income Statement account, bringing their respective balances to zero.
The accounting system provides a program for automatically creating a Batch of transactions to zero these balances. The system finds the account balance for each Income Statement account, and creates a Batch of reversing entries. The offsetting entry (this year’s profit or loss) is sent to the Retained Earnings account in the Balance Sheet. This transaction Batch can then be proof listed, edited and posted as a normal G/L transaction Batch.