General Ledger System - general ledger

28

Apr

General ledger system is designed to allow the user to record the GL main data, journal entries estimated budget, and closure of fiscal periods to obtain the following reports: General Ledger, Cost Centers, Final, and Estimated Budgets.  Please note that the general ledger system was designed in a manner that allows the review of the general or cost centers journals through this application’s specific reports only, and not through other sub-ledgers. However, entries of other sub-ledgers, such as Sales, Purchasing, Accounts Receivable, Accounts Payable, LCs, Stock Control, Fixed Assets, etc., can be reviewed through the general ledger system journal reports.

Know-How the general ledger works?

Main Features for general ledger system

General Ledger system allows all organizations the flexibility to define an unlimited number of branches/subsidiaries, multiple account structures. General Ledger provides extensive multi-currency capabilities, including automatic foreign currency conversion, and revaluation. Extensive reporting functions let users quickly and easily generate sophisticated financial statements custom-formatted reports.

General Ledger is a state-of-the-art solution for managing your accounts, it provides great flexibility, openness, ease of use yet powerful enough to handle your accounts ranging from a very simple structure to the most sophisticated accounts. Hereunder are some of the General Ledger features.

Technical Features for general ledger system

  • 11 levels for Chart of Accounts (24 digits)
  • 9 Levels for Cost centers (18 digits)
  • Analytical codes for third dimension analysis
  • The fiscal period is a year with a start date and an end date, which can be extended to more than 12 months for financial and closing considerations
  • JV’s numeration (three methods)
  • Support for all famous types of journals
  • Matrix structure between accounts and cost centers
  • Accounts & Cost centers budgets
  • Ability to enter previous trial balances (monthly or yearly based) for comparison purpose
  • Posting can be online or offline
  • Subsidiary ledgers post JV into GL for review and corrections if any
  • Great flexibility in defining each level and length of digits of an account
  • Recurring JV’s
  • Can produce and generate reports if the year was not closed
  • Can compare between various previous months/years and current month/year of accounts
  • Identify your own journal types
  • Sub cost centers analytical codes
  • Can produce consolidated accounts based on identical codes grouping or via mapping accounts
  • Can produce summary statements based on summary accounts
  • Allow changing currency rate
  • Can allow multiple closing for one financial year – in case of revision and identify whether final or not
  • Ability to enter opening balance as a JV or value
  • Commutative journals for consolidating small amounts of expenses in one journal
  • Ability to change accounts codes
  • Ability to drag account from a tree on the left
  • Ability to make a credit account a sub-account for a dept one
  • Drill down capability
  • Currency matrix (one fixed value) can change on transaction
  • The ability to have a journal between two accounts in two different currencies.
  • Protect data from changing in a certain period

Sample of Reports from the general ledger system

  • Current Account Balances
  • Journal Entries Report
  • Journal Ledger Report
  • Monthly Trial Balance
  • Review of Trial Balance
  • Trail Balances for Months
  • Journal Ledger of Cost Centers
  • Monthly Trial Balance of cost Centers
  • Distributing of cost centers on Accounts
  • Final Reports Including:
  • Operating Statement
  • Trading Statement
  • Profit\Loss Statement
  • Balance Sheet

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