FinancialSyspro

General Ledger

What Is It?

All Businesses require a General Ledger to record all transactions that are processed by the organization. Regardless of the type of business, the General Ledger is the book of entry which controls budgets, provides a trial balance, income statement and balance sheet. The General Ledger can run as a stand alone module or it can be integrated to sub-modules. Transaction details are stored in the sub-ledger, with summaries stored in the General Ledger. The General Ledger is usually used to report on historical information. Generally the ledger is updated after the event.

​​There are statutory requirements for all organizations to comply with various legislation. The minimum requirement is to produce a set of books which can be assessed in terms of tax which is payable to the government.

​The coding of the Chart of Accounts is key to ensuring that the various reporting requirements can be met. The minimum number of accounts required is dependent of the level of detail required by the organization.

​​The General Ledger module is designed to be flexible and easy to use. It offers highly sophisticated reporting, enabling the end user to design financial reports in virtually any format and sequence. Accounts Payable, Accounts Receivable, Cash Book, Assets Register, Inventory and Work in Progress all integrate to the General Ledger module.

​​Reporting is simple, yet extensive by using the built-in General Ledger Report Writer, or by passing the information to a number of third-party software products. It supports unlimited history. The query is extensive with impressive graphic and drill down capabilities. Up to 10 different budgets can be defined.

​​The General Ledger normally stores all values in local currency, but it is possible to have up to 10 alternative currencies within the General Ledger system for reporting purposes.

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SYSPRO Solution

The General Ledger system is designed to be flexible and easy-to-use, allowing you to design financial reports in virtually any format and sequence. Reporting is simple, yet extensive by using the built-in Financial Report Writer, or by passing the information to a number of third-party software products. It supports unlimited history. The query is extensive with impressive graphic and drill-down capabilities. Up to 10 different budgets can be defined.

​​The General Ledger normally stores all values in local currency, but you can optionally have up to 10 alternative currencies within the General Ledger system for reporting purposes.

Syspro. Syspro Indonesia. Syspro Implementor. ERP Indonesia. ERP Small Medium. ERP Implementor. Small Medium ERP. Small Medium ERP Software. Small Medium ERP Implementor. ERP Implementer. ERP Implementation. Syspro Implementer. Syspro Implementation. Small Medium ERP Implementer. Small Medium ERP Implementation. ERP Manufacturing Software. ERP Manufacturing Systems. ERP for Manufacturing. ERP for Manufacturing Industry. ERP Distribution Software. ERP Distribution Systems. ERP for Distribution. ERP in Distributon. ERP for Distribution Industry. ERP Financial Software. ERP Financial Systems. ERP for Financial. ERP in Financial. ERP for Financial Industry. ERP EPC Software. ERP EPC Systems. ERP for EPC Companies. ERP for EPC Industry. ERP Solution for EPC Companies. Budget Planning. E-Budgeting. Financial Consolidation Software. SAP Indonesia. SAP Implementor. SAP Implementer. SAP Implementation. SAP ERP.

Process Flow

The general ledger is the core of your company’s financial records. These constitute the central ‘books’ of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of your company.

Sub Ledgers

Your accounting system will have a number of subsidiary ledgers (called sub ledgers) for items such as cash, accounts receivable, and accounts payable. All the entries that are entered to these sub ledgers will transact through the general ledger account. For example, when a credit sale posted in the account receivable sub ledger turns into cash due to a payment, the transaction will be posted to the general ledger and the two (cash and accounts receivable) sub ledgers as well.

There are times when items will go directly to the general ledger without any sub ledger posting. These are primarily capital financial transactions that have no operational sub ledgers. These may include items such as capital contributions, loan proceeds, loan repayments (principal), and proceeds from sale of assets. These items will be linked to your balance sheet but not to your profit and loss statement.​​​

Setting up the General Ledger

There are two main issues to understand when setting up the general ledger. One is their linkage to your financial reports, and the other is the establishment of opening balances.

The two primary financial documents of any company are their balance sheet and the profit and loss statement, and both of these are drawn directly from the company’s general ledger. The order of how the numerical balances appear is determined by the chart of accounts, but all entries that are entered will appear. The general ledger accrues the balances that make up the line items on these reports, and the changes are reflected in the profit and loss statement as well.

The opening balances that are established on your general ledgers may not always be zero as you might assume. On the asset side, you will have all tangible assets (the value of all machinery, equipment, and inventory) that are available as well as any cash that has been invested as working capital. On the liability side, you will have any bank (or stockholder) loans that were used, as well as trade credit or lease payments that you may have secured in order to start the company. You will also increase your stockholder equity in the amount you have invested, but not loaned to, the business.

The General Ledger creates an audit trail

If you are called to respond to an outside audit for any reason, a well-maintained general ledger is essential.

But you will also want an internal trail of transaction so that you can trace any discrepancy (such as double billing or an unrecorded payment) through your own system. You must be able to find the origin of any transaction in order to verify its accuracy, and the general ledger is where you will do this.

 

Process Flow for General Ledger

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Syspro. Syspro Indonesia. Syspro Implementor. ERP Indonesia. ERP Small Medium. ERP Implementor. Small Medium ERP. Small Medium ERP Software. Small Medium ERP Implementor. ERP Implementer. ERP Implementation. Syspro Implementer. Syspro Implementation. Small Medium ERP Implementer. Small Medium ERP Implementation. ERP Manufacturing Software. ERP Manufacturing Systems. ERP for Manufacturing. ERP for Manufacturing Industry. ERP Distribution Software. ERP Distribution Systems. ERP for Distribution. ERP in Distributon. ERP for Distribution Industry. ERP Financial Software. ERP Financial Systems. ERP for Financial. ERP in Financial. ERP for Financial Industry. ERP EPC Software. ERP EPC Systems. ERP for EPC Companies. ERP for EPC Industry. ERP Solution for EPC Companies. Budget Planning. E-Budgeting. Financial Consolidation Software. SAP Indonesia. SAP Implementor. SAP Implementer. SAP Implementation. SAP ERP.

Integration

The General Ledger solution can be run standalone or it can be integrated to the following solutions:

Accounts Payable:

Invoice posting expenses and payments made to suppliers.

Accounts Receivable:

Sales invoices and cash receipts.

Cash Book:

Deposit and withdrawal transactions processed within the Cash Book.

Assets Register:

Additions, disposals, revaluations and depreciation of assets.

Inventory:

Inventory movements.

Work in Progress:

Part-billings and labor posting.

Trade Promotions:

Deductions, accruals and off invoice line promotions.

Counter Sales/Point of Sale:

Counter sales/point-of-sales payments and counter sales/point-of-sales transactions.

Purchase Orders:

This solution does not directly integrate to the General Ledger; however, you can specify a ledger code at the time of entering a purchase order line for a non-stocked item that is not allocated to a job.

Landed Cost Tracking:

The landed cost tracking solution does not integrate directly to General Ledger, but does affect Inventory integration to General Ledger.

Activity Based Costing:

Requires an integration account for each of the cost elements before any transactions can be entered. The Activity Based Costing solution interacts with Inventory, Sales Orders and Accounts Receivable and therefore relies on the integration of these modules to determine the relevant accounts for transaction postings.

​​Integration from these solutions can be in summary or detail.

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Syspro. Syspro Indonesia. Syspro Implementor. ERP Indonesia. ERP Small Medium. ERP Implementor. Small Medium ERP. Small Medium ERP Software. Small Medium ERP Implementor. ERP Implementer. ERP Implementation. Syspro Implementer. Syspro Implementation. Small Medium ERP Implementer. Small Medium ERP Implementation. ERP Manufacturing Software. ERP Manufacturing Systems. ERP for Manufacturing. ERP for Manufacturing Industry. ERP Distribution Software. ERP Distribution Systems. ERP for Distribution. ERP in Distributon. ERP for Distribution Industry. ERP Financial Software. ERP Financial Systems. ERP for Financial. ERP in Financial. ERP for Financial Industry. ERP EPC Software. ERP EPC Systems. ERP for EPC Companies. ERP for EPC Industry. ERP Solution for EPC Companies. Budget Planning. E-Budgeting. Financial Consolidation Software. SAP Indonesia. SAP Implementor. SAP Implementer. SAP Implementation. SAP ERP.