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The General Ledger (GL) is the primary accounting record for a business. It tracks all financial transactions and is used to generate the company’s financial statements, including the Income Statement and Balance Sheet. The GL summarizes the organization’s various financial accounts and transactions, such as accounts receivable, accounts payable, fixed assets, and inventory.
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AcumatiCares
Product
General Ledger Software
What is General Ledger software?
General Ledger modules are designed to streamline a company’s entire financial structure—from maintaining account charts to controlling financial periods, assets and liabilities, and more. At Acumatica, we’ve uniquely fine-tuned this concept.
Bring your financial information under one umbrella with Acumatica Cloud ERP’s innovative, user-friendly General Ledger module. Fully integrated with the rest of the Acumatica suite, our GL software will give you instant, company-wide access to critical financial data, with flexible, comprehensive reporting and analysis for ledger accounts, income, expenses, and assets.
Key Benefits of General Ledger Software for your Company
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Control Your GL Account and Sub-Account Structure
Define the structure of your GL system accounts and sub-accounts. Organize your reporting and analysis configuration by defining segments, segment lengths, and segment values.
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Enhance Reporting
Create different views of your data, or dimensions, using Acumatica subaccounts. With Acumatica subaccounts, nearly unlimited reporting dimensions are available to slice financial reports by product, department, or any user-defined segment. Consolidated and summarized data can be displayed in the monthly, yearly, and quarterly views.
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Protect Your Data
Control roles and access permissions by account and sub-accounts to protect sensitive data and improve accuracy. Limit “on-the-fly” sub-account entry to specific sub-accounts based on pre-defined combinations of segment values.
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Streamline GL Consolidation
Combine data from multiple entities for consolidated reporting and analysis, different currencies or different account structures notwithstanding. Adjustments for minority interests, inter-company transfers, and other transactions are preserved to avoid duplication.
Important Features of General Ledger Software
Advanced Financial Reporting
Design financial statements using sub-account segment structure and configured hierarchy. Publish reports on the web or distribute as Excel or PDF files.
Flexible Configuration of Financial Periods and Accounts
Define monthly, bi-monthly, annual, or custom financial periods. Keep periods open as long as you need to complete data entry and reconciliation. You can override the automatic assignment of the reporting period based on the transaction date – the GL system warns of potential mis-entry. Allow users to change account types for posted transactions.
Flexible Consolidation Process
Select a company of any type as a consolidation source. Only a branch of a company classified as With Branches Requiring Balancing can be specified as a consolidation source.
Multiple Currency Support
Enter GL transactions in different currencies with multiple currency support activated. Maintain balances in the base currency and the foreign currency. See Currency Management for more information.
GL Accounts Budgeting and Budget Approval
Maintain an unlimited number of budget scenarios, such as optimistic, pessimistic, or expected. Grant access rights for team members to provide input without viewing salaries or information from other subsidiaries. Approved budgets can be used in comparative statements and analysis reports.
On-The-Fly Sub-Account Entry
Add new combinations of valid subaccount segments on the fly during data entry. This feature allows efficient ongoing maintenance of a complex reporting structure.
Split Transactions
Split transaction amounts to transfer portions to other accounts, subaccounts, or branches.
Automatic Allocation of GL Balances
Distribute GL account balances over multiple accounts and sub-accounts based on predefined allocation rules based on percentages, quantities, or statistical data, or proportional to other account balances. Create and run multiple subsequent allocation templates.
Journal Entry Approval
Customize journal entry approvals with rules, such as batch type, trial balance entry, and transaction process. Automate approvals by assigning approvers based on an approval map and workflows.
Drill Down to Original Documents
Gain immediate access to GL balances with a complete array of inquiry screens and reports. Drill down to the originating document from any inquiry screen or report, even if the transaction was created in another module.
Reversing and Auto-Reversing Entries
Reverse GL system transactions with one click. Automatically generate reversing entries in the next financial period during the post procedure or when the financial period closes.
Recurring Transactions
Create recurring income and expense transactions based on specific schedules and time periods. Design templates with expiration dates, execution limits, and custom execution schedules.
Audit Trails
Maintain a complete audit trail of all journal transactions throughout your GL management. Entries cannot be deleted. Corrections require adjusting entries. The system tracks the ID of the user who entered the transaction. Notes and supporting electronic documents can be attached directly to transactions.
Cash Basis Accounting
Record revenue and expenses when payments are received or disbursed rather than when the transactions occur.
Account Error Detection and Date Error Prevention
Identify potential mistakes in posted transactions before closing financial periods. AI-powered anomaly detection with machine learning reviews posted transactions and surfaces potential mistakes.* Validate dates on financial forms, processes, and projects and reject dates that do not match a financial period on the master calendar.
* Managed availability: Phase 1 focuses on account reclassifications. Future releases will include more GL transactions.
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