General Ledger

January 31, 2016

Flexible General Ledger Account Structure

Within the General Ledger, you have the ability to define the Chart of Accounts that is needed to properly report financial activities in your company.  The numbering scheme for the Chart of Accounts is represented by account number and center and may be alphanumeric, but is generally numeric.
You can define the structure of the account number as well as the center.  All postings to the General Ledger use the established structure throughout the system.  Transactions from other modules can also post to the appropriate account number and center (e.g.. Branch, Warehouse, Department).

Journals Features

All transactions that are posted into General Ledger have specific journal entry identifiers.  These specific journal entry identifiers can come from another TakeStock module, can be imported from a foreign source, or can be entered directly into General Ledger.  This identity, along with the company and period, provide you with the ability to distinguish from which module the journal entry posted and the type of activity the journal may contain, as well as, the ability to group common journal entries together. Journal Entry program
You can use a single program when creating general, reversing, or recurring journal entries directly into General Ledger.  You can make these entries in the immediate prior, current, or next periods.  Providing you have the appropriate security level, you can also make journal entries in periods beyond the immediate, prior, or next.
Using the Journal Entry program, you can make journal entries that automatically reverse the entry in the next period and create a link between the original and the reversing entries.  To reverse a journal entry that occurred in a prior period, you have the ability to copy the prior journal entry, but in reverse, to establish the link between the original and the reversing entries.
Another Journals feature allows you to setup and post recurring journal entries automatically, every month, and/or modify them manually prior to posting.  You also have the option to automatically reverse a recurring journal entry.

Batch Posting

The new posting process for GL journal entries allows you to select whether journals should be processed by immediately posting or through a batch process.
If you run the General Ledger module in ‘batch posting’ mode, then each time you access the Journal Entry program, you can use the Lookup feature to review existing, un-posted journal entries or elect to create a new journal entry.  From the Lookup, you can select one of the existing journal entries, access it, and add, change, or delete transactions; you can also select an un-posted journal entry and delete it.
The system treats each batch as essentially an un-posted journal entry.  Therefore, each batch is uniquely identified by a combination of the Journal, and Entry Number of the transactions within the journal.
The Batch Journal Posting program is available to support the batch posting function.  When you access the Batch Journal Posting program and enter the company code for which you want to post journal entries, the batch posting program looks for all batch journal entries that have been released for posting but have not yet been posted.  Each of the released journal entries that meets the company criteria is then processed.
Before the batch journal entry can be posted, either the batch release or posting program must re-verify that all account numbers are valid and that each journal entry balances.  If either check fails, the journal entry is not posted, but left as an un-posted batch not yet released.  The system displays a warning message referring to each journal entry batch that failed the posting process and why.
The difference between batch posting  and immediate posting is that releasing of a “batch-post journal entry simply prepares it ready for the batch posting program, but the releasing of an “immediate-post journal entry actually posts the journal entry without hesitation.

Budgets Features

The budget process involves establishing a projected dollar amount for selected General Ledger accounts by period.  The budget function provides a flexible environment for entering and maintaining company budgets.  You have the ability to maintain multiple budgets that can be modified at anytime.
The system stores budget history information for an unlimited number of years for inquiries and reports, and user-defined financial reports.  You also have the ability to globally and individually maintain budget figures for current or future years for one or more account/centers.
You can make fixed or proportional changes to budgets.  You can specify ranges of periods and accounts for budget modifications.  Fixed changes can be made as an amount, percentage, or distribution amount.  For proportional changes, you can base the distribution amount on a set amount, budget accounts and versions or actual accounts.  For proportional changes, the distribution spread can be an even distribution or based on actual account values, budget accounts and version, or a distribution code.

Allocations Features

The allocation process provides the ability to establish an unlimited number of allocations for use in distributing account amounts or budget amounts among a number of account/center combinations and provides a method of creating and posting allocation journal entries.
Allocations provides you the ability to allocate account actual balances, budget figures, or specifically entered amounts to one or several other accounts.  In other words, through the allocation process you can distribute (allocate) yearly budget figures for an account/profit center over subordinate account/profit centers.  This is referred to as Vertical Budgeting.  Vertical Budgeting is accomplished through the allocation process but the account/center information uses budget figures only.
You also have the ability to specify the range of figures to use.  This includes figures from the current period, year to date figures, or figures from a range of periods.
You can distribute the allocation pool based on a fixed percentage/unit ratio or proportional percentages/unit ratios using a different account/center as the proportional source.  If a distribution of the allocation results in a rounding discrepancy, you can specify where to post the discrepancy.  You can select and post one or more allocations and preview the resulting journal entries prior to posting.

Standard Reports Features

Several standard reports are available, such as Trial Balance, Journal Listings, and Budget Listings.  The Trial Balance and Journal Listings reports provide a printed audit trail for the transactions that are posted to GL.  The Budget Listing and Worksheet report provides a means for you to review entries made into budgets.
Standard reports are also available that include listings of allocation and budget entries, journal transactions from GL and other modules, and various formats of a trial balance.
The Allocation Listing report provides you with a detailed list of all the parameters of an allocation.
You can select to print a budget in a budget listing or worksheet format.  The Budget Listing and Worksheet report prints all periods on one report.  The Budget Worksheet contains the same information as the Budget Listing, but the format of the report includes comparisons for actual vs. budget for the current year and/or last year with spaces for next year’s budget.
Using the Journal Listing report, you can print any journal by any source for any range of periods or years.  The Journal Listing shows an asterisk (*) if the period entered is different from the period posted.  You also have the option to print only posted journals, only un-posted journals, or both.
Using the Sub ledger Report, you can print a report of the payroll transactions in the generic sub ledger table created by the system’s register programs, such as the GL Import Register program.
You can print the Trial Balance report in summary or detail format and for any desired Center with both debit & credit activity, net activity, beginning and ending balance.  You can print the Trial Balance for the current period and for prior or future periods as well.  You can use the Trial Balance in a GL worksheet format for adjusting entries for end of period.

Financial Reports Feature

Using the Financial Reports feature you can setup, display, and print financial reports such as balance sheets and income statements (profit and loss).  You have the ability to copy sections of layouts or other report layouts to create new financial statements.  You can print all financial reports for a specific center or the entire company.
If you are running multiple companies, you can produce consolidated financial statements using the Financial Reports feature.

End of Period Features

End of Period (EOP) features include an on-line EOP Check List that you can customize.
In the other MorStock modules, sub-ledgers will continue to be used but post to a GL Detail Table at a register level with the Register ID included.  Posting to GL from the module sub-ledgers is automatic when the register is updated and does not wait for the end of period close.
The GL EOP Close checks whether the other modules have been closed for that period (AR, AP, SO, PO, MC, IM, and so on).  The EOP increments the next period to the current period.  No further entries are allowed to that period unless they are prior period journal entries. Year End Close
You can close the fiscal year for each company.  You can use a closing period for end-of-year journal entries from the auditors.  The Year End Close function calculates the closing balance of each asset and liability account and the retained earnings account.  These amounts become the opening balances of the accounts for the next year.  Year-end balances for revenue and expense accounts are closed to retained earnings by this process and posted to a hidden period.  All periods for the current year must be closed before the Year End Close can be processed. Preliminary Close
The design of MorStock General Ledger includes immediate or batch posting of journal entries entered directly into General Ledger, and journal posting of registers from originating modules as those registers are printed and updated.  Consequently, there is no need for preliminary closes to print financial statements as was required by earlier versions of MorStock .