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General Ledger

The General Ledger, the core of the accounting functionality in GAAP, is where all financial transactions are posted, reconciled, audited and reported.  Exceptionally versatile and adept, the GAAP General Ledger is closing the books and producing free-form financial statements in retail, medical, legal, property management, insurance, government, educational, non-profit, small business professional offices and Fortune 500 organizations nationwide.  Fast and flexible, the General Ledger module includes on-demand audit trails, multi-company and multi-fiscal year processing, cash, accrual and encumbrance-based accounting, unlimited user-defined subsidiary ledgers, and unlimited chart-of-accounts expansion - both in the number of G/L accounts and the volume of activity posted.  The capabilities of the G/L module include financial statements, multi-company and cost center processing, unlimited subsidiary ledgers, detail and summary trial balances, detailed audit trail analysis, year-end processing, and budget entry and reporting.  An unlimited number of fiscal years may exist and there is no requirement to close an accounting period or fiscal year before posting in a new accounting period.  As many accounting periods and fiscal years may stay open as desired since “closing” a period just blocks further posting to that period.  A short list of the outstanding features of the General Ledger module would include: 

  • Built-in balancing controls All posting is on-line and interactive with immediate Ledger update or optional “background” batch update processing.

  • Flexible account structure Up to 25 characters length with variable company, cost center and detail account components.  No software dictated limit on the number of accounts allowed AND no need for “header,” “summary,” or “memo” accounts on your chart-of-accounts.

  • Multiple accounting periods may remain open at the same time - no need to close one accounting period before starting to post into the next period.  All back-posted entries automatically carry forward.  May also have an unlimited number of fiscal years, providing the ability for historical audit reports, statistical projections and comparative analysis management reports.

  • Consolidation Manual or automatic consolidation of selected companies and/or cost centers on Trial Balances, Financial Statements and Detail Ledger reports.

  • Free-form Financial Statements an infinite number of user-formatted Financial Statement reports may be created.  Select data from ANY accounting period for period and year-to-date net, budget, variance, period-to-period, year-to-year, column-to-column and line-to-line ratios, percentages and comparisons.  Percentage factors may be indicated at the statement line and statement column level in order to perform modeling and forecasting.  No need to import any information to prepare these financials, but you may display, print and e-mail the reports (PCL or PDF format) or export them to Excel as a standard ASCII data file or as an XML workbook, complete with equations!

  • Automatic Closing  GAAP calculates your equity as you produce a Balance Sheet.  At year-end, all required income and expense accounts are automatically closed to user specified equity accounts with a Journal Entry created for the audit trail.

  • Budgets maintained by G/L account on an annual basis, by individual accounting period, or by user-determined percentage breakdown of annual budget.  Budgets may be maintained and reported for future periods at any time.

  • Journal Vouchers Regular, recurring JV’s, automatic reversing accrual JV’s and multiple methods of calculating reallocation or charge back JV’s.

  • Inter-company Transfers Optional automatic posting of summary or detail company entries to pre-defined due-to and due-from accounts.

  • Audit Trails Activity is tracked by accounting and transaction entry date.  Reports allow for date range and company/journal source and sub-ledger selection criteria sot hat only desired activity is reported.

  • Account Analysis summary and detail transaction information may be printed for any account and any date range or may be displayed for the ultimate convenience of access to audit trails.

  • Built-in interfaces to provide import and export capability through the use of standardized templates for ASCII data files or the more compliant interfaces using XML data transformations.  Most reports may be output in PCL or PDF format or exported in XML format where they can then be imported into 3rd-party software such as Adobe or Microsoft Excel.  Reports may also be automatically e-mailed.