The General Ledger, the core of the accounting functionality in GAAP, is where all financial transactions are posted, reconciled, audited and reported. The capabilities of the G/L module include financial statements, multi-company and cost center processing, unlimited subsidiary ledgers, working, 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 processing 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. Closing an accounting period to posting is very simply done by running a “final” trial balance. Reopening a period is one click and a password. A summary of G/L functions includes:
- G/L Transaction Posting:
- General Journal Entries Single-entry and double-entry journal entries may be posted to the General Ledger at any time.
- Recurring Journal Entries Any journal entry may be used as a template “model” for another journal entry. A template journal entry may also be scheduled with an unlimited number of automatic recurring dates. The “start-of-day” process (first login into GAAP Insurance on any given day) scans for recurring journal entries and creates the appropriate “suspended” JV, awaiting approval to be released and posted to the ledger.
- Chargeback Journal Entries The convenience of “allocated” journal entries is provided with the ability to re-allocate or “chargeback” account balances based upon fixed amounts, fixed percentages and relative percentages. This capability typically is used to re-allocate overhead and GA expenses in a multi-company, multi-cost center environment.
- General Ledger Cash Receipts Handles the entry of non-billed cash receipts. All cash receipt entries, regardless of source automatically update the deposits journals for future review, analysis and reconciliation.
- Import Journal Vouchers
- Import Cash Receipts
- Export Journal Entries
- G/L Journal Voucher Reports: View or print selected ranges of accounting dates, entry dates, JV numbers, posted journal entries, recurring journal vouchers and budget journal vouchers.
- G/L Audit Trail Reports:
- Chart-of-accounts Audit Trail
- G/L Account Balance Summary
- G/L Detail Report Generator
- G/L Budget Status Reports
- Summary Income and Expense Reports
- G/L Budget Functions:
- Budget Entry
- Budget Import Process
- Budget Audit Trail Report
- Budget Status Reports
- Budget Spread Codes
- Subsidiary Ledger Functions: Subsidiary ledgers are often used for cost accounting and/or project management purposes. An unlimited number of sub-ledgers may be created. Just as with the general ledger, sub-ledgers may have budgets, may have journal entries (with G/L updates), have full audit trail inquiry functionality and may be included on the financial statements. Sub-ledger functions include:
- Open/create or Close a Sub-ledger
- Sub-ledger Journal Entries
- Sub-ledger Budget Entry
- Sub-ledger Audit Reports
- Transaction Registers: All accounting transactions have a “batch” tracking number assigned to them. A batch is considered a session of posting and batches may be suspended and recalled on-demand. Transaction registers of batches may be produced based upon the accounting date of the batch (the accounting period to which the activity was applied), the entry date (actual calendar date the batch was posted), company and journal source. Register functions include:
- Registers for Selected Batches
- Registers for Selected Date Ranges
- Suspended Batch Reports
- Trial Balance Reports:
- Summary Trial Balance
- Working Trial Balance
- Ledger by Journal Source
- Detail General Ledger Reports
- Financial Statements: Spreadsheet-like in nature, the financial statements function is one of the most powerful features within GAAP Insurance in that any and ALL accounting periods may be referenced at any time and in any column within the report. Report values are calculated and displayed in real-time mode as you design them. Linkages are direct to the General Ledger so there is no importing, no summarization are pre-manipulation of the data prior to creating your reports. The “auto format” button provides default, “standard” balance sheet and Profit / loss statements with one click. Consolidated reports across cost center and/or company boundaries easily produced. Comparative statements by company and cost center are as easy as selecting the combination of company, cost center and accounting period you wish reported in each column. All reports may be displayed, printed, exported and/or e-mailed on-demand.