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The General Ledger System can be used stand alone or can be integrated with Arctic Data’s Accounts Receivable, Accounts Payable, Inventory Management, and Canadian Payroll System.
Chart of Accounts: Before using the General Ledger System, a chart of accounts must be set up, and all accounts must be entered. Each account number consists of 7 digits and thus conforms to industry standard accounting practices (4 digit main account number, 3 digit sub account or cost center number).
Each account number is accompanied by an account title, or description, account type code (i.e. postable, non-postable, sub-totals, titles, page feed, line feed etc.), format code (i.e. current asset, fixed asset, current liability, etc.), and budget figures for 12 individual budget periods, corresponding with your fiscal year.
Transaction Input: After the chart of accounts has been set up, transactions can be entered. Manual transaction entries to the G/L are selected from one of the following transaction types: cash receipts input (used to enter all income to accounts), cash disbursements input (used to enter cheques issued and their corresponding accounts), and general journal entries (used for journal entries to the G/L).
If the General Ledger System is used in conjunction with Arctic Data’s Inventory Management , Accounts Receivable , Accounts Payable , and Canadian Payroll , data can be transferred to the General Ledger from these modules thereby eliminating the need for manual entries.
Each transaction is assigned an audit number. Audit number 9999 is reserved for updating year-end entries. All transactions are stored to a monthly and a yearly transaction history file. These files can be printed if necessary.
Recurring Journal Entries: Transactions that occur every month need not be repeatedly keyed into the system. Instead, these transactions can form a file of recurring journal entries. Recurring journal entries can take one of two forms: those that involve the same account and dollar amount each month, and those that involve a single account which is split into other departments on a predetermined basis.
Users can specify start and end dates for all recurring journal entries. Prior to month end close-out, the appropriate file can be called up, and the recurring journal entries are automatically posted to the system.
Audit Trail: User-defined and computer generated audit numbers are produced to keep track of each transaction. Out of balance posting is not permitted, thus ensuring full data integrity at all times.
On-Screen Editing and Inquiries: On-screen editing is available for all the journals in the General Ledger System. On-screen inquiries allow instant access to monthly transactions and totals for each General Ledger account. Ranges of transactions may also be viewed on the screen or printed on the system printer.
Reporting: Consolidated and comparative balance sheets, income statements, and schedules allow you to view up to 24 periods of accounting information (the 12 periods comprising the current fiscal year, and the 12 periods comprising the last fiscal year). Schedules provide users with a means to manipulate their report output.
For example, a schedule would allow you to view one consolidated total on your balance sheet and income statement; if the detail was required, it could be printed to a schedule. The General Ledger system has 80 available schedules which enable users to report on individual departments or ranges of accounts within each department.
"General Ledger System" is part of the Blue Diamond Accounting System line of products, developed by Arctic Data.
Blue Diamond Accounting System is a horizontal product. It offers functionality designed for usage across a wide variety of industries and business types.