The General Ledger has capabilities which help increase a users productivity, such as memorizing journal entries that frequently need to be entered or creating reversal batches for certain journal entries.
The General Ledger features are accessed through APPLICATIONS | General Ledger Group. The applications are:
▪Banking: used to reconcile bank account statements, un-reconcile and setup Auto-Reconciliation.
▪Batch: has two functions:
i.Create batches with memorized GL entries for multiple properties then processing the memorized item into a single batch process.
ii.Process batch reversal GL entries.
▪Budget: used to add and approve budget per property.
▪EOM Closing: used to apply all AR credits to unpaid charges.
▪EOY Closing: used to close the year for the property.
▪Inquiry: how to research data posted in the General Ledger, and view all journal entries.
▪Journal Entry: used to enter and manually post journal entries.
▪Memorized: used to store recurring journal entries.
Prerequisites: In order to be able to post any type of entry to the general ledger, the following must be setup:
▪SETUP | Property Setup | Accounting | GL | Information:
oGL Posting Level: Select one of the options: Property Posting (commonly used) or Community Posting. Once a journal entry has been posted, you will not be able to change it to Not Selected (aka Turn Off GL).
oGL Default Department: Used when posting entries.
oNet Income Category: Used when printing a Balance Sheet. The report will group the calculated Net Income to the selected category.
oNet Income Label: The data entered in this field will print on financial reports when reflecting Net Income.
oDue to / from: used when posting a journal entry that contains more than one cash account. This account will be used as the transfer account between journal entries.
▪SETUP | Property Setup | Accounting | GL | Chart of Accounts:
oCode: Up to 10 alphanumeric characters, that can be hyphenated to specify the account classification in financial reports. For example: 10000-010.
oName: Allows 30 characters to describe the account code.
oType: Select a pre-defined type: Operating Account, Reserve Account, Market Account, Other Bank, Asset, Capital, Expense, Income or Liability.
oCategory: Used to group GL accounts in financial reports. To customize or add other categories go to SETUP | Program Defaults | Codes | Program Area: G/L Category.
oOrder: Used in unique Income Statements that have the word Order in the name, which allows to sort the categories the the Order field instead of using the GL account code.
oInactive: Check to inactivate an account from being used.
▪SETUP | Property Setup | Accounting | GL | Departments:
oCreate departments to manage separate budgets and reflect on financial reports.