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General Ledger System

This Help File Page was last Modified on 11/05/2013

General Ledger System

This Help File Page was last Modified on 11/05/2013

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General Ledger System

This Help File Page was last Modified on 11/05/2013

Previous topic Next topic  
In the Accounts Receivable and Accounts Payable modules (as well as the Inventory Tracking and Job Costing modules which internally links to those), when Financial Transactions are entered in a normal manner (using Forms like Sales and Receipts, and through automatic processes like Auto Bill or Auto Draft), these Financial Transactions are automatically posted to your General Ledger Financial Statements and Reports - in the background - as they are entered through their respective modules.
Although most accounting systems require a two step (or more) process that entails an entry, a review process, and than a posting procedure to finally get Financial Transactions into their General Ledger System, this is not the case with the MKMS General Ledger System.
All Financial Transactions (e.g., Sales to Subscribers, Invoices from Vendors, Receipts, Checks, etc.) are immediately posted in "real time" into the General Ledger's Transaction File - in the background - and so require no additional step(s) on the part of the User making those entries.
In fact, No additional "posting" steps are ever required.
Once the MKMS General Ledger System is correctly started, NO General Ledger Accounting Experience is required from the day-to-day User of the Accounts Receivable, Job Costing & Inventory Tracking, and Accounts Payable modules.
Among the key advantages of this methodology is:
Reduced Work - Financial Transactions are posted to the General Ledger transparently, in the background, based on the predefined rules established during Set-Up.
Simpler Procedures - No additional steps are required when using the General Ledger module, then would be required when not doing so.
Audit Trail - Automatically tracks, and posts any "adjustments" that have been made subsequent to making the initial entry.
Account Balances Always Current - General Ledger current account balances are always viewable at the moment they are affected by the Accounts Receivable, Job Costing & Inventory Tracking, and/or Accounts Payable modules.
So, you'll have Real Time Posting in the Background with this seamlessly integrated General Ledger System.

 

The General Ledger System's Reporting Capabilities - Among the many predefined reports available within the General Ledger System are:
Balance Sheet - for reporting Asset. Liability and Equity balances, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
Chart of Accounts - lists each account, it's category (Asset, Liability, Expense, etc.), Groups, and Departments, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
Specialized set of Financial Reports, many with Graphs:
Chart of Accounts Graph - Provides a chart of the closing General Ledger Account Balance(s) for (up to 5) selected General Ledger Accounts for a maximum period of 5 years - based on available data for that period.
Chart of Accounts History - Lists the closing Account Balance, and the Percentage Change from the previous year, for General Ledger Accounts (for a maximum of 5 years), starting with a selected Year - with the ability to choose a specific Month within that Year - and then looking back from there - calculating either a Year over Year, or a Month over Month comparison.
Financial Summaries - Uses a Pie Chart and Legend that displays the Year-End General Ledger Account Balance for one selected General Ledger Group for a specified Year, or for up to a specified Date.
Income and Expense Chart - Provides a Bar Chart and Legend of the Income and Expense Totals by comparing the results of a selected range of Years, or comparing a range of Months spanning up to two Years.
Net Worth - Provides a Bar Graph and Legend of the Assets and Liabilities for a selected Date Range and graphs the Company's Net Worth  (the Value  of the difference - Assets minus Liabilities = Net Worth - between those Assets and Liabilities) for each reported month.
General Journal - lists any manual transactions that have been made for the date(s) you specify, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
General Ledger -  listing of your complete Chart of Accounts with all their balances, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
General Ledger Detail -  listing of your complete Chart of Accounts with entry detail for all of the balances for the date(s) you specify, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
Profit & Loss - (sometimes called the Income Statement) compares Revenue to Expenses and is easily exported to an Excel® spreadsheet.
Transaction File - a detailed listing of all Debit and Credit transactions - selectable by Transaction Date(s) and Account(s) and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
Trial Balance - for preliminary analysis of a month's transactions prior to closing that month, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.

 

What's Next?
Read Understanding a General Ledger System
Read the General Ledger Setup Overview
Perform all the Start-Up Maintenance Entries.