As with all of our software modules, flexibility is a key characteristic of our General Ledger module. Everything within this module, from the user defined account numbers to the fully user definable financial statements, is consistent with our commitment to system flexibility to meet your needs. As well, the convenience and efficiency of inter-module integration is exhibited between the General Ledger and other modules. The Accounts Receivable, Accounts Payable, Inventory, Purchase Order, Service Dispatch, POS / Order Entry and Payroll modules interface to the General Ledger, resulting in up-to-date information automatically generated for the user.
The Master Chart of Accounts contains the account descriptions along with the following information:
Account number, which has 13 digits available (3-4-3-3), 4 main account digits and a 3 digit sub-account number to designate profit centres. This allows for full departmental analysis.
- Financial format code, i.e. balance sheet account or profit and loss account
- The normal balance type, either debit or credit
- Up to 13 budget periods
- Previous year comparative information. .
There are four journals for transaction entry:
- The General Journal is the standard journal for most entries
- The Document Journal is used for entering cheques or receipts
- The Adjusting Journal is used to enter transactions without posting. This accommodates account inquiries and the printing of working papers and financial statements using these adjustments, even though they have not been posted. This allows the user to play the "what if" game to determine best possible tax positions, etc., prior to actually posting.
- The Recurring Journal is used for entries posted on a regular recurring basis, such as depreciation, handling prepaid assets/expenses, etc.
Date Sensitive Reporting
As in our other modules, the Trial Balance Report is user definable. You can request a starting and ending date range, and then decide whether you want to see a report for all accounts, those from only a particular profit centre, or those in a particular account range. Additionally, the user decides whether they want the report in detail or in summary. This same flexibility in selection applies to the Source Cross Reference Report, which lists the year-to-date transactions by source, e.g. A/R or A/P, etc.
Generating Statements and Reports
Financial statements generated by the system are user definable. The financial statement format framework system (our report generator), allows for virtually any kind of statement to be produced. The balance sheet, income statement and supporting schedules' format are completely user defined and are not based on account number sequence. Optionally, budgets, last year comparatives and ratio analysis may be shown on all reports. As well, title pages, comments and footnotes may easily be added to statements.
No Month-end required
In essence, the greatest feature of Activant Silk's month-end procedures is the fact that there are no month-end procedures. The previous month does not have to be closed off prior to entering transactions for the next month. All detail is maintained throughout the year. This allows you to display every transaction that was posted to an account during the year.
Back Dating is Possible
You can even back-date transactions to previous months. You can then re-run the financial statements for the previous month if necessary.
At year end, the year-to-date transactions can be compressed into one balance forward transaction per balance sheet account. This reduces the amount of disk storage space required by the system and prepares the file for the following year's entries. The prior- year comparative figures are automatically updated at this time. Also, profit and loss accounts are automatically set to zero and the retained earnings account updated accordingly.
Maintain two years at once
As with our other modules, the General Ledger module is date sensitive, which means it is not necessary for the year to be closed before entering next year's transactions. This is an extremely important feature, since the year end adjustments are seldom known when the year actually ends. With this in mind, you can enter transactions for the first months of the New Year without waiting for year-end adjustments. Financial statements can then be prepared for either the current New Year or the previous year.