General Ledger:
1. General Ledger is the Central Repository from all the Sources (Modules).
Below is the illustration of the Modules Integrated with General Ledger:
2. The Journals that are recorded in the GL is recorded compulsorily with the Source of GL. A source is used to determine the origin of the Journal Entry.
Valid Sources are:
- Payables
- Assets
- Cash Management
- Receivables
3. Every Journals has to be recorded with Category, a category is used to determine purpose of the Journal Entry.
Valid Category:
- Purchase Invoice
- Credit Memo
- Debit Memo
- Sales Invoice
- Adjustments
4. Journals are maintained in Batches, Headers and Lines in GL
Naming Convention of Batch: Source+ Date and Time
Naming Convention of Header: Category + Currency
Naming Convention of lines: Accounts, Debits and Credits
Purposes of GL are:
- We use GL to create Adjustments
- To record the transactions which are not recorded in a module itself as the number of transaction count is very nominal for a module so the transaction are recorded manually in GL.
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