Jewel - General Ledger

The General Ledger Module provides calculations and evaluation mechanisms desired from a high-performance financial administration system. It not only organizes and assimilates all financial information from other modules, but also helps combine data from multiple group companies into a single consolidation company for financial reporting and analysis. Precise financial statements and reports generated by the General Ledger are vital for decision making. It acts as an effective monitoring tool by segregating the financial performance and activities of different departments.

It is interfaced with the Cash Manager, Accounts Payable and Accounts Receivable modules. The transactions posted in these modules create journal entries in the General ledger.

Module Highlights

• Acts as centralized data store. All transactions posted find place in the general ledger
• Audit trails is available of all transactions and adjustments
• Has an extensive and powerful search capability for faster look-ups
• Ability to drill down to the source of the original postings, balance history and transactions
• Flexible account structure to group the general ledger accounts into as many categories as desired. There is no limit on the number of entries to be made
• Facility to permanently delete unwanted records or put uncertain records on hold
• Provides facility to print ready reference lists for account categories, general ledger accounts and sub accounts
• Multilevel trial balance feature to level the balance at account or category level
• Provides exhaustive journal register for updated information posted
• Flexible reporting system to print reports for multiple accounting periods, general ledger accounts and range of values

Setup

• Accounts Category
  Various accounts are classified here depending on their specific nature. Examples of account categories would be current assets, long-term liabilities, other expenses, cost of goods sold.
• GL Account
  These are accounts that need to be set up based on the specific needs of the jewelry business. For example, building improvements, pearl purchases, color stone purchases, etc are different GL accounts. Setting up of the GL accounts is a one-time exercise that would need to be done before starting any transactions.

Transactions

• Journal Entry
  This screen is used to make an adjustment between 2 accounts. This is generally used in cases where the transaction needs to be reversed???
• Journal Query
  Querying on any of the active fields can retrieve journal entries made earlier?
• General Ledger Posting
  In order to permanently record transactions that were made in the other modules in the General Ledger the General Ledger Posting Option is used.
• All module posting
  Transactions can be posted from a single module, a set of modules or even all modules for a given accounting period
• List of unposted transactions
  All transactions that may have been recorded may not have been posted in the General Ledger. This screen is used to view the list of such unposted transactions
• Undo general ledger posting
  There is a provision to undo a transaction that had been made in a given accounting period.
• Change Transaction Date
  This screen is used to edit the transaction date of a transaction that has been previously entered into the system. The old transaction date can be replaced with a new transaction date by using this feature.

Reports

• Journal Register
  This throws up a list of all journal entries made in the General Ledger with the debit and credit figures.
• Journal Detail Register
  This gives the user the list of journal entries made alongwith details of each entry. This is useful for conducting an audit trail for each transaction / entry
• General Ledger
  This is a comprehensive account wise list of postings that have been made in a given accounting period.
• Trial balance
  This gives the account wise balances of all GL accounts that have been created in the General ledger.
• Income Statement
  The income statement can be viewed and printed using this option .It gives the top management a means to analyze the profit / loss made in a given accounting period and even over a range of time.
• Balance Sheet
  The balance sheet, one of the most important financial accounting documents, can be generated using this section. It gives a real time, accurate assessment of the assets and liabilities of the business as on a particular date.
• Set up Reports
  • Account Category
    This report is a ready reckoner of account categories that have been created in the GL module.
  • Chart of Accounts
    This acts like a reference of all the accounts and sub accounts that have been created in the GL module.