If you run a business, you may use the general ledger frequently. Before, double-entry accounting was used to manually enter GL accounting. Later, accounting software and excel files took the place of the old way of doing a general ledger.
The General Ledger Software is the tool provided by Acumatica's Financial Management Suite. This General Ledger manages finances and keeps track of accounts. This system is special because it is integrated with other financial modules. This integration ensures the user's immediate information, vital financial data, and thorough reporting.
We'll cover the general ledger definition and some of its major features and benefits.
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What is a general ledger?
For a business, General Ledger (GL) is the main accounting record. The purpose of a general ledger is to keep track of all cash flows and produces the Income Statement and Balance Sheet. The GL lists all of the company's financial accounts and transactions. They are fixed assets, accounts receivable, accounts payable, and inventory.
Major Features of General Ledger Software
Manage the structure of your GL accounts and sub-accounts
You can define the structure of your General Ledger accounts and sub-accounts. Organize reporting and analysis procedures by defining segments, segment lengths, and segment values.
Secure your account and sub-account
You can control roles to protect data. Also, you can improve data accuracy by permitting access. Pre-defined combinations of segment values help account entry be easier for complex subaccount setups.
Improve reporting with diverse dimensions
You can have unlimited financial reports categorized by product, department, and user-defined segment. With the sub-accounts, you can create different data views, and dimensions. All data can be displayed and summarized monthly, yearly, and quarterly
Combine your general ledger
Acumatica enables you to input financial data from businesses to create consolidated reports. The import process works despite different currencies or account structures. Minority interests, intercompany transfers, or transactions are preserved to avoid duplication. Thus, you can stay assured of any data change in the process.
Major Benefits of General Ledger Software
All your general ledger data is accessible from any place and on any device.
Predictive and adaptable screen layouts help cut down on data entry time.
You can restrict the accessible accounts and sub-accounts using advanced security measures.
Using integrated queries and tools, you may streamline reports.
You can create workflow and approval processes that speed up your current operations.
Finally, by utilizing different currencies and translations, you can work locally and internationally.
The general ledger system from Acumatica can be ideal for your financial stability. Instant access to current and accurate financial data, along with thorough reports. Don't be hesitant to reach out to Irvine Bookkeeping Team. We are here if you want to learn more about Acumatica and its functionalities.