General Ledger
Overview
Shafer's General Ledger is designed to operate as the hub of your company's financial management system in order for you to measure your business' financial prosperity. The General Ledger records each incoming and outgoing monetary transaction of your business using a fundamental double-entry bookkeeping system. Our GL Module accumulates data, supplied from Journal Entries as well as Shafer's other integrated modules, and empowers you with the tools necessary to provide timely Financial Statements and produce executive and administrative reports.
We'll also provide you flexibility to structure your Chart of Accounts, fiscal periods and open GL periods to correspond with your existing accounting system. Shafer's General Ledger Module will allow you to archive past general ledger details while also allowing a large number of years to remain open for viewing. General Ledger enhanced Security features will validate your account numbers and guard against posting to a closed period. A date range (for earliest and latest entry dates) will monitor all dates of entry, making erroneous postings virtually impossible.
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· Financial Statements
The Balance Sheet is a financial snapshot of your company, showing the assets, liabilities and owner’s equity of your business, at any particular point in time. It can be printed on-demand and includes all information that has been entered and posted to the present date. However, most of the information is generated through Accounts Payable, Accounts Receivable and Payroll. The Income Statement is a financial statement showing a company’s earned income and expenses incurred in earning income (cost of sales), expenses associated with costs of doing business (general expenses), and the resulting net income or net loss. The statement can be printed on demand at any particular point in time and also includes all information that has been entered and posted to the present date
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· Trial Balance
The Trial Balance Report provides a preview of balances that will show on the financial statements. It is a snapshot of all your company accounts, showing the assets, liabilities, equity, revenue and expense debits/credits. A summarized version shows current period debit/credit activity and year to date debit/credit amounts with a grand total of debits and credits for both Period and Year-to-Date at the end of the report. Use this report to print a General Ledger Detail Trial Balance for a specified year and period(s). The Year-end Worksheet shows the consolidated year-end balances for income and expense accounts, reflecting the amount of retained earnings to be posted at years end. Similar to an income statement, it uses the same GL format (showing both Gross profit/loss after Sales less Cost of Sales, and Net profit/loss with Sales Expenses and General Expense Totals).
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· Account Auditing
Shafer's GL Account Auditing will provide you with several options for viewing transactions in several different formats. The Accounts and Balances feature looks at total account balances and includes an option for transaction detail. You can easily view journal entries listing each transaction and the resulting detail from the entry(ies). Transaction Registers look at all transactions that were created within the sub-ledgers. An Account Detail Report will tell you what is happening within each account, what transactions occurred and where each transaction was generated.
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· Budgeting
Budgets are not required and do not need to be set up for every account. Typically, budgets are set up only for Income Statement accounts. However, they may also be set up for Balance Sheet accounts, if desired, to support financial requirements. Budget Encumbrance listings are designed to show committed monies to aid in your financial planning.
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· Chart of Accounts
We eliminated the need to assign numbers by sequence which gives you the ability to create your own Chart of Accounts. This lets you define account numbers and the class in any order you wish.
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· GL Defaults
Here's where you'll define your sub-ledgers and posting accounts. These settings will tell your system where to post the entries and once they are defined, will make posting to the General Ledger error-free.
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· General Ledger Security
Shafer's file security is standard to all modules. For each integrated module you can select Full Access, No Access or Selected Options access for every user. The Selected Options security setting provides: 1) menu options and 2) folder options.
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