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General Ledger
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The General Ledger module is designed to handle journal entries for various transactions that are not accounted for in Accounts Payable, Accounts Receivable, Payroll or other modules. In addition, the General Ledger section provides for setup and posting of standard recurring journal entries that may then be added to each accounting period without re-entering the data.
Financial statements include Sales Journal, Purchase Journal, Trial Balance, Balance Sheets and Operating Statements. By using Office Links and exporting the data to Microsoft Excel, you can produce almost any kind of financial presentation you require.
The entire eTEK™ Accounting System is date driven. This means that transactions for any accounting period are selected based on the date of the transaction. Accounts Payable and Accounts Receivable Invoices are based on the invoice date. Payments received in Accounts Receivable are based on the deposit date. Checks written to pay suppliers are based on the check date. In payroll, the wages and employer-paid taxes are expensed based upon the pay period end date. The bank, deductions and employee-paid taxes are expenses based upon the check date. Other transactions recorded with journal entries are based on the journal entry date.
Because of this date sensitivity, you are not required to close an accounting period in order to enter transactions for future periods. All transactions (supplier invoices, customer billings and journal entries, etc.) should be entered into the system as soon as possible in the ordinary day-to-day operations of the business.
There are no special procedures for closing the general ledger at the end of a fiscal year. When the first trial balance is updated for a new fiscal year, the system will do all the necessary processing to close the previous fiscal year. The operating statement accounts will be zeroed out and current earnings will be moved to retained earnings before the system updates the first period in the new fiscal year.
For a video overview of General Ledger click here.
General Ledger Data Entry "Ribbon"
General Ledger Inquiry "Ribbon"
General Ledger Reports "Ribbon"
General Ledger Actions "Ribbon"
Common G/L Transactions