This Help File Page was last Modified on 01/14/2018
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General Ledger System
This Help File Page was last Modified on 01/14/2018
❑In the Accounts Receivable and Accounts Payable modules (as well as the Inventory Tracking/Job Costing module which internally links to those), when Financial Transactions are entered in a normal manner (using Forms like Sales and Receipts, and through automatic processes like Auto Bill or Auto Draft), those Financial Transactions are automatically posted to your Company's General Ledger Financial Statements and Reports - in the background - as they are posted through their respective modules, with virtually no additional steps required after implementing the General Ledger System, than were required before its implementation.
•Although most accounting software systems require a two step (or more) process which entails an entry, a review process, and than a posting procedure to finally get those Financial Transactions posted to their General Ledger System, this is not the case when using this MKMS General Ledger System.
•All Financial Transactions (e.g., entering Sales to Subscribers, recording Bills from Vendors, entering Receipts, Paying Bills, etc.) are immediately posted in "real time" into the General Ledger's Account Register and its Transaction File - in the background - and so no additional step(s) are required on the part of the User who is making these entries.
✓In fact, No additional "posting" steps are ever required.
✓Once the MKMS General Ledger System is correctly setup, NO General Ledger Accounting Experience is required by the day-to-day User of the Accounts Receivable, Job Costing & Inventory Tracking, and Accounts Payable modules.
•Some of the key advantages of this methodology are:
✓Reduced Work - Financial Transactions are posted to the General Ledger transparently, in the background, based on the predefined rules established during the General Ledger Start-up process.
✓Simpler Procedures - No additional steps are required when using the General Ledger module, then would be required when not doing so.
✓As Of Date Reporting - All of the General Ledger Financial Statements and Reports may be (Re-)Viewed and/or (re-)Printed for any Accounting Period, current or past.
✓Audit Trail - Automatically posts the original entries and records any "adjustments" that have been made subsequent to making the initial entry, and can report who, when, and usually why all Financial Transactions were posted.
✓Account Balances Always Current - General Ledger current account balances, and all of the associated internal General Ledger System entries, are always viewable at the moment they are affected by the Accounts Receivable, Job Costing & Inventory Tracking, and/or Accounts Payable modules.
•So, your Company will have Real Time Posting in the Background by using this seamlessly integrated General Ledger System.
❑The General Ledger System Reporting Capabilities - These are the predefined reports available within the General Ledger System:
•Balance Sheet - for reporting Asset. Liability and Equity balances, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
•Cash Flow Statement - which provides a Statement of Cash Flows that reports the Description and net Amounts of the Operating, Financing, and Investing related Financial Transactions that increased and/or decreased the Value of your Company's Cash Position.
•General Journal - lists any manually entered Financial Transactions which have been made for the date(s) you specify, and this report may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
•Income Statement - (sometimes called the Profit & Loss Statement) compares Revenue to Expenses and is easily viewed, printed and/or exported to an Excel® spreadsheet.
•Profit & Loss Comparison - compares Revenue to Expenses for All or a selected set of (one or more) Departments, and/or a selected set of (one or more) Divisions, for a chosen Custom Date Range, or for one of the predefined Accounting Periods; reporting the net difference between each of those Periods (or the Month within those Years) as the Profit (or Loss - if those Expenses are greater than the Revenue) for each of the reported Years/Months.
•Trial Balance - for preliminary analysis of a month's Financial Transactions prior to closing that month, and may also be converted to a PDF or various other types of documents, or into an Excel® Spreadsheet file.
•Account Register - a special listing (Grid) of all Financial Transactions posted to a User Specified General Ledger Account - selectable by Transaction Date(s), Department, Division,Source, and General Ledger Account which may also be Exported to an Excel® Spreadsheet file.
•Transaction File - provides a List (Grid) of every Debit and Credit Financial Transaction that was posted to the General Ledger System - within a User Specified Date Range which may also be Printed, and/or Exported to an Excel® Spreadsheet file.
•Read Understanding a General Ledger System and its associated chapters
•Read the General Ledger Start-up Overview and its associated chapters
•Perform all the Start-Up Maintenance Entries and its associated chapters
❖Once the General Ledger System is operational, if - for whatever reason - the Trial Balance becomes "Out of Balance", a Warning Message will be displayed at Login when the User who has Logged In is either an Administrator (Admin) or has been granted the Super User Authority. Theoretically, this should never happen.