GENERAL LEDGER

Pear Tree
2016-11-10 15:47

GENERAL LEDGER

 

General Ledger transactions are created from everywhere and have to be funnelled into the General Ledger Transaction file to be Posted before they reach the General Ledger.  

 

Finance – General Ledger – Inquiry

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GL Account Number:

-        Can either manually enter an Account Number, or use the dropdown to choose from a list.

-        Choosing an Account will make the Fiscal Year Table appear in the lower section of the window.

o   If the Fiscal Year Sequence field is clicked, another pop up will appear showing the Fiscal Periods for the year for that account.

o   Drilling down further creates another pop up detailing the Transactions for that month.

o   The User can further drill down on the GL # for more information.

-        Alternatively, leave GL account number blank and specify a GL transaction to display or click on Unposted GL Transactions or Posted GL Transactions (see below).

 

GL Account Description/GL Account Type/GL Category

-        Information displays if an Account is specified.

-        Cannot be edited in this window.

 

Current Year:

-        Shows the current Fiscal Year.

 

Specific Transaction:

-        Can manually enter a specific GL transaction number, if known, to show the details of the transaction.

 

Unposted GL Transactions:

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-        Shows all the Un-posted General Ledger transactions.

-        Click on the Trans ID (GL transaction number) to show the details of the transaction.

 

Posted GL Transactions:

-        Shows all the Posted Transactions in the system.

-        In the pop up, click on the GL transaction number to show the details of the transaction.

 

 

Fiscal Year Sequence:

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-        Shows all Fiscal Years in the system.

-        Click in the Fiscal Year Sequence column to show the Fiscal Periods for that Year.

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-        Click in the Fiscal Periods column to show the GL Transactions for that Period.

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-        Click in the GL# column to show the accounts and amounts in the transaction.

 

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-        Click on the Transaction Details button to see the transaction(s) that generated the GL transaction.

 

 

Types of GL transactions:

-        Source indicates the type of transaction that generated the GL transaction.

 

Source code

Type of transaction

APAR

Accounts Payable to Accounts Receivable transfer

APC

Accounts Payable cheque

APCV

Accounts Payable cheque voided

APP

Accounts Payable invoice

APPV

Accounts Payable invoice voided

AR

Accounts Receivable invoice

ARAP

Accounts Receivable to Accounts Payable transfer

ARP

Accounts Receivable payment

ARR

Accounts Receivable invoice reversed

BD

Bank Deposit

J

Journal Entry

NAP

Non-AP unit cost adjustment

PAY

Payroll 

PHYS

Physical Inventory 

PT

Part transfer to another store

RPO

Purchase Order Receipt

RS

Retail sales and/or payments

RSI

Part on-hand quantity adjustment

RVS

Unit sale finalized

RVSR

Unit sale reversed

TC

Trade-in cost assigned

UT

Unit transfer to another store

WO

Work order closed

WOR

Closed work order reversed

YERP

Year end close

 

 

 

 

Finance – General Ledger – Update – Post Trans

To Post Transactions means taking the transaction, putting it in the General Ledger and making it history.

 

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-        Drilling down on the Trans. ID shows the General Ledger Transactions.

-        Clicking on Transaction Details will show further information, if there is any.  If there is not an Error message will appear.

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Submit:

-        Posts ALL Transactions in the List.

 

Finance – General Ledger – Update – Bank Deposit

Removes the payments from the Undeposited Funds Account and puts them into the Bank.

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-        Bundle or group together different Payment Types as if entering into a Bank.

o   Flag all Cash for one day and Submit.

§  If there is a difference between the Payments for the day and Cash of a small amount (less than $5), do a manual entry to add the discrepancy.

o   Clear the window.

o   Re-choose the Bank and Deposit Date and do the same for each different type of payment (credit card, direct deposit, etc.).

-        Each Deposit is an Unposted General Ledger Transaction.

-        Each Deposit will need to be Posted.

-        Undeposited Funds will show as Bank Clearing Account.

 

Bank Code:

-        Select from the dropdown.

-        From Finance – Payables – Administration – Bank Codes.

 

Deposit History:

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-        Cycle No.:

o   Manually enter the Cycle or click the Underlined link to choose from the Table.

o   Shows different Cycles for each Submit.

 

Bank Code Name/Bank Clearing Account/Bank Deposit GL/GL Clearing Balance/Undeposited Total/Deposit Total:

-        Default in from Bank Code.

-        Cannot be edited in this window.

 

To Fiscal Period:

-        Defaults to current Fiscal Period.

-        Can be overridden to a prior date.

-        Make sure the correct Fiscal Date is showing if depositing for a prior time.

 

Deposit Date:

-        Defaults to current Date.

-        Can be overridden to a prior date.

-        Make sure the correct Date is showing if depositing for a prior time.

 

Bank Deposit GL Balance (After Deposit):

-        The amount will change after each Submit and Clear.

 

 

 

BANK RECONCILIATION

 

Finance – General Ledger – Update – Bank Reconciliation

 

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-        A Bank Deposit creates a Transaction.

-        A Bank Reconciliation does not create a Transaction.

-        Creates a list to compare to the Bank Statement and General Ledger.

 

Bank Code:

-        Select the correct Bank from the dropdown for the Bank Statement.

-        Once a Bank is selected, a list will appear in the lower section of the window.

-        Flag each item found on the Bank Statement.

 

To Fiscal Period:

-        Manually enter the Period or click the Underlined link to choose from the Table.

 

Reconciliation Date:

-        Defaults to the current date.

-        Can be changed manually or use the Calendar icon.

-        Usually the date on the Bank Statement.

 

Unreconciled Total:

-        Decreases for each Debit flagged in the list.

-        Increases for each Credit flagged in the list.

 

Reconciled Total:

-        Increases for each Debit flagged in the list.

-        Decreases for each Credit flagged in the list.

 

Derived Balance:

-        Once everything on the bank statement is flagged, should be the same as the Closing Balance on the Bank Statement.

 

Submit:

-        Saves the changes made.

 

Clear:

-        Clear the screen once finished.

 

Once the Bank Reconciliation has been completed, do the following:

 

Bank Code:

-        Choose the same Bank.

 

Print Unrecs:

-        Print and attach to the Bank Statement.

 

Finance – General Ledger – Update – Account Update

 

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GL Year Sequence: Mandatory

-       From Finance – General Ledger – Administration – GL Year End – GL Fiscal Year.

-        To which Fiscal Year the account is to Post.

-        Defaults to the current Fiscal Year.

-        Can be changed to a previous Fiscal Year by manually entering the Year Sequence or clicking the Underlined link to choose from the Table.

 

Account Number:  Mandatory

-        Manually enter the account number to be added.

-        If looking at an account already submitted, manually enter the account or click on the Underlined link to choose from the Table.

-        At year end, the Chart of Accounts is copied to the next Fiscal Year.

-        If adding an account to a previous Fiscal Year, and it has already been Initialized for the current year, the account must be added to both the previous and current Fiscal Year.

-        Alphanumeric.

-        Freeform.

-        Unlimited space.

Account Description:  Mandatory

-        Describes the account.

-        Appears on Financial Reports.

-        Alphanumeric.

-        Freeform.

-        Unlimited space.

 

Account Type:  Mandatory

-        Choose from the dropdown (Asset, Liability, Income, Expense).

-        Liability = Equity.

 

Level:

-        Only visible if, in Store Parameters (Finance Tab), GL Summary Accounts is enabled.

-        Choose from dropdown (Posting, Summary).

-        If not enabled, Posting is assumed to be used.

-        Summary Account cannot be a Control Account.

-        If Summary is chosen, Children Button appears next to Budgets.

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o   Groups together individual accounts to a Summary Account.

o   Click on Select Account.

o   Choose and account from the dropdown.

o   Add a row and select another account.

o   Keep adding rows until all the accounts have been added.

o   Only Posting Accounts can be added.

o   Cannot Post to a Summary account.

 

Status:

-        Choose from the dropdown (Active or Inactive).

-        Cannot be made Inactive unless currently has and for the last 12 months had a 0.00 Balance.

-        Cannot Post to an Inactive account.

-        An error message will appear to disallow making the account Inactive when Submitted.

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Account Category:

-        From Finance – General Ledger – Administration – GL Tables – Categories.

-        Creates Subtotals on a Financial Report.

-        If using Peartree Chart of Accounts, this is pre-populated.

-        If not pre-populated, Dealership needs to create its own.

 

Department:

-        From Finance – General Ledger – GL Allocation – Allocation Tables – GL Departments.

-        Choose from the dropdown.

-        Can run a mini P & L Report by Department.

 

Store Location:

-        If a multi-store set up, choose the Store to which this account will be associatied.

 

 

Control Account:

-        Enable if this is a Control Account (AP, AR, Unit Inventory, Parts Inventory).

-        All transactions that happen to this account should be system generated.

-        Cannot be used in a Manual Journal Entry.

 

Control Account Type: 

-        Added to Version 6.

-        Control Account must be enabled in order to access.

-        Allows the User to the Control Account type.

-        Choose from the dropdown (Receivable Control, Payable Control, Unit Inventory Control, Part Inventory Control).

-        Prepopulated in the system.

-        Cannot be changed.

-        Mandatory if Control Account is enabled.

-        In previous versions, Parts and Inventory could not be flagged as a Control Account because AP Invoices could not use Control Accounts.

 

Budgets:

                  

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-        Allows a Budget amount to be entered per month/year.

-        Different Reports can compare the Budget Amount versus the actual amount.

 

-        Period Description:

o   Defaults in from Fiscal Year.

o   Cannot be edited in this window.

 

-        Budgets:

o   Enter the amount.

o   Numeric only or will receive an Error message.

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-        Close Window:

o   Closes the window.

o   No Submit on this window.  Must remember to Submit in the original Update window or all new information will be lost.

 

-        Clear:

o   Clears the window.

 

Submit:

-        Saves any new information to the system.

 

Clear:

-        Clears the screen.

-        Any new information added will be lost if not Submitted first.

 

System Admin – Configuration – Tables – Department

                  Sales, Parts, Service, F & I

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Department Code:

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-        Manually enter the Code to be submitted.

-        If looking at a Code already in the system, manually enter into the field or click on the Underlined link to choose from the Table.

-        Alphanumeric.

-        Unlimited.

 

Department Name:

-        Description of the Code.

-        Alphanumeric.

 

Department Type:

-        Select from dropdown – Payroll  or  Non-Payroll.

-        Does not come from a Table.

-        Cannot be changed nor add anything.

 

Finance – General Ledger – Update – Journal Entry

 

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-        This window should not be used often.

-        Used to load initial General Ledger Balances.

-        The account cannot be a Control account.  Can be changed to a Control account after making the entry.

-        Used for Recurring Entries.

-        Can be used for Service Charges, Bank Interest, Depreciation entries, and so on.

 

Journal Entry:

-        Unposted Journal Entries.

-        Enter the GL Transaction Number of the Entry or click on the Underlined link to choose from the Table.

 

New:

-        New shows in the Journal Entry field.

-        Assigns a unique Transaction number once Submitted.

 

GL Transaction Description:

-        Manually enter a description:  Bank Interest for the month, Depreciation for the month.

-        Alphanumeric.

-        Freeform.

-        Unlimited.

Reference Date;

-        Defaults to the current date.

-        Can be changed by manually entering the new date (M/D/Y) or using the Calendar Icon.

-        If changed to another Fiscal Period, the GL Fiscal Period will change accordingly.

-        If the GL Fiscal Period is changed, the date will not automatically change.

 

GL Account:

-        Manually enter the account to be used or click the Underlined link to choose from the Table.

 

GL Description:

-        Defaults in from the account chosen.

-        Cannot be edited in this window.

 

Debit Amount/Credit Amount:

-        Put the amount to be debited or credited for the account in the proper field.

 

Account Line Description:

-        Optional.

-        Alphanumeric.

-        Freeform.

 

-        Add another line by tabbing through or clicking the +in the Title section.

-        Repeat the above steps, putting in either a credit or a debit, until the Transaction Balance equals 0.00.

-        Minimum of two lines must be used.

-        No maximum number of lines.

 

Automatically Reverse Entry:

-        Accounting Term for this is Accrual.

-        If an expense is unknown, an estimate can be entered in Journal Entry.

-        If checked, the estimate will automatically reverse out in the next month and the correct amount can be entered.

 

Get Recurring:

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-        An entry that happens on a regular basis (for example if the Dealership does not use the Payroll Module).

-        Choose from the Table the recurring entry to be used.

-        Change the amounts if needed and Submit.

 

Save Recurring:

-        Saves an entry as a Recurring Entry.

 

Delete Recurring:

-        If the recurring entry is no longer needed.

-        Bring up a Recurring Entry from Get Recurring.

-        Click Delete Recurring.

-        Deletes instantly.  Does not need to be submitted.

 

Submit:

-        Saves the entry to the system.

-        The Transaction Balance must be 0.00 in order to be saved.

-        Becomes an Unposted Journal Entry.

-        The entry has to be posted before it affects any of the accounts.

 

Clear:

-        Clears the window of information.

-        Any new information entered that has not been Submitted will be lost.

 

 

MONTH END PROCEDURES

 

The following should be done at Month End.

 

-        Review Open Work Orders.

-        Close what Work Orders need to be closed.

-        Check the Sub Ledgers against the Ledger.

o   Inventory – look at In Stock and Initialized, not Finalized and Service.

o   Accounts Payable

o   Accounts Receivable

-        Compare the Ending Balance in Detailed reports like Trial Balance.

-        Make sure all Daily Sales are Updated.

-        All General Ledger transactions for the month are Posted and none are Invalid.

-        Reconcile the Bank Statements.

-        Check deposits for Undeposited Funds.  Make sure it equals 0.00.

-        Run Month End Reports

o   Trial Balance

o   Balance Sheet

o   P & L

-        Advance current Fiscal Period.

 

 

System Admin – Parameters – Current Fiscals

 

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There are Four Current Fiscal Periods:

-        General Ledger Manual – Journal Entries

-        AP – Accounts Payable Invoices, Accounts Payable cheques, and Payroll.

-        AR – Payments and Invoices through Accounts Receivable.

-        Sales – Sales Department  (Parts and Units) and Service Department (Work Order)s.

 

-        This window establishes a backstop or cutoff date.

-        Once Submitted no transactions can be entered for anything prior to the Current Fiscal Year showing.

-        Cab=n re-open a Fiscal Period if necessary.

-        The system only allows a two year adjustment, the Prior and Current Fiscal Years only.

REPORTS

 

 

Finance – General Ledger – Reports – Balance Sheet

 

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Fiscal Period:

-        Manually enter or click the Underlined link to choose from the Table.

 

Detail or Summary:

-        Choose from dropdown:  Detail or Summary.

-        Defaults to Detail.

 

Sort by:

-        Choose from dropdown:  Category Code, Category Desc,  or  Category Sort Key.

-        Choose to sort in Ascending  or Descending Order.

 

Finance – General Ledger – Reports –Trial Balance

 

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Fiscal Period:

-        Manually enter or click the Underlined link to choose from the Table.

-        Does not break down any further.

 

-        Shows 

o   the Opening Balance

o   Changes for the Fiscal Period (Debits and Credits)

o   Closing Balances.

-        Balances to 0.00 at the bottom of the report.

 

Finance – General Ledger – Reports – Profit/Loss – Single Fiscal

 

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Fiscal Period:

-        Enter the Period for the report or click the Underlined link to choose from the Table.

 

Store:

-        Choose the store from the dropdown.

 

Department:

-        From System Admin – Configuration – Tables – Department.

-        Choose from dropdown.

 

Detail/Summary:

-        Defaults to Detail.

-        Choose from dropdown – Detail or  Summary.

 

Sort by:

-        Choose from dropdown -  Category Code, Category Desc or Category Sort Key.

-        Defaults to Category Code.

-        From Finance – General Ledger – Administration – GL Tables – Categories.

-        In the adjacent field, sort by Ascending or Descending.

-        Defaults to Ascending.

 

Print:

-        Runs the Report according to the parameters entered.

 

To Excel:

-        Sends the information to an Excel spreadsheet.

 

Finance – General Ledger – Reports – GL Transaction – Transaction History

 

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From Period/To Period:

-        Able to run for a single Fiscal Period or a range of Fiscal Periods.

-        Manually enter the Fiscal Period or click the Underlined link to choose from the Table.

 

From Entry Date/To Entry Date:

-        Instead of running by Fiscal Periods, can run for a specific Date or Date Range.

-        The actual Date the entry was made.

-        Manually enter the Daye or use the Calendar icon .

 

GL Accounts:

-        All:

o   If checked shows all Transactions for the parameters specified.

-        Selected:

o   If checked, shows a Table to enter a specific GL Account to see all transactions.

o   Manually enter the Account or click on the Underlined link to choose all accounts from the Table.

Sort By:

-        Entry Date, GL Trans # or Source.

-        Defaults to Entry Date.

-        Further sort by Ascending  or Descending order.

-        Defaults to Ascending.

 

Finance – General Ledger – Reports – Chart of Accounts

-        Shows the Chart of Accounts in the sytem.

-        Can drill down on each account for the current Fiscal Periods for that account.

-        Can further drill down to see the Transactions for that Fiscal Period.

-        From Transactions, can drill down to see the details of each.

 

Print:

-        Prints a copy of the Chart of Accounts.

 

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