General Ledger

The importance of an accurate and current General Ledger is critical to making financial decisions that affect your return on investment. ProfitMaster Canada's General Ledger works in three ways to keep this information current and easily available. First, up-to-date information about every phase of the business - Accounts Receivable, Accounts Payable, Inventory, Sales, and Cash Audit - can be found through General Ledger inquiries and reports. Second, the financial statements produced by the General Ledger application can help plan for budgets, forecast profits, and view the growth of the company. And third, as an option, the G/L can be directed to work with Operations Management to automatically post daily transactions to the ledger for even greater assurance that the financial information is complete and accurate.

Features and Benefits

• Provides a balance sheet designed to accommodate your business requirements.
• Separates or consolidates profit and loss statements for as many as 100 different divisions, departments, branches, or other business functions within each location of your business.
• Offers divisions with up to 9,999 accounts, and 99 sub-accounts each.
• Validates accounts to protect against accidental entry of transactions to an account not listed in the chart of accounts.
• Provides full control over 7 columns of data for your Income Statement including:
  • Actual, budget or projected
  • Range of divisions or single division
  • Percentage of sales from any column
  • Range of years and periods
  • Amount or percentage of variance from any column
• Provides a full detailed automatic posting option.
• Allows you to select closing dates for accounting periods and for the year.
• Permits you to have an unlimited number of open periods.
• Offers a chart of accounts with a variable format to tailor the appearance of the balance sheet and Profit/Loss Statement. You arrange the lines of the report to best visually suit your needs.
• Comparative budget information for each separate account of actual, budgeted, and prior year figures. These can be reported for review at any time on demand.
• Prevents out-of-balance entries through double-entry bookkeeping.
• Inquiries on accounts to display transaction detail for any year or period.
• Contains a provision for historical entries so you can close your books in the period following the posted closing date, and simultaneously bring prior-period figures up-to-date.
• Retains account detail for as long as required.