- The structure for the chart of accounts is user-defined for each company.
- Each company can have a chosen reporting currency.
- Management and statutory account codes can be distinguished, enabling local and HQ reporting to be generated from the same set of accounts.
- Changes to the chart of accounts are recorded for subsequent auditing.
- A transaction will be posted in base currency.
- Narrative can be recorded for individual journal lines or for the journal header.
- Budget can be set against GL account.
- Budgets can be held in base currency for each period./li>
Multi Company Accounting
- Choose between two methods of multi company accounting:
- Handle business for more than one company within the same chart of Accounts.
- Use the General Ledger Consolidation module.
- The accounting calendar is user-defined with up to 13 periods per financial year.
- Run a preliminary year-end close and post prior year postings to an adjustment period.
- Post journal entries immediately or store them for batch posting.
- Groups of journal entries are automatically checked to ensure that they balance before they are posted to the General Ledger.
- Set up templates for journals that you post frequently.
- Prepare your own journal entry types with simplified entry forms.
- Post recurring journals automatically.
- Post journals to earlier periods in the year (if you have chosen to allow this when the module was set up).
- Post to future periods and future years.
- Post adjustment transactions to the previous year. When prior year adjustments are complete, the current year’s opening balances are automatically updated and can be amended using normal entry postings.
Actuals, Prepayments And Reversing Journals
- These can be created so that they are posted automatically at the beginning of each period.
- Period end routines ensure that the full suite of audit trails and trial balance reports are checked and printed before closing the period.
- Accruals, prepayments and reversing journals are prepared for the next month.
- Out of date recurring journals are cleared down.
- Rolling Forecast budgets are updated.
- The year end routine can create budgets based on actual values or existing budgets.
- The year end profit and loss clearance journal can post to each detailed account or can post summary entries.
- Calculate the budgets for each account in any of these ways.
- Specify individual figures for each period.
- Automatically spread the year’s total evenly across all periods.
- Automatically allocate the year’s total to individual periods by percentage or proportion.
- Update rolling forecasts at period end based on actual results to date.
- Drill down enquiries are available from each level.
- With drill down features from posting code and account level, compare summary period and year to-date results with the previous year and any budget or forecast.
- Obtain instant information about transactions in any year and period, including transactions posted from other modules.
- The detail available on each transaction line is comprehensive, including:
- Values in transaction, base currency.
- Journal line narrative.
- Document and transaction references.
- History of transaction revaluations.
- Use drill down controls to review original documents such as sales orders or invoices.
- Full double-side postings are available for view from any transaction or retrieved by journal reference or posting group.
- On screen views can be printed at any time and transaction enquiries can print cumulative transaction values.
- Archived transactions can be reviewed in the same way as current transactions.
- Chart of accounts, with or without balances.
- Journal Audit trails of all postings from General Ledger.
- Journal Listings of all unposted journals.
- Trial Balances in summary or detail.
- Commitment reports showing purchase spend and commitments against budgets.
- Audit reports of all master files that define account codes.