General Ledger System Features Including Foreign Currency
The Financial Accounting System is designed to manage the company's financial information in an effective manner. The system incorporates a vast number of outstanding features to give maximum benefit and deliver accurate information to users, for effective business management and forecasting. Some of these features are mentioned below:
- User defined accounting periods.
- Supports 24 accounting periods:
This year’s accounts are shown with comparisons of previous year’s values.
- Supports multi currency transactions and calculates exchange gains and losses.
- Provides for 12 months of budgeting.
- Automatic reversal of accruals.
- Consolidation:
The system is designed to grow with your business from a little office in Colombo to a global business decentralized by region, country, city, branch, sub branch etc. and it monitors profitability at the lowest level of the sub branch, which is then decentralized to sub profit centers. Even though transactions are entered account wise, the system provides the facility to take consolidated or cost centre-wise reports.
- Hierarchy of cost centers:
Multiple levels of cost centers can be introduced with the ability to summarize at any level. Maintenance of multiple divisions/ companies with further categorization under each division / company could be achieved using cost centers.
- User defined accounts:
The user can define the chart of account with the last three characters as the cost centre.
- Supports unlimited note and sub note fields:
Notes & sub notes are in separate tables, thereby allowing users to create any number of notes / sub notes.
- Copy chart of accounts to new cost centre:
After creating an account for a cost centre it can be copied to a range of cost centers.
- Foreign Currency Management:
- System facilitates multi currency transactions (with conversion rates).
- Revaluation of gains or loss on foreign currency conversions.
- Automatic calculation of differences in the exchange rate during inter-bank transfers.
- Supports multiple currencies, with automatic calculation of the rupee value according to current exchange rates.
- Bank Reconciliation through EDI data transfer:
Bank reconciliation can be done for any bank on a daily, weekly or monthly basis with ledger balances. The system generates a Bank Reconciliation Statement for a given date displaying the opening balance, unrepresented cheques, unrealised deposits and the closing cash book balance. This can be obtained in foreign currency and rupee values.
- Cheque printing facility for multiple banks.
- On-line voucher printing:
All transactions provide the facility of printing vouchers as and when they are required.
- Integration of a third party software to the Financial Accounting System:
The system provides the facility to import data from other files (e.g. Excel documents).
- Facility to export internal reports to other file formats.
- Automatic reversal of accruals and closing stock entries.
- Automatic journal entry numbering:
A computer generated numbering system for all journals.
- Graphical Chart reflecting expense analysis etc.
- Validates posting data:
The GL posting of data from other systems can be done daily. If a date has been skipped for posting it will automatically pick that date when the next date is given.
- On-line data entry or batch posting:
The system facilitates the entry of transaction either on-line or batch posting. The data entry screens allow for multiple entries reducing repetitive work, minimising data entry and eventually saving time.
- Full cash management function with Cash Flow Statement
The system provides the facility to obtain a cash flow analysis up to a given date. The user has the flexibility to define the cash flow code during Cash Flow Master File creation (according to the organizational format). The cash flow statement is headed by the opening balances and finally reflects the net cash flow. All the receipts and payments are clearly listed.
- Fixed Asset Schedule
The system allows the user to take a separate Fixed Asset Schedule for a detailed analysis of all their fixed assets up to a given period. For each fixed asset the schedule values the cost, depreciation and the disposals by reflecting the opening balance/ additions/ depreciation/ disposal during the period/ cumulative balance and finally the net value.
- Maintain full audit trails and validity reports:
All transactions have document trails that indicate the entry details including the name of the user and the date & time of the entry.
- Values imported from third party applications:
The system can be customized to pick data from other compatible systems (e.g. instead of entering all salary & loan details to the GL we can download data from the Payroll).
- User defined end of period date:
The accounting period can be defined by the user.
- Drill down to original transaction from reports:
In reports where data is summarized, selecting the total will take you to the individual entries that sum upto that total.
- Ratio Analysis.
- Sensitive Analysis.
- Analysis Code:
If a set of accounts need to be grouped and the expenses for all such accounts reported as a total, then all such accounts are grouped under one analysis code.
E.g. One Analysis code for the following will assist in reporting the expenses for a particular vehicle;
- Vehicle Number
- Driver
- Fuel
- Spare Parts
- Repair Charges
- Insurance
- License
- Ability to pass recurring journals.
- Handling of unidentified debit/credit.
- Bank debit & credit.
- Management Reports:
A vast array of management reports are generated by the system to deliver accurate timely information for effective business management analysis and forecasting. Each report can be taken in several different formats providing additional information.
Trial Balance, Balance Sheet, Profit & Loss, Note Schedule and Manufacturing Statement can be taken cost centre wise or consolidated.
Some of the reports are listed below:
- 1. Trial Balance
- Cost Centre Wise Trial Balance
- Consolidated Trial Balance
- Consolidated (Note) Trial Balance
2. Profit & Loss Report
- Cost Centre Wise Report
- Consolidated Report
3. Manufacturing Report
- Cost Centre Wise Report
- Consolidated Report
4. Balance Sheet
- Cost Centre Wise Report
- Consolidated Report
5. Bank Reconciliation Statement
6. Cash Flow Statement
7. Fixed Asset Schedule
8. Note Balance
- Fixed Assets
- Profit & Loss
- Balance Sheet
- Ledger Listing
- Detail Listing – Local Currency
- Detail Listing – Foreign Currency
- Summary Listing
10. Cash Books
11. Payment Cash Book
- Payment Cash Book (Detail) – Local Currency
- Payment Cash Book (Detail) – Foreign Currency
12. Receipt Cash Book
- Receipt Cash Book (Detail) – Local Currency
- Receipt Cash Book (Detail) – Foreign Currency
- Receipt Cash Book (Summary)
13. Petty Cash Book
- Petty Cash Book – Detail
- Petty Cash Book – Summary
14. Journal Book
15. Cheque Printing
16. Voucher Printing
- Payment Voucher
- Receipt Voucher
- Petty Cash Voucher
- Journal Voucher
- Bank Transfer