General Ledger Overview

The General Ledger system is designed to accommodate the retailer that is interested in maintaining an accounting procedure that will provide the necessary totals for an accounting firm to prepare their financial statements, as well as the store that wishes to prepare their own Balance Sheet and Profit/Loss Statement.

General Ledger was designed to handle multiple stores. The system will provide financial statements by location. Multiple sales tax rates are tracked. An audit trail is established to track inventory transfers so you can cut inventory shrinkage.

Most accounting entries are generated automatically as daily work is entered. This is a complete interactive system, with posting being done in a 'real time' environment rather than batch processing system. The Accounting system eliminates the need for the daily spread sheet typically filled out each day in a manual system. The computer does the sorting, adding and monthly extensions at the press of a button.

The accounting is date sensitive. This enables you to continue processing your 'next months work' prior to closing out the previous month.

The General Ledger system and supporting reports were designed with the help of CPAs that are experienced in the retail business. Audit trails and balancing procedures are set up to insure accurate information. This General Ledger system has the ability to provide a detailed Balance Sheet and Profit/Loss Statement to help management make better and more timely decisions. In addition to detailed statements, you can produce a more summarized statement for your bank or other lending institution.

The Accounting system comes installed with a complete chart of accounts and accounting tables. These accounts can be changed and will give you the flexibility to account for your business in a manner established by you or your accounting firm.

You will want to check your clearing accounts on a regular basis to be sure they are clearing properly. Some of the more common clearing accounts are the 109's, 120-98 'Inventory Received' and 201-99 'COD Clearing'.