General Ledger Accounts
From ProfitBoost Manual
Contents |
Overview
The PIFPro General Ledger is a basic accounting tool that implements double-entry accounting. Specific transactions such as RO payments, RO Fees, and Invoice Finalization are mapped to general ledger accounts. To access this tool, click on Admin from the menu bar at the top of the screen, then click on General Ledger Accounts at the bottom of the screen.
Setup
The General Ledger Accounts feature comes loaded with some basic general ledger accounts.
The "Legacy" accounts in the list above are not included in the basic GL accounts that a new system comes loaded with. They are there when the General Ledger upgrade is applied to an account with existing data, and data from some old records is posted to the "Legacy" accounts in the upgrade process.
Creating / Editing Accounts
To set up additional accounts, click on New near the top of the screen. This will open a popup window allowing you to enter the details of your new account. Or, to edit an existing account, select that account by clicking on it, then click Edit near the top of the screen. Accounts created here can be mapped to specific actions in the GL Account Map.
Name
The name of the General Ledger Account. This should be descriptive.
Account #:
The account number you want displayed next to the general ledger account.
Type
The type of the account. Note that Asset and Liability accounts maintain a balance, while Income and Expense accounts do not.
Managing Accounts
To view a list of transction entries that posted to a specific GL Account, as well as additional options for that GL account, point to and click the account in the list as illustrated above.
The list that opens displays the most recent transactions sorted descending by date. To prevent bogging down the system, only up to 750 records are displayed.
By default the list opens displaying records for all departments. To narrow the display to a specific department, select the desired department in the Department dropdown list. To display older records or find a specific record, use the search features to scope down to the records you are looking for.
- Posted Date - Entries should be in the format month/day/year (e.g. "1/28/2006").
- Enter a value into the first box to only show entries posted on or after that date.
- Enter a date into the second box to only show entries on or before that date
- (entering a value in both boxes will display entries between the given dates).
- Account Name - Restrict entries by Customer Account name.
- Checking the box will display results with the string of characters anywhere in the Customer Account name field (i.e. entering 'king' and click search with the box checked; 'King' and 'Brake King' and 'Rocking R' will all be displayed).
- Description - Search by description.
- Checking the box box will display results with the string of characters anywhere in the description field (i.e. entering 'payment' and click search with the box checked; 'Payment' and 'RO Payment' and 'Overpayment' will all be displayed).
- Amount - Enter a minimum and maximum amount value to search by.
- If you are looking for a negative entry (e.g. -33.78) you must enter the - (Minus sign)
Merging Accounts
Merging General Ledger accounts is a way of removing unwanted or duplicated accounts. The account mapping and balance from one account is remapped to a second account and is deleted. To merge two accounts, select one of them from the list and click on Merge near the top.
This will open a list of General Ledger accounts. Select an account to merge with. Select the second account from this list. Then you will be shown a confirmation window asking you which account to remap and delete.
Click the button under the account that you wish to keep. The other account will be deleted, and its data remapped to the remaining account.
Adding Ledger Entries
Ledger entries can be added manually and mapped to specific general ledger accounts. To add new ledger entries, select a general ledger account from the list and click on New Entry near the top of the screen.
This will open a popup window allowing you to create new ledger entries in the fashion of double entry accounting.
Specify as many items as needed, each on its own line. In the first box, select the General Ledger account affected. In the second box, specify an amount, and in the last box, a description. The sum total of all items should equal zero. If it does not, the difference appears near the bottom in red. To add additional items, click the Save + Add Item buttom at the bottom. To remove an item, leave the amount box blank and press Save.
In the example above, The general ledger account will have its balance increased by $100.00, and the "Undeposited Funds" decreased by $98.74. Notice the grand total of these items is off by $1.26.
