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General Ledger

This example shows you how to use the Gotransverse API to create, set up, and use a General Ledger. For information on setting up the GL via the Gotransverse 2.0 UI, please see Setting Up the GL in Gotransverse UI.

Terminology

General Ledger: a grouping of General Ledger (GL) Accounts that are used to sort and store information from a company's business transactions. Gotransverse’s General Ledger is a powerful solution for natively creating journal entries for Accounts Receivable transactions .

GL Account: a base entity for sorting and storing transactions. GL Accounts need to be associated with a Chart of Accounts in order to be used to create transactions for a General Ledger.

GL Account Category: provides structure for reporting of General Ledger accounts. GL Account Categories need to be associated with a Chart of Accounts in order to be used for reporting.

Chart of Accounts: a group of GL Accounts that are assigned to a General Ledger. In order to be set to Active, a General Ledger needs to be associated with a Chart of Accounts.

Charge Information Record: a representation of Gotransverse activity created by a series of queries (Collectors).

GL Posting Rule: used to evaluate Charge Information Records based on parameters defined in the GL Posting Rule to create GL transactions.

GL Posting Rule Sets: a group of GL Rules that are assigned to a General Ledger.

General Ledger Setup

To create an active General Ledger, at a minimum you need to define GL Accounts, a Chart of Accounts, GL Posting Rules, a GL Posting Rule Set, and a Run Mode Actuals. Let’s set up and use the General Ledger following these steps:

  1. Creating a GL Account, Account Category, Chart of Accounts. Assigning GL Accounts and Account Categories to Chart of Accounts.
  2. Creating a GL Posting Rule and Rule Set. Assigning GL Posting Rules to the Rule Set.
  3. Creating Run Modes.
  4. Creating a General Ledger.
  5. Adding an Accounting year with periods.
  6. Running the General Ledger.
  7. Using the General Ledger.
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