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General Ledger Configuration

The General Ledger of Gotransverse requires a Posting Rule Set, currency conversion method, time zone, valid accounting calendar year and a Chart of Accounts to function. The currency conversion method and time zone can be set while creating the General Ledger but the accounting calendar year can be set after creating the General Ledger. For more detail on creating the prerequisites for the General Ledger, please see General Ledger Setup. For information on the complete order of operations for setting up the General Ledger, please see General Ledger.

The Gotransverse General Ledger supports multiple ledgers allows testing without risk to your production ledger. Likewise, multiple revenue recognition methods can be used in different ledgers for comparison and financial statement disclosure requirements.

Creating a General Ledger

  1. Select the General Ledger microservice from the application menu.
  2. From the action menu, click Create General Ledger.
  3. Enter the required information for the General Ledger as detailed in the example below:
    • General Ledger Name*—Enter the unique name of the ledger that you create.
    • Status*—Enter the status of the ledger, initially, it can be set to either Draft or Active.
    • Description—Enter the additional information about this ledger.
    • Chart of Accounts—Select the chart of accounts that you previously created.
    • Posting Rule Set—Select the rule set that you previously created.
    • Billing Account Category—Select a billing account category to associate with your ledger. A ledger can be associated with one or several billing account categories.
    • Convert Currency*—Select if you want the currency to be converted. If you select this check box, the following required fields appear: Conversion Currency* and Currency Exchange Version* .
    • Customer Lifetime—Enter the expected customer lifetime defined in number of months. It's used to amortize the deferred amount of one-time product purchase over the defined period of time.
    • Auto Generate Periods—Select to automatically generate accounting periods. If you select this check box, the following required fields appear: Period Name*, Start Date*, and Number of Months*.

      Note: The actual start of the GL period will begin on the next day following the Start Date entered here.

    • Create Zero Amount Entries—Select to indicate if zero dollar entries should be created for all rules on the ledger.
  4. Click Save to create and view the General Ledger.

Accounting Calendar Setup

After creating a General Ledger, the Accounting Calendar should be created to define the periods and period types for the accounting year. This action can be completed either when designing the General Ledger or as a distinct step after the ledger is created.

To create the Accounting Calendar:

  1. While viewing the General Ledger, click Create Accounting Year from the action menu.
  2. Enter the Year Name and Start Date.

    Note: The actual start of the GL period will begin on the next day following the Start Date entered here.

  3. Select Auto Generate Periods if desired to enter the number of months for your Accounting Year. Click Create.
  4. If you want to manually create the accounting periods, click Create after entering the Year Name and Start Date. From the resulting Accounting Year detail screen, enter the Accounting Periods, ensuring that the End Date aligns to the Start Date of the following period.

Running and Viewing the General Ledger

The General Ledger can be executed from the action menu while viewing the ledger. After the ledger has been run, transactions can be viewed and filtered from the Transactions tab.

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