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General Ledger

The TRACT General Ledger provides an easy-to-use interface for defining the journal entries that represent TRACT billing activity.

TRACT supports multiple general ledgers from the same billing information, allowing the user to allocate journal entries to separate ledgers for different criteria. Separate ledgers are required for each reporting currency. A set of ledgers can also be set up to test different revenue recognition methods, to prepare data for financial reporting, or to provide a risk-free method for testing your production ledger.

General Ledger setup should be accomplished through the General Ledger microservice in the following order:

1. Create GL Accounts and Categories

2. Assign GL Accounts and GL Categories to a Chart of Accounts

3. Establish parent/child relationships for GL Accounts and GL Categories (optional)

4. Establish GL Account/GL Category relationships (optional)

5. Create Posting Rules

6. Assign Posting Rules to a Posting Rule Set.

7. Create the General Ledger.

8. Assign a Chart of Accounts and a Posting Rule Set to a General Ledger

9. Add Accounting Years to the GL calendar.

For more details, please see the documentation on General Ledger Setup and General Ledger Configuration.

For information about how to use the General Ledger API, refer to the the Developer Center.

 

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