Functional Need for General Ledger

Posted on July 30th, 2007 by Sanjit Anand | Print This Post | Email This Post

General Ledger is the heart of any accounting system. It is a central repository for all Subledger activity, maintaining the highest summary level of financial information from transaction details supplied by its subledgers. All events that have a financial or monetary impact are ultimately reflected in the General Ledger.

It is a comprehensive financial management solution that enhances financial controls, data collection, and financial reporting through out an enterprise.

What is the functional Need for General Ledger

• Regulate the accounting calendar
• Record business transactions
• Record foreign currency business transactions
• Correct erroneous transactions
• Generate repeating transactions
• Automate the posting of transactions
• Integrate with feeder systems like Payroll, Purchasing if not using Oracle these products..
• View economic position
• View economic position in a foreign currency
• Update value of foreign currency transactions
• View aggregate economic position of two or more related companies