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