General Ledger System (GLS)

The General Ledger System (GLS) provides a user-definable account classification and category code structure. This system is structured for the corporation with multiple companies and divisions. This user-defined tracking level easily accommodates both small and large companies. The category codes are used in developing financial reports and statements, greatly simplifying report maintenance as General Ledger accounts are added.

General Ledger System Features

• Permits your staff to maintain account information for multiple individual companies and provides the ability to roll up the data in consolidated reports
• All reports can be viewed on screen, printed or downloaded to the user desktop
• Maintains extensive audit trails for all transactions
• Supports daily closes in addition to period closes, providing you the ability to run up-to-date financial statements at any time (daily, weekly etc.)
• Provides flexible presentations of the financial activity and history of the organization, allowing users to have responsibility level reporting for expense-to-budget and profitability reporting at four different levels: company, division, department, even down to cost center level if desired
• Provides users the flexibility to open previously closed periods or to open the prior year to make year-end adjustments, and return to the current year
• Allows users to post journal entries to the current period or up to two future periods if desired
• Supports four types of journal entries: manual, recurring, auto-reversing, and automatic
• Contains a powerful report generator to provide maximum user control for making financial report designs
• Ensures total debits and total credits are always in balance. The system automatically “flags” any potential out-of-balance condition and prevents entry
• Supports the creation of monthly budget information by account and allows the user to determine the level of data retention at the company, division, department, or cost center level
• Allows users to run month-end processing without interrupting day-to-day work in PRIMAC
• Jobs can be entered, invoices posted, PO’s issued, inventory received, etc.with a clean break on period activity