A Profit Centre defines a Division or Department or Branch for which the running costs or the profit made is to be determined. The Profit Centre is the first section of the account.
A Major Account is the portion of the General Ledger account used to group individual accounts into classifications like Revenue, Operating Expenses, Fixed Assets, etc. These Major Accounts can then have Account Levels 1 – 5. These Major Accounts can then have Minor Accounts to break the Expense, for example, down to a lower level for detailed reporting purposes. Major Accounts are also assigned to Profit Centres so that various expenses can be monitored by Profit Centre.
A GL Account Rename program can be used to rename the Company code, Profit centre, Major Account and Minor Account and move them to a new file.
Standing Journals cater for regular postings to the same accounts where values are usually the same for an indefinite period. Once Standing Journal masters or templates have been created, the next step is to post these journals each Period.
Budgets for past, current and future financial years can be created and maintained. Operating performances (profit/loss) can be analysed against various budgets. Budgets are defined by Budget Type and various budgets can be held on the system.
Budget Pro-Rata Codes can be allocated to General Ledger Accounts requiring Budget vs. Actual analysis. These Budget Pro-Rata Codes store the percentage breakdowns used to apportion annual budget figures across Accounting Periods. The spread can be even, weighted or specific for a Period.
Profit and Loss Appropriation is a function used to transfer the resultant profit or loss value to the appropriate general ledger accounts. This allows for correct reporting of business proprietorship, assets and liabilities within the Balance Sheet. This can be performed on a monthly or yearly basis depending on Balance Sheet usage.
General Journals Entry is used for creating and posting General Journals directly into the General Ledger. These include Cash Receipt Journals and Journals for Manual Cheques as well as WIP Transfer Journals in Book Production. Auto-generated journal numbers can be used for nominated journal types.
GL Budgets can be imported and exported.
