AccountMate’s General Ledger module gives
you maximum control over the management
of all your accounting transactions. Whether setting up and maintaining a chart of accounts, creating journal entries and budgets, or generating financial statements
and reports, AccountMate General Ledger provides top-flight power and performance to keep
you in control of your financial data.

General Ledger also comes standard with fund accounting capabilities (for non-profit organizations). Enabling General
Ledger’s fund
accounting features addresses not only the specific reporting needs of the not-for-profit company; it also provides the tools necessary to provide a detailed accounting of funds furnished by sources that require special handling of
those funds.

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AccountMate 7 for LAN
General Ledger Module

Multi-Segment Chart of Accounts Offer Maximum Flexibility

Account IDs can be up to 30 characters in length with up to 9 segments. Users can define major account segments, departments, projects, divisions, locations and other business segments. These segments may be set up in the user’s preferred sequence, eliminating the restriction to use the first segment as the major account segment that many other accounting applications impose.

Chart of Accounts Maintenance—Information Tab

Automate GL Account ID Descriptions

AccountMate automatically copies all segment descriptions to the GL Account ID description, allowing faster creation of new accounts. The default GL Account Description can be changed to suit the user’s needs.

Set Up Posting and Allocation Accounts

An account can be designated as either a posting account or an allocation account. Amounts can be entered directly into posting accounts, or they can be entered into allocation accounts and pro-rated among the various posting accounts assigned to the allocation account.

Flexible Account Number Setup

Account numbers can be set up without exiting the current function. GL Account IDs for a new department, division or other business segment can be automatically generated based on an existing department, division or other business segment. Also, accounts can be copied across companies that have the same GL Account ID structure.

Segment Definition is Modifiable

Users can redefine account segments at any time. They can add new segments, lengthen existing segments and change existing segment names, types and sequence. These features make it easy to update the Chart of Accounts as the company’s reporting structure evolves.

User-Definable Fiscal Periods

Users can define up to 52 periods for a fiscal year, with options for defining weekly, monthly, quarterly or other fiscal periods. AccountMate's General Ledger automatically adds an extra yearend adjustment period.

Fiscal and Posting Period Control

Users can define the beginning and ending dates of a company’s fiscal year and its fiscal-period date ranges. They can set the fiscal year to cover more or less than 365 days which is a useful feature for companies that have the “4-4-5 period setup”. In addition, a Posting Period Restrictions function provides the ability to prevent recording of transactions that generate accounting entries for posting to a selected period in the General Ledger. This protects the restricted period from further changes when a final statement is being prepared for the period or when the period’s account balances have been audited.

Journal Entry Creation and Editing Is a Snap

Journal entries can be created from scratch or imported from text files, copied from existing journal entry batches or generated from recurring journal entry templates. To further speed up journal entry creation, entries can be copied from Microsoft Excel and pasted on the journal entry grid while journal entry descriptions and references can be automatically applied to each journal entry line. Journal entries can be edited before posting. They can also be viewed, printed and voided after posting. Reversing entries are generated automatically, saving time and reducing data entry mistakes.

Easy Posting of Journal Entries to the Desired Periods

Users can choose to immediately post the journal entry batch just created. The transaction date and reversing date assigned to each journal entry determines the fiscal period to which the entry will be posted.

Flexible Budget Setup and Export/Import Budget Capabilities

AccountMate supports multiple sets of budget data. Each set can be configured for all or a range of posting accounts, and can be used to identify variances between actual and budgeted amounts. Budgets can be set up individually or by applying a percentage of existing actual or budget amounts. Budget amounts can be entered directly into individual periods, or annual amounts can be averaged over the fiscal periods. Budgets can be exported to spreadsheets for further computation and analysis, and then imported back into the system.

Ready for Fund Accounting

When users select the Use for Non-Profit Organization option for a new company, the GL functions, fields and reports are automatically switched as follows to support fund accounting:
  • A Fund segment is added to the Chart of Accounts

  • Report headings, format and contents are modified for fund reporting

  • Additional reports specific to the non-profit industry are provided, including a Selective Accounts Classification Report, Statement of Financial Position, Summary Statement Report, Statement of Activities, and Schedule of Changes

  • Any number of Temporarily Restricted, Permanently Restricted and Unrestricted funds can be set up

  • Eight fund types are provided, including General Operating, Plant, Endowments and Restricted

  • The Retained Earnings account is replaced with fund balance accounts for the three fund categories

  • Option for automatic inter-fund balancing is provided. This option ensures the equality of the debit and credit entries affecting each fund. This feature flows through all modules activated for the company
Other Features
  • For each GL Account ID, view a period analysis showing periodic changes in the account balance

  • Generate various reports such as the Balance Sheet, Income Statement and Budget Statements for individual, combined or consolidated departments, divisions or other business segments based on the account segments users set up

  • Maintain unlimited years’ worth of account balance history that users can view using the various reports available

  • Does not require the closing of individual periods

  • Maintain account summary balances and transaction history until they are purged during fiscal year-end closing
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