AccountMate’s General Ledger
AccountMate 7 for LAN
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:
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