The general ledger software helps in generating a balance sheet and an income statement; it checks the status of each account thereby ensuring proper balance. Thus, the software helps in maintaining an integrative application between these accounts while maintaining a check and balance.
Therefore, whether they are revenue expenditures or capital expenditures, relevant account balances are maintained on a daily basis and same goes for the child account too where the account name needs to be changed with that of the child account relevant to the head account.
Similarly, the ledger module is a standalone module and gives an added benefit of being integrated with other modules. Moreover, it gives an ease of producing all financial entries through entries that had been made in the journal.
Therefore, they can be directly transferred to the general ledger module. These in turn can also be updated from other modules. Likewise, comparative analysis is done based on historical records of the previous year's data, comparison is easily facilitated through this general ledger software.
Furthermore, this software contains the account head and transaction column followed by debit or credit entries in it.
The sum of the transactions gives the aggregate balance which goes for the child account as well.
Moreover, this software provides extra security based on the task users are performing, the account number they are using and even the 'inquiry only' access. Therefore, there are three main aspects of providing security in the form of task based access, account number based use and inquiry only access.
The General Ledger software collect posting from various account modules such as:
• Accounts Receivables (Debtors),
• Accounts Payable (Creditors),
• Fixed Assets,
• Job Cost,
• Payroll,
• Expanse Accounts etcetera.
Other than this, the bank reconciliation statement collects, checks and posts data from the general ledger itself as part of the reconciliation process.
Some of the feature the General Ledger Software has are as follows:
• Complete audit,
• Ease of reversal entries,
• Statistical modifications,
• Interface to spreadsheet,
• Integration with other application,
• User defined statements and allocations,
• Module sufficient to accommodate up to a thousand companies.
The RTS - Advantage General Ledger module is one such type of software most readily in use. In this, the user can have numerous postings and an unlimited number of accounts that result in many key numbers that keep track of relevant postings made in the ledger.
At the same time, multiple entries could be posted within the same time period while the net profit figure could also be posted manually or referred to the system for automatic generation once calculated by the ledger. This as a result paves way for automated generations for different departments and account.
Prior entries are then tracked and credited to historical accounts and present ones are updated to keep all the financial data as current as possible.
Thus, the General Ledger Software helps in keeping track of all account entries made and net profit generated accordingly.
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