Maconomy Information Center

General Ledger

The solution includes the preconfigured General Ledger module.

The Engagement Management module is completely integrated into the General Ledger module, which makes General Ledger a central part of the Maconomy solution. Because the modules are fully integrated, there are no balance differences between the General Ledger and the other modules in Maconomy, including your client and vendor sub-ledgers. This saves a lot of time for the Finance Department, in terms of reconciling unexpected variances during month-end closing.

The functionality in the General Ledger module enables you to:

  • Create an unlimited number of legal entities in the same database. Each legal entity can have a different currency if needed.
  • Create and structure the Chart of Accounts and the twelve dimensions (see Reporting and Dashboards for commentary on Maconomy dimensions).
  • Set up different fiscal years per legal entity.
  • Post manual entries through a general journal, post on all twelve dimensions, and make postings across the Accounts Receivable and Accounts Payable modules.
  • Copy and automatically reverse general journals.
  • Use templates for general journals.
  • Reallocate entries in batches.
  • Perform finance reconciliations on selected accounts.
  • Set up G/L allocation combinations (to restrict the postings on accounts).
  • Set up company allocation combinations (to restrict the postings on different companies if multiple legal companies exist).
  • Handle tax setup using tax tables for each legal entity.
  • Handle tax settlements per legal entity.
  • Create year-end closing per legal entity; you can run this several times for a fiscal year.
  • Set up intercompany invoicing by invoicing the intercompany balance between legal entities to enable creation and printing of physical invoices. You can decide whether these invoices should include taxes. In addition, the system can calculate interest on each intercompany balance, allowing invoicing of interest amounts as well.
  • Look up information at the account ledger, dimension ledger, or even G/L entry level.
  • Drill down into the originating transaction from the G/L; for instance, the ability to print a client invoice and/or view a time sheet registration.

The General Ledger menu in the CPA solution is organized by Transactions, Lookups, and Setup workspaces. This makes it very easy to navigate to the correct workspace and complete your work.