General Ledger

The General Ledger module is included and preconfigured in the solution.

The project management module described in the Improving Project Management and From Order to Cash: Improve Billability and Cash Flow topics 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. This saves time for the Finance Department.

The functionality in the General Ledger module allows you to:

• Create an unlimited number of legal entities in the same database. Each legal entity can have a different currency.
• Create and structure the Chart of Accounts and the 12 dimensions.
• Set up different fiscal years for each legal entity.
• Post manual entries through a general journal, post on all 12 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 for each legal entity.
• Perform the year-end closing for each legal entity, which you can run several times for a fiscal year.
• Handle the intercompany balance between two legal entities by creating and printing physical invoices. You can decide whether these invoices should include VAT. The solution can also calculate interest on each intercompany balance, allowing invoicing of interest amounts.
• Look up information at the account ledger, dimension ledger, or even G/L entry level.
• Use standard reports for trial balances, tax reports, and so forth.