A Ledger is a record of total economic transactions. A ledger records summarized financial information as debits and credits, and shows their current balances. The ledgers, once added to the master, need to be managed efficiently by modifying existing ones and deleting the redundant ones as well as making any of the temporarily unused ledgers extinct. The details of the Ledger Master can also be Exported to excel.
Important - Relationship between Ledger and Sub ledger
While general ledger is the set of master accounts where transactions are recorded, sub ledger is an intermediary set of accounts that are linked to the general ledger. The relationship between these two is that multiple sub ledgers are attached to the general ledger. Depending on the type of sub ledger, it might contain information about transaction dates, descriptions, and amounts billed, paid, or received. As part of their year-end audit procedures, auditors may trace transactions from a sub ledger to the general ledger and from there to the financial statements, to ensure that transactions are being recorded properly in the accounting system.
Step-by-step guide
The Add button in the Ledger Master grid view allows the inclusion of new ledgers as and when required. On clicking the button, the Add Ledger window opens up to include all relevant details of a ledger. The new record can then be saved and reflected in the master.
Prerequisites
- The user's role must have the Add application operation enabled for Admin - Finance - Chart of Accounts - Ledgers through Roles in Ginesys Web - Admin - Security.
- Group of the ledger must exist.
Step-by-step guide
Go to Admin > Finance > Chart of Accounts > Ledgers. On clicking the Add button, the Add Ledger window appears. You need to enter the name and the abbreviation to be used for it, in the Name and Abbreviation fields respectively, as these are mandatory fields.
In the Add Ledger window, there are two (2) tabs-
General- The General tab records all the general information about the ledger like the group it belongs to, Central Sales Tax No. communication details like address etc. It is then further divided into three sections:
The General section includes the following information:
FieldsFunctionsGroup This field records the group to which the ledger belongs.
This is a mandatory field.
Type This field automatically gets filled when you enter the Group. Nature Here you can enter the type of ledger it belongs to. You may choose Cash, Bank, AR/AP or General.
This is a mandatory field.
Sub Ledger Applicable This field has a Yes or No check fields beside it. If you want to include a sub ledger under your ledger, then select Yes, or else select No. Site Applicable This field, too, has Yes or No check fields. If you want to display the site from which the ledger is being made, then select Yes, or else select No.
Alert
Note: If you select No, then the Applicable Sites tab will appear disabled and you won't be allowed to select the sites / sites to which the ledger will be tagged to.
This section contains the following details:
FieldsFunctionsCheque Label This field records the name which will be used in cheques for the particular ledger. It could be name of a particular person or an organisation. TDS Source This field allows you to select the desired TDS source. Central Sales Tax No. In this field, you can enter the Central Sales Tax No. (Number) or CST No. Local Sales Tax No. In this field, you can enter the Local Sales Tax No. (Number). PAN This field records the PAN number of the person for whom the ledger is being created. Interest Rate In this field, you can enter the interest rate to be levied. The Communication section contains the contact details of the person against whom the particular ledger is being made. If the person concerned is a jobber or a supplier, then this section will contain the contact details of that person. It includes name, phone number, address, email id etc.
FieldsFunctionsContact person This has two related fields: Name (name of the contact person) and Mobile Number (mobile number of the contact person). Address This has seven related fields:
- Address
- City
- Std Code
- District
- State
- Pin Code
- Country
Address, City and Pin code are user inputs; however, City can be selected from the lookup.
The Std Code, State and Country fields are automatically displayed on selection of City.Phone Number In this section, three (3) contact numbers of person (Office, Residence etc) can be recorded here. Fax Number In this section, two (2) Fax Numbers of the person can be recorded here. Email This section has the option of recording 2 Email ids of the person. Website The person's website link can be recorded here. - Applicable Sites- This tab displays all the sites that would use the ledger. The Select Site button allows you to select the sites you want to tag the ledger to.The Select Site button opens the Select Applicable Site window, which allows you to select the sites you want to tag the ledger to.
Field NameDescriptionSite Name In this field, you can see the names of the available sites that can be tagged to the ledger. Short Name This field displays the short name of the sites. Site Type This field displays the site type of the available sites. OU Name Here you can see the name of the Organisational Unit (OU) of the respective available sites. The Select Site button
Here you can just select the necessary sites and click on the Populate button. This will add the sites in the Add Ledger window.
To go back to the main page click on How To: Manage Chart of Accounts in Ginesys HO Admin
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