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Managing the Ledger Master

Owned by Aparajita Basu Roy
Last updated: Feb 29, 2024
4 min read

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

  1. 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.

  2. 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-

  1. 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:












  2. 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

    The Select Site button opens the Select Applicable Site window, which allows you to select the sites you want to tag the ledger to.
    Here you can just select the necessary sites and click on the Populate button. This will add the sites in the Add Ledger window.



  3. Then click on the Save button to save the ledger.               





Prerequisites

  1. To Edit: The user's role must have the Modify application operation enabled for  Admin - Finance - Chart of Accounts - Ledgers  through Roles in Ginesys Web - Admin - Security. 

On selecting a Ledger and clicking the Edit option, the Edit Ledger window opens, similar to the Add Ledger window. The user can edit any of the details in the window.

Note: 

  • You can also open the Edit Ledger window by double clicking on the desired ledger name. 

  • You can also make a ledger extinct from the same place.





Prerequisites

  1. To Delete: The user's role must have the Delete application operation enabled for  Admin - Finance - Chart of Accounts - Ledgers  through Roles in Ginesys Web - Admin - Security.

This option helps you to delete the desired ledger. You need to select a record and then select the Delete option from the menu or select the record and press Delete button on the keyboard.



Note: You cannot delete a ledger which is already tagged to a site.





This action button helps you to export the entire ledger list to Excel. 

To go back to the main page click on  Managing Chart of Accounts in Ginesys ERP Admin

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