General Ledger

  • Automatically Interfaces to All Other Modules
  • Reduces Manual Postings by Accounting
  • Provides Current On-Demand Financial Reporting
  • Increases Accounting Productivity

This module is fully integrated with all of the modules within the DMACS Enterprise Suite. Each DMACS module is designed to automatically create General Ledger journal entries for all related financial activity; thus, providing you with timely and informative financial statements.

The General Ledger module also provides extensive budget and expense reporting capabilities. Cost centers can be defined in a hierarchical tree format that, in turn, provides rolled up budget and expense reporting by cost centers at each level. All of the General Ledger applications are fully supported by an extensive assortment of query and reporting capabilities.

General Ledger Setup

The DMACS General Ledger module supports financial accounting by division, and optionally allows you to aggregate all divisional financial statements into consolidated company financial statements.

As each division is established, an accounting calendar for the division must be defined. The accounting calendar provides the basis for all financial reporting. Since all financial activity is regulated by the accounting calendar, DMACS allows each division to have multiple periods open at one time.

Before journal entries can be initiated, the General Ledger accounts must first be defined. The chart of accounts can be reviewed on-line during the setup process to verify the print format for the financial statements. Current and historical financial data is maintained for each account.

In order to control manual journal entries, authorized source codes are also established to ensure reporting accuracy. Certain reports show the general journal entries by account number and source code to facilitate detailed analysis to resolve any journal entries that may have been posted to an incorrect account.

Budget Maintenance

Budgets may be established, by period, for each account in the chart of accounts. Budgets may also be established by account number and cost center (i.e., department).

In fact, the General Ledger module provides extensive budgetary reporting capabilities, including budget and expense reporting by cost center hierarchy. This feature allows you to establish and maintain the relationship between cost centers to form a hierarchical tree of cost centers. Budget and expense reporting can then be automatically rolled up from the lower level cost centers to the top level cost centers for comparison reporting.

Journal Entries

Manual adjusting entries to the system can be made at your discretion. Each entry undergoes extensive checking to ensure its accuracy.

When interfaces with other DMACS modules are established, journal entries are automatically generated in a summarized form to reduce the amount of unnecessary detail. The details of the summarized entries are already maintained in each of the appropriate subsidiary ledgers. The journal entries can then be posted to the general ledger at any time once they have been balanced.

The General Ledger module also provides the ability to automatically transfer journal entries from one cost center and account or range of accounts to other cost centers and accounts. The system automatically calculates the total quantity transferred from the sending cost centers and accounts based on an allocation percentage assigned by the user. In addition, the system automatically calculates the actual amount transferred to each account based on the transfer percentage assigned to the receiving cost center and account

Period/Year End Closing

Once the journal entries are posted to General Ledger, they are then transferred to a general journal history table as part of the period end closing procedure. This procedure automatically closes the current accounting period to prevent further journal entries from being posted to the period.

If the period being closed is the last accounting period for the fiscal year, a year end procedure is then invoked to clear the revenue and expense accounts. The adjusting entries needed to clear these accounts are recorded in the general journal history table.