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General Ledger
The INFO.NET general ledger module controls all chart of accounts charges, budgeting, and journal processing functions as well as other financial activities such as Fixed Assets. This list shows the processes in this module.

- Preparing for Financial Management Activities
- Creating the Chart of Accounts
- Account Allocations
- Entering and Maintaining Budgets
- Journal Processing
- Making Adjusting Entries
- Closing a Fiscal Period/Year
- Printing Financial Statements
- Defining and Maintaining Currencies and Currency Rates
- Defining and Maintaining Fixed Assets
- Defining, Transacting and Reconciling Bank Accounts
- Account Update Approvals

Whitepapers covering these subjects are listed at the bottom of this page.
Placing your cursor over any of the features listed below, will give you more information about the subject.

Multiple Division Account ControlThe Info.Net system has the ability to control multiple account entities (or divisions). Each of these entities can define and control its own chart of accounts. (A single chart of account definitions can be copied from entity to entity.) All accounting transactions are restricted to a single entity, except in cases where the user has indicated that an accounting consolidation is to be done. In this case the account definition in the consolidating entity will define the account into which its activity will be consolidated.

Account Restrictions and LimitsIf required, updates to account balances can be held for approval during the update of accounts in both the final period close or during the entry of manual transactions. A users approval level (stated as a value) can be set for account transactions in the final period close and for manual transaction entries. The actual implementation of account entries exceeding these limits will be held until a user with the proper security level releases the transactions for update.

Automatic JournalsThe period close routines can generate seven different automatic journals. In addition to the automatic journals, the user has the ability to enter manual journal transactions at any time. Every run of the preliminary period close will clear the G/L transactions and rebuild all entries, except for the manual entries, which will retained in the G/L transaction table.

Recurring JournalsThe general ledger module contains functions that permit the user to enter fixed amount transactions that occur every period. The user can specify the number of periods over which the recurring journal entry is to apply. This is a shorthand method for entering repeated fixed amount journal entries. As with a standard journal, each recurring journal can have any number of transactions to any number of accounts and the journal must balance before it can be processed. Recurring journals can have user or system assigned journal numbers.

Reversing JournalsThe general ledger system permits the user to enter accruals that are to be reversed in a future period of the current year. You can specify the reversing date, but it must be in a future period. The initial transaction will be posted when the final period close is run in the current period, and the reversing entry will be processed during each preliminary close of the future period.

As with the other journal types, each reversing journal can have any number of transactions to any number of accounts, and the journal must balance before it can be processed. Reversing journals can have user or system assigned journal numbers.

Account Allocation DefinitionAccount allocation definitions can be created which will permit an account value to be allocated to any number of other account / department entries on a percentage basis. The allocation will be done during the preliminary period close. As the preliminary close data is rebuilt during each run, the allocations will also be redone as a part of the preliminary close.

Summary Account ReportingIf required, every postable account can be assigned a summary account which will be used in the various account balance reports to collect several account balances into a single summary account. It is also permissible to assign one or more summary accounts to another, higher level summary account.

Financial Input / Output ReportAt any time, the financial input / output report will use all of the available financial data to produce a report that indicates the current available financial position of the company. The data to be used includes the current accounts receivable balances, accrued labor, bank balances and accounts payable balances.

Continuous Preliminary ClosingThe Info.Net preliminary closing procedure reconstructs the entire period close so it can be run on a continuous basis. The only general ledger activity that is not rebuilt from low level data are the manual journal transactions entered during the period. The manual journal transactions are retained in the form in which they were entered.

Accounting Entity ConsolidationAs Info.Net provides the ability to define multiple accounting entities, it becomes necessary to also provide the ability to consolidate the independently generated accounting results for subservient entities into master accounting entities. When a consolidation entity is specified in an entity definition, each defined account in the subservient account must also specify the master entity account into which the subservient account will be consolidated during the period close. The actual consolidation is an automatic process that is generated in a final period close of the subservient entity.

Journal / Account Drill DownsThe detail that created any general ledger journal transaction (except for manually entered G/L transactions – which have no underlying detail) can be seen for any individual entry in a journal by a simple keystroke. General ledger transactions of the type that will product a drill down of detail are transactions that have been created in either the general ledger preliminary close procedure or in a financial period’s final close.The only limit on how far into past transaction drill downs will be available, is the point where the on line historical data has been manually purged with the system data purge routine.

Department or Project Level BudgetingAll budget entries are defined by account / department within a budget code, allowing any number of budgets to be in existence at one time. Multiple budgets may be useful for planning and (what if) projections. Budget codes can be assigned to specific Project/Activities for tracking or control purposes. Budgets may be compared to actual charges at any time, sorted by account or by accounting department.

Budget SimulationsThe user can create any number of budgets based on a user defined budget code. All of these budgets can be compared against actual charges to simulate various scenarios. Budgets can be made against general ledger accounts as well as projects and project activities.

Petty Cash ControlAccounts that can be used for the distribution of petty cash in the accounts payable system must be initially defined as expense accounts with a field in which a petty cash limit can be entered. (If this entry is zero, the account will not be seen by the system as a petty cash account.) The petty cash limit will be examined during each petty cash distribution and the cumulative distribution for an accounting period will not be permitted to exceed this limit.

Multiple Currency Definitions and ControlThe INFO.NET system provides for multiple currencies in both the accounts payable and in the accounts receivable. The system will maintain a history of conversion rates from a home currency to any other defined currency. Each rate entry will include the time and date of the entry, the date on which the rate became effective, the user login id making the entry and the conversion rate from the home entity currency to the currency being defined.

Every bill-to customer and remit vendor will have their currency identified and both the sales order and purchase order systems will include the currency code as a part of the sales order or purchase data. This currency identifier will be rolled into both the accounts payable vouchers and the accounts receivable invoices for use in external documents.

A gain / loss account is available to record the gain or loss due to currency changes between original data entry and final payment or cash receipt.

Banking ControlTo provide control over available cash, bank definitions are required for the accounts payable system but the user may elect to also make banking control available in the accounts receivable functions. If both payables and receivables are using banking control, bank balances will be maintained by the system. There are two types of banks and bank accounts that can be defined; the first will be used for internal functions, accounts payable and accounts receivable procedures – and the second type of bank account will be used for external procedures, as in employee or vendor electronic direct deposits.

Banking TransactionsIf full banking control is in use, a separate banking transaction system is available that will permit the recording of funds movement between bank accounts and for adjustment transactions for any of the defined bank accounts.

Fixed Asset Tracking and DepreciationFixed assets can be defined with all of their relevant depreciation data. The fixed asset depreciation will be calculated during every run of the general ledger preliminary close. The depreciation will be prorated based on the date on which the preliminary close is run, providing a running analysis of an account periods depreciation status.

Responsible Entity Accounting AssignmentsIn a multi entity environment, there is often a situation where a function such as accounts payable is done for many other accounting entities. In the Info.Net system, this is termed ‘Responsible Entities’ and functions such as accounts payable, account receivable, purchasing, sales, service and general ledger can be handed off to other entities. In these situations, all of the activity can be seen from the point of view of both entities, although the final responsibility rests in the entity that is performing the function.

Individualized Proactive Status Reporting / MessagingThe alert feature is a proactive tool that allows individual users to set predefined limits and/or goals to proactively manage all facets of their part of your business operations. It operates by notifying specific users when a predefined limit has been reached. Any user, given valid security, can establish any number of alerts to be checked against values extracted from the various system tables.

Business Process ControlA controlled business process is a defined series of multi-user steps required to complete a (typically manual) task, such as the approval of a purchase order or an engineering change. Each process step must refer to a previously defined department but can additionally specify any number of employee or equipment resource classes required in the process, and can reference specific employees and employee supervisors for notification of a process sequence’s initiation.

During normal use, a business process will be automatically generated by the INFO.NET system based on the definition of a type of, for example, a sales order, an accounts payable voucher or an engineering change. But business processes may also be manually created without reference to any INFO.NET data element.

User Defined Data / Screens
In several hundred of the system data tables, the user has the ability use the system data dictionary to define up to sixteen additional data fields (four integers, four decimals, four dates and four alpha entries). The data dictionary permits the user to define edit rules for the new data and descriptive labels for use in queries, reports and data edit screens.

Info.Net also gives the user the ability to change the text on all of the screens, inquiries and reports via the user message system.

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