Finance and Accounting Training Packet

General Ledger Basics

General Ledger Postings 

Accountability has a flexible General Ledger structure and the ability to define postings at various levels.  

Journals

The system automatically creates a corresponding journal for each approved financial transaction, but you can also create manual journals. 

• Navigate to ACCOUNTING > General Ledger > Journals and you are taken to the Search Journals page.
• Enter any search parameters and make sure that you have the System Created Journals? checked if you're looking for journals created from approved transactions in the system. 

General Ledger Reporting 

There are 3 ways  to access GL data within the platform 

1. General Ledger Transaction Search 
2. Interactive Financial Statements 
3. General Ledger Reports 

General Ledger Transaction Search 

This function enables you to quickly find specific GL accounts, see the transactions for those accounts and quickly navigate to the source transaction pages without having to run a report during the month end review of General Ledger activity. 

Interactive Financial Statements

The Interactive Financial Statements is an online Balance Sheet and P&L statement view that enables you to drill down into underlying transaction and easily switch report formats without running multiple reports. 

General Ledger Reports

Accountability has a number of report formats for various use cases. 

Navigate to Accounting>General Ledger>General Ledger Reports

GL Reporting Advanced 

By default, financial statements in Accountability follow your agency's account structure.  If you need a format that's different from the default structure, e.g. Management Summary version, you can create a custom financial statement format  within the Platform.

Revenue Tools 

This is an extension of another Accountability function which automates the generation of accrued and deferred revenue transactions based on defined rules of when revenue should be recognized. This was developed in response to agencies wanting to recognize their revenue based on the timing schedule they have defined on the revenue tracker.

Revenue Management 

This is an on-screen function to provide a quick insight into Revenue By Client, on a month or year-to-date basis, and easily identify clients whose Actual Revenue is over or under Budget for the selected Month or Year. It also shows the current Accrued Revenue and Deferred Revenue Balances for each client. This is a valuable aid to reviewing Revenue prior to month end close, and an easy way to identify if any adjustments may be required to Accrued or Deferred Revenue.

WIP Take Ups 

Create a WIP (Work in Progress) within Accountability.  

Cash Management

Bank reconciliation ensures accuracy in the accounting of an agency's finances. It involves comparing the bank statement to the company's general ledger, identifying and resolving discrepancies, and making necessary adjustments so that both records accurately reflect the company’s current financial position. 

Fixed Assets

You can import these balances from Accounting / General Ledger / Fixed Assets by clicking on the Import hyperlink.  The standard Accountability template for importing these balances are accessible from this link. 

 

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