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Accounting General Ledger Software
Reviews and Ratings

The general ledger application is the financial backbone of the Financial / ERP software package and must interface well with all its modules and accounting functions. It maintains financial information in addition to budget information and transaction history; it is the repository of accounting information from all other modules, such as Accounts Receivable, Accounts Payable, Purchase Orders and Payroll. It also maintains the balance of inventories and inventoriable costs (e..g. work in process) based on costing from a manufacturing application.

Thus, it is important that the general ledger has accessible and flexible databases to maintain all of this information. It is also important that the general ledger and subsidiary ledgers stay in balance to maintain accounting integrity – for example, that the total of all accounts payable open items equals the accounts payable general ledger balance. General ledger modules work with Report Writing applications, such as Crystal Reports or MS Reporting Services, to produce traditional financial statements such as an Income Statements, Balance Sheets plus customized reports.

International companies may require foreign currency capabilities when foreign entities using other currencies must be consolidated or when purchases and payments involve different currencies.

Here are some of the important functions to keep in mind when evaluating General Ledger:

  • Ability to track financial information of more than one company as required by your company’s unique circumstances.
  • Flexible general ledger chart of accounts structure with sufficiently long number structure to accommodate divisions, departments, cost centers, staff, etc.
  • Ability to track financial information of more than one company as required by your company’s unique circumstances.
  • Ability to enter a GL account budget and allocate a portion of each actual transaction to a budgeted amount in more than one GL account.
  • Ability to allocate overhead costs across product lines according to a formula.
    Real time or batch posting to the general ledger of accounts payable and cash disbursements transactions according to user preference.
  • Journal entry flexibility to support recurring, reversing, and other entries with sufficient description capability.
  • Month end closing, ability to post to a future month, and number of open months satisfactory for your Company’s unique circumstances.
  • Efficient audit trails from the general ledger to subledgers for original transactions and associated documents, along with strong query tools to identify original transactions by various search criteria
  • A web interface for entering transactions by branch offices and field personnel may be needed for consultants or other far flung operations. A cloud solution would be a candidate for this mode of operation.

For comparisons of different accounting software products, download the free Accounting Software Selection Kit.