Journal Entry and Reporting Features and Functions
The accounting department is typically responsible for recording all transactions in the company in the journal (GL). All of the criteria that fall Journal Entry and Reporting relate to various ways to record journal transactions. For example payroll is an AP item. As paychecks are cut the AP items need to be reconciled with the cash outflow. A software feature might be the automatic reconciliation of payroll deductions when paychecks are issued (as opposed to having an accountant have to key the transactions by hand).
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- Automatic A/P entries and maintenance by interfacing with another accounting system
- Automatic inventory entries and maintenance interfacing with another accounting system
- Automatic cash account entries and maintenance by interfacing with another accounting system
- Interface with third party payroll provider for automatic entries and maintenance
- Journal entries may be input directly
- Real time journal entries update daily journal file and balances instantly
- Journal entries can be input online, with user annotations
- Automatically numbers standard journal entries in sequence or as predefined (with a manual option)
- Automates journal entries which occur in each period
- Journal entries may be statistical (non-financial) or financial
- Recurring journal entries
- Creates a journal entry by reversing an existing entry while maintaining an audit trail
- Real time comparison of journal entries (individual or batch) for validation and balancing
- Manually entered journal entries can be modified before posting
- Batch totals and batch checking
- Allots entries to cost centers and divisions by means of a G/L validated formula
- Spreads a single entry over multiple accounts by using a spread code based on predefined user criteria
- Sub-ledger journals associated with reference numbers and dates
- Journal report information covers all journal entries and includes identification
- Journal entry date report
- Journal entry description report
- General ledger account numbers report
- Journal entry amount report
- Journal entries report
- Summarized report of journal entries from A/P system
- Report on fixed asset depreciation capturing a gain or a loss on the asset's sale
- Creates reports containing the summaries of inventory entries
- Cash summary entries report
- Authorization required for manipulation of historical data
- Moves balances from one period to another with appropriate security
- Support numerous and complex formulae and user defined column formatting
- Percentage formulae
- Statistical formulae
- Variance formulae (volume/price mix)
- Restates prior year results with a different exchange rate
- Supports cutting and pasting within report writing application and allow for exporting data to spreadsheet files
- Capability for point-and-click drill down for AP data, journal entries, and other GL input
- Translates accounts at different exchange rates--one account could be at the spot foreign exchange rate, another account could be at the historic exchange rate
- Creates postings using year-to-date information, automatically reverse the previous month's posting and replace it with the current posting--can be done monthly or quarterly
- Creates automatic posting based on predefined calculation and information contained in the general ledger.
- Creates or generates reversal postings for transactions generated from a journal entry posted in error
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General Ledger Features and Functions
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