General Ledger overview

The General Ledger is the central ledger for a company, where you create and maintains accounts, journals, and financial reports.

• Use the General Ledger application to post journal entries, design and run reports, create budgets, and more.
• Other Sage Intacct applications—such as Accounts Payable and Cash Management—automatically post transactions to the General Ledger in real time.

Key features

Use the General Ledger to:

• Create and maintain any number of journals and adjusting journals, including statistical journals and their adjusting counterparts.
• Add, modify, reverse, delete, and post transactions to a journal.
• Import data from spreadsheets and other accounting applications. Quickly upload data for journals, beginning account balances, journal entries, and budgets.
• Create financial reports and graphs.
  • Fine-tune standard financial reports and drill down from financial statement line items to individual transactions.
  • Create variations of reports, including income statements, balance sheets, budget variance reports, departmental expense reports, gross margin, statement of cash flows, and so on.
• Create normal General Ledger accounts and statistical accounts. Statistical accounts enable you to generate metrics such as revenue per employee.
• Create account groups to use in financial reports and graphs, and in the General Ledger to roll up and organize individual accounts into larger categories.
• Create templates for non-accounting users to enter General Ledgertransactions without having to deal with the intricacies of account numbers, departments, and locations.
• Create and fine-tune budgets and present performance versus budget in financial reports. Budgets can be general (by account with all departments/locations), or by any account-department-location combination.
• Define accounting sequences by entity and year if your locale requires it (multi-entity companies).

Other features of the General Ledger include standards-compliant double-entry accounting, true closing of the books, and flexible tracking of Compliance, tax, and other adjustment entries.

The General Ledger comes with several standard reports that you can run right away. See the summary of standard GL reports for details.

Automatic posting from subledgers

Intacct is a multi-ledger system. Transactions posted to subledger applications, such as Accounts Receivable, Accounts Payable, and Cash Management, are posted to the General Ledger in real time.

• The automated real-time posting is transparent to you as a user.

• Transaction details are recorded in the subledgers and summary transactions are recorded in the General Ledger.

• Summary transactions in the General Ledger have links back to the detailed subledger transactions to enable drill down from reports.