Managing the General Ledger

General Ledger is an accounting system that is designed to generate journal entries for business transactions handled by the IDI platform.

By definition, General Ledger is considered an accounting record or legend used to list all increases or decreases of all other accounts such as liability, reserve, capital, income and expense accounts.

Customers use these to create their income statements and balance sheets and to list the following:

All revenue (income), such as recurring and non-recurring charges for products.
All expenses, such as a discount given to a customer.
If a subscriber has to pay a penalty on a contract, those charges can also be considered income.
An example of capital would be property owned, such as the building where the company resides.
A reserve is usually a pool of money kept aside for a particular reason.
Note
This system is not intended to be used as a stand-alone accounting system. The journal entries generated in the IDI platform should be imported into a preferred accounting package for further analysis.
Transactions are journalized into the following six General Ledger Categories:
GL Account Categories
(more)
group journal entries.
Asset and Liability Categories
(more)
group together journal entries associated with the balance sheet.
Revenue and Expense Categories
(more)
group together journal entries associated with the Income Statement.
Access to general ledger management is via the client Back Office: Applications > BackOffice Management > General Ledger.

About the General Ledger Posting Process

Transaction data is converted to debits and credits for G/L Postings for all stores that have registers that have been reconciled.

If there is one register in a store that has not been reconciled, then the postings will not occur for that register until the reconciliation is performed.

For each reconciled register the following must be performed during the G/L Posting process:

Transactions are summarized by POS transaction type, store, and transaction date
The appropriate GL account code(s) is applied (based on GL Account code configuration)
The GL records are written to a file, separated by date (new file for each new transaction date)
A batch number is attached to each date file.
The GL posting process can be either user initiated or scheduled.
The following transactions will NOT generate any GL account entries during GL Posting:
Purchase Requests and Orders
Register Add Cash
Register Skim Cash
Safe Transactions