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The ledger is where the business finances are tracked and controlled. The ledger
is fully editable and can be set up the way you want it. The basis of the ledger
consists of "Categories" and "Columns". Quite simply, columns are associated
with categories and it is within the columns that the information is held.
Categories and columns can be created, deleted, and edited. An example of a
category could be "Parts". You can then create columns associated with the
"Parts" category. The columns here would be the names of your parts suppliers;
"Joe's Auto Parts", "Mazda Spares Co." etc.
Ledger
columns can have associations with more than one category. This
is required when you have for example, "Petroject"
as a column associated with the Parts category and maybe, Training
category. If columns have more than one category association,
G-E provides tools to track them.
The ledger has two special
default columns. They are "Bank" and "Cash". They are special as they are a
combination of a category and a column. The Bank represents your bank account.
Cash represents your cash tin or kitty. When payments are taken for work
performed, the amount of the payment is automatically added to the cash column.
When you have enough cash on hand, you "do the banking". In G-E you call the "Do
the Banking" function, enter the amount and the funds are taken from the cash
column and added to the bank column.
When you pay your suppliers, G-E moves
funds around the ledger from the bank column to the supplier column. Any entry
can be recalled and edited as needed as we all make mistakes. You do not have to
enter "Explanation Entries" to correct mistakes.
The Ledger menu also has a
"Bank Reconcile" function. The reconcile function is used to balance your bank column against
your bank statements. The Reconcile function is loaded with the tools you need
to find cheques, search for exact amounts or amounts between set levels. Ledger
entries can be edited from the Reconcile screen so detected errors can be
corrected "on the fly". As withdrawals and deposits are checked off, a running
"reconcile balance" is continuously calculated. If the bank column
does not balance, you are shown the amount of the error so you have an idea of
what you are searching for.
Also
in the Ledger menu resides the "Process Creditor"
function. This is similar to the "Reconcile Bank"
function and with it you can create entries for all your supplier
invoices and reconcile your supplier's monthly statements. The
function contains all the tools to do this quickly and efficiently
right down to making the payment which obviously updates supplier
columns with the information.
Using
information from the "Process Creditor" function,
G-E can quickly show you your liabilites to your suppliers at
any time with the "Creditors Owed" function.
The ledger also allows a single cheque number to
be entered several times. This allows you to allocate one cheque number to
several ledger columns. The Reconcile function has tools to track these entries
and show the sums.
The Ledger also prepares and displays GST
reports. The GST report scans the files and displays the figures required for
GST calculations. A more comprehensive report can be printed if you wish to see
where the figures are derived from.
G-E also produces a quick "Income Vs
Expenditure" report so you can keep tabs on your spending etc.
At the end of
the fiscal year, G-E produces a "Transactions Report". This report is extensive,
listing all transactions which have occurred in the Ledger for the fiscal year
laid out in an easy to follow format. This report is generally adequate for an
accountant to produce your fiscal year balance sheet.
Of course, G-E can
also list your outstanding creditors and amounts owing along
with the uncleared payments details for the end of year reports.
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