Three main processes are contained the General Ledger:
Chart Of Accounts: The Chart Of Accounts is derived from the requirements of the business and its Income Statement and Balance Sheet Reports. Establishing a fully functioning General Ledger and Chart Of Accounts typically requires the advice and experience of a business Accounting professional. Although easy to use, it is recommend that the Chart Of Accounts be devised by someone who understands the business and who may be working with the accounting system on a regular basis.
Journal: All transaction entries are displayed in the Journal, most of which are automatically generated when transactions are posted. In addition to sophisticated filtering and finding systems, the Journal divides entries into seven general categories.
Historical Balances: The Historical Balances system provides budget and variance accounting tools to expand the management capabilities of the business.
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