IdealWare Online Users Manual

GL1-02 G/L PROCEDURES
28517 Setting Up the System

 

SUMMARY

 

Setting up the general ledger system typically consists of the following processes:

  1. Addition of master file information including statement formatting information, chart of account information, etc. This is done using the various general ledger maintenance programs. These programs are also used for ongoing file maintenance after the initial setup is complete.
  2. Inputting of current balances. In order to maintain a complete financial audit trail, balances from your previous general ledger system should be transferred to your new Ideal general ledger system.

 

FILE MAINTENANCE

 

File maintenances must be done in the following sequence:

  1. Company Maintenance (See 28537 COMPANY MASTER)
  2. Division Maintenance (See 28539 DIVISION MASTER)
  3. Section Break Maintenance (See 28543 SECTION BREAKS)
  4. Grouping Code Maintenance (See 28541 GROUPING CODES)
  5. Sub-Account Code Maintenance (See 28546 SUB-ACCOUNT CODES)
  6. Account Master Maintenance (See 28533 ACCOUNT MASTER)

The general ledger system's file maintenance should be the first file maintenance performed when setting up your Ideal  system, because general ledger accounts are referenced in other program modules.

 

To make setting up your master files as easy and efficient as possible, clearly mark any new codes on the lists you are working from. Make sure any obsolete records have been deleted or marked off from the old lists. Use the listing programs for each of the maintenance programs to verify that data is entered correctly.

 

Once all these master files have been set up, you can continue with transferring current balances to the system.

 

 

TRANSFERRING BALANCES

 

Once the general ledger master files have been set up, current balances should be entered. Opening balances will be posted to each general ledger account via journal entries, see 28521 JOURNAL ENTRY.

 

To create opening balances for each of your accounts, post a batch of transactions dated the last day of the prior year.  You may wish to use balances as of a conversion date selected by yourself, or you may wish to post beginning of the year balances followed by monthly transactions totals for each month. The advantage of the second method is that in your next fiscal year you will be able to obtain financial statements compared to the prior year. Your Ideal consultant can assist you in transferring your G/L balances in whichever manner you wish.