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General ledger subsystem

OVERVIEW:
Updates, queries, and maintenance are real-time operations with the Mitrol General Ledger Subsystem.

Don't let your accounting systems limit you. Make them work for you.

The real-time Mitrol General Ledger SubSystem was designed for accountants by a team of accounting experts. Its ease of use, ease of implementation and above all, ease of access to information make it the best system available.

The General Ledger SubSystem provides:

  • Multidimensional reporting
  • General accounting
  • Budgeting and forecasting
  • Completely flexible chart of accounts
  • Allocations and consolidations
  • Foreign currency translations
  • Multi-company processing
  • Multi-user processing


The Mitrol General Ledger SubSystem is the only real-time system available today that provides true multidimensional information storage and retrieval.



Traditional general ledger systems group transactionsaccording to types of income and expenditures. Sales income is stored separately from material costs which are in turn separate from salaries, energy consumption, advertising and other costs. These costs are then gathered together through an extensive reporting process - a process designed to overcome the shortcomings in the chart of accounts structure.

In some cases, the overhead necessary to adapt a company's chart of accounts has prohibited organisations from buying packaged software. It simply did not meet management information requirements. Not only was the cost of adapting the chart of accounts prohibitive, maintaining it was practically impossible.

The Mitrol General Ledger provides the following real-time facilities:

  • General accounting
  • Automatic integration with Mitrol's accounting products
  • Multidimensional reporting
  • Completely flexible accounting key
  • Cost allocation
  • Budget and forecasting
  • Multi-company processing
  • Multi-user processing
  • International currency support and reporting


Don't get locked into an accounting structure that requires you to rebuild your chart of accounts every time you have an acquisition, merger or reorganisation.

The flexible Mitrol General Ledger Subsystem provides up to twelve ways to identify each transaction, in addition to the account code itself, for example, by project, division, product line, location, customer class or the like.

You can assign a code for each type of income or expenditure, cost center and multiple objects. For example, this structure allows you to query on-line for the cost of the materials purchased for the engine-block work center to manufacture tractors for the export market. You can show material costs at the level of work centers within departments and salaries at the department level. You can also review costs by product line, advertising campaign, project, foreign market and so on. This versatile coding structure offers unlimited potential to classify transactions for your organisation's needs.
In addition, by assigning these costs to a company, you can produce consolidated reports to show costs across multiple companies. The key is storing information so that it can be accessed easily at any level of detail through reporting that is as flexible as the storage structure.

As you implement the system, you can produce control reports that show how the account levels are set up for your chart of accounts.

General Ledger Reporting.
Older general ledger systems have a rigid chart of accounts structure that require you to organise your accounting information to con-form to the systems' report writer requirements. Sub-accounts are rolled up to accounts which are rolled up to bigger accounts which are rolled up to... The result is a structure that is difficult to maintain, with twice the maintenance costs because both the chart of accounts and reporting files have to be revised to keep up with your organisation's growing pains.

The General Ledger is delivered with key reports predefined so you can benefit from your software investment immediately. The system is delivered with a variety of commonly used reports that help get you up and running quickly. Standard audit, control and reconciliation reports are produced with each processing run. In addition, you can select report models from the Report Menu, specify the information to be included and produce reports immediately. You can develop reports that are unique to your organisation using the Mitrol's fourth generation language. The system's design makes it easy to store, locate, sort and compile information.

Standard Reports.

  • General ledger and extracts
  • Voucher journals
  • Trial balances
  • Balance sheets
  • Profit and loss sheets by account/center
  • Management reports for center and object
  • Forecast by company, center and object
  • Analysis by account, center and object
  • Regulatory reports
  • Budget vs. actual analyses

Accounting Controls.
As journals are posted, whether manually or from subsystems, all entries are validated real-time. No data is al-lowed to update the system until it is correct, so the integrity of your financial information is ensured. Erroneous entries are stored for review and processed no further. Complete audit reports provide a record of all accounting activity. Automatically generated entries such as distributions, allocations and offset entries are recorded in detail.

Allocation.
You can allocate a percentage or an amount across 12 or 13 periods and establish automatic codes to allocate prepaid expenses to later periods. Future-dated allocations are made to later periods by using an interim account for control. Other control features include twin accumulators, which ensure that your management and financial information are consistent.

On-line Query.
All the system files can be accessed for queries in real-time. You can query your chart of accounts, trial balances, general ledger balances, forecasts and other information. Easy-to-use menus and parameters help you select the exact range of data you need.
You can specify the center, account, period, object or other grouping for review. Real-time query puts all your financial information at your fingertips.

Budgeting and Forecasting.
The General Ledger's flexible object structure in the code plan allows you to set up your budget and measure against it easily. You can analyse budget variances for objects such as projects, sub-projects, marketing campaigns and new product introductions, with the system's flexible accounting structure. Then you can measure the economic consequences of the activity of a business enterprise with complete accuracy.



Diagram General Ledger


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