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MySF Administrator
Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208,
Visits: 958
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The General Ledger revloves around the Chart of Accounts. The screen used to display the chart can be found under System Setup>General Ledger Accounts.
This screen has quite a bit of functionality which may not be immediately visible.
Click on this link for a picture of the screen www.mysf.com.au/pdf/gl.jpg
Here are some points to note.
1. Summary Accounts are Shaded
Summary Accounts are used by the report tool and do not receive postings. No transactions are held against them, but they do display the total of the balance of the detail accounts which report to them.
2. Double Click on a detail account to see all transactions
The individual postings against an account can be accessed by double clicking on any detail account. This can be very useful for helping to reconcile say a Bank account. Once you double click you have the option of printing the ledger detail. Click this link for the GL Detail screen image. www.mysf.com.au/pdf/gldetail.jpg
3. Rollover to account
Year End processing goes through and zeros expense and income accounts and in a Company or business all of the balances in these accounts would be netted off to the Profit and Loss account. In a Super Fund there are some complications in doing this. Items such as Contributions are Income to the Fund, but we also need to keep track of Contributions for a member. So instead of rolling these amounts to the Profit and Loss and then allocating them to Members we roll the amount in the Members income accounts directly into the Members equity accounts. Using this technique we can preserve the Nature of the Receipt (ie Members Contributions) so that we can refer back to this at a later point
The Rollover To account is how we determine what goes to what at year end.
4. Preservation Type
The Preservation Type only applies to Members Accounts and allow us to report on the the whether the Balance in the account is Preserved, Non-Preserved, Unrestricted Non Preseved, or Restricted Non-Preserved. This information is used in the Members Position Statement through the Report Tool.
So there is a lot of detail in this one GL Account screen. We think it can be very useful in helping make balancing a little easier.
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