The supporting modules (Debtors Ledger, Creditors Ledger and Cashbook) may be optionally integrated with the TABS General Ledger, which forms a core to the accounting system.
The General Ledger supports a multi-company structure. For each company (or entity), departments may be defined. Posting accounts (down to the sub-account level) are then established within each department. Double Entry accounting will ensure the General Ledger remains in balance.
Each posting account will consist of four data sets (current year actuals, prior year actuals, budget and planning budget), each comprising a brought forward balance and 13 posting balances.
Every transaction posted into the General Ledger (either directly or via a supporting TABS module) will be allocated a unique journal reference number. This provides for sophisticated transaction tracing and diagnostic facilities. Standing Journals may be defined and posted automatically into the Ledger. Auto-Reversing Journals will enable entries to be automatically reversed in the next accounting period.
General Ledger journals may be posted to any accounting period, while subsidiary ledger transactions will be restricted to the current period for that module (or the next). This enables subsidiary ledger transactions to be posted into two periods (current or next). In this way, transactions may be entered into the system as they arrive into the organisation.
Budget and Planning budget facilities allow the financial comparisons to be reported. The Planning budget is essentially a worksheet used for establishing “what if” situations or preparing next years budget in advance. Transfer facilities enable the Planning budget to be rolled into the Budget data set.
- Comprehensive GST/VAT recording reporting and diagnostic tools.
- Online and interactive, meaning all necessary areas of the system are updated as soon as a transaction has been completed.
- Multiple Company (Entity) and Department structures, with comprehensive consolidation features.
- The ability to maintain both Costing and Financial Ledgers within the one structure. This allows detailed cost information to be maintained in the General Ledger without complicating the Financial Ledger.
- Master Chart of Accounts ensures consistent account descriptions across departments and related entities.
- Account transfer and copying facilities will assist with the initial set-up and ongoing maintenance.
- Optional Sub-Account facilities, with an ability to report with or without sub-accounts.
- Entry Audit Trails may be produced automatically upon completion of each batch or printed at a later date.
- The accounting periods are user-definable. This enables the system to operate over a financial year that differs from the standard July-June format.
- Entry (even via the sub-ledgers) is period based ensuring transactions are recorded in the correct month.
- Sub-ledgers may be posting to different accounting periods at the same time.
- Ability to commence the next months trading prior to completing the previous month. This will also apply at the end of financial year.
- Ability to post journals to previous year accounts, before rolling closing balances forward into the current financial year. This process may occur any number of times, with prior year accounts remaining open for up-to twelve months.
- The system retains thirteen periods of current year actual, previous year actual, current year budget and planning budget figures for each General Ledger account.
- Ability to automatically apportion values across departments on a percentage basis.
- General and Standing Journal facilities. Journals may be automatically reversed into the next accounting period, for accrual purposes.
- Diagnostic tools will ensure the data entry is balanced correctly. These tools will also assist in identifying and correcting problems that may occur.
- Ability to export journal transactions in various formats, for electronic transfer into other computer systems or spreadsheets.
- Facilities to enter and update budget and planning budget figures. This includes the ability to transfer actual and/or previous year figures directly into the budget.
- Enquiry facility enabling General Ledger accounts and journals to be displayed and printed, together with on-line trail balance and profit and loss presentations.
- Ability to scroll, select and create General Ledger accounts during data entry sessions.
- Account reconciliation facilities assist in reconciling clearing accounts.
Standard Reporting Available
- Standard financial and costing reports are available from the General Ledger. These include:
- Profit & Loss
- Profit & Loss By Month
- Balance Sheet
- Trial Balance
- Performance Report (Profit & Loss with Budget Comparisons – MTD/YTD)
- Budget Reports
- Journals By Account (Journal Export)
Goods and Services Tax (GST) calculations are performed when each transaction is entered into the system. All of the information required to complete the GST Returns is maintained at the transaction level. Reconciliation and diagnostic reports will assist in balancing the information entered prior to preparing the return.
Transactions supporting each GST return are “batched” and archived. Archived transactions are retained on the system for historical analysis.