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General Ledger |
  
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General Ledger |
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IMPORTANT NOTE: General Ledger is already setup and ready to use as soon as you create your company. You do not have to change the Chart Of Accounts nor the General Ledger Interface.
Working With Other Accounting Programs
If you plan to use an accounting package other than POSitive, you have the freedom to make changes to the Chart of Accounts to match them both. You may want to run a test before changes are made and then again after you have made changes so that you can confirm that the new setup performs properly.
POSitive's General Ledger tracks sales and purchases to a Journal and once balanced it can export lump sum amounts as raw data to an accounting program of your choosing. Although POSitive may not be able to handle all your accounting needs, it does have much to offer.
THINGS TO DO
1) Review the Chart Of Accounts. - Go to Accounting: General Ledger: Chart Of Accounts
2) Review the General Ledger Interface. - Go to Accounting: General Ledger: Setup: GL Interface Setup.
3) (Optional) Create a GL Export Setup. -- Go to Accounting: General Ledger: Transaction History. Export Setup
HOW TO TEST the basic steps of Processing GL. It is generally a good idea to do some trial tests. Choose a time when no one else will be using POSitive. Keep a record of things needing changes.
TIP: you could copy the entire POSitive folder to your workstation and work independently of the network as you test the GL. When you are done, the whole test folder can be deleted. (If you have questions, contact your dealer or POSitive Software Company.)
1) Make a backup, so that practice transactions can be overwritten.
2) Run some POSitive transactions - Create some invoices, take AR payments, receive inventory, pay AP.
3) Balance the Cash Drawer - The cash drawer must be balanced before totals can be posted to the GL Export.
4) Go to General Ledger: Add/Edit/Post Transactions and review Journal Entry Transactions.
5) Add some manual postings.
6) Run desired reports. See GL Reports
7) Once you are finished testing, restore your backup.
8) Re-enter any corrections to GL Setup which need to be made.
THINGS TO UNDERSTAND
Chart of Accounts
When you create your company, POSitive automatically sets up to track General Ledger. However, some modifications may need to be made before you start to use POSitive. If you did not make these modifications at the outset, then you can clear out false entries and start fresh.
GL Interface Setup (Accounting: General Ledger: Setup)
A simple Chart Of Accounts was automatically linked to various transaction types when you created your company data. These settings will work properly as installed. However, if you have you have a preferred Chart Of Accounts, you may make corrections or additions here.
GL Export Setup
The GL Export is not necessary. Only if you plan to use a third party accounting software package would this option be helpful, and even then, you may prefer to simply print reports and post the results to or some other accounting program.
There is a specific setup to link directly to Quickbooks.
Balance The Cash Drawer
Many activities regarding inventory will post automatically to the Journal Entry Transaction Table. But only when the cash drawer is balanced will transactions relative to sales be posted for processing.
Journal Entry Transaction Table
There will be numerous offsetting debits and credits. They should all be in balance. Additional journal entries can be made manually for accounting extraneous to point-of-sale transactions. These are then posted as a batch and become part of numerous reports.
Quickbooks
Q: Does Quickbooks need to be installed on the same computer where POSitive is installed?
A: No, Quickbooks can be installed on any computer which uses POSitive. However, posting POSitive's GL Journal must be done on the computer with Quickbooks installed.
Q: How does POSitive know which account belongs to which Quickbooks account?
A: Quickbooks has a Name and Account Number which MUST match POSitive's Description and Account Number. The maximum number of characters for the Quickbooks Name is 31. Be sure that the Description for POSitive is identical and does not exceed 31 characters. There is a tool on Quickbooks Setup screen to test account names.