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Introduction to Accpac General Ledger | www.onestopaccounting.com


Introduction to Accpac General Ledger

Sage Accpac ERP General Ledger is a core component of Sage Accpac, a series of integrated accounting modules from Sage Accpac ERP. Accpac accounting is a comprehensive accounting and business management program containing modules that deal with inventory, purchasing, sales, payroll, and accounts receivable.
Accpac General Ledger has many useful features for the accountant and for senior management. The program has many built-in controls that prevent a user from making errors that could damage thegeneral ledger, like deletion of accounts with existing balances or recording transactions to non-existent accounts. Remember, though, that these safeguards do not preclude a user from making accounting mistakes in accounting software, such as entering a value to an inappropriate (but existing) account.
Accpac General Ledger includes a variety of methods for transaction entry. In the CGA program of professional studies, batch entry will largely be used. Transactions can be recorded as single-use, clearing, reversing, or recurring entries. When posting transactions, you have the option of posting transactions individually, in a batch, in selected batches in a given module, or you can post all batches within all modules in the accounting system. You can produce a trial balance at any time, with only a few mouse clicks. When changes are required after transactions have been posted, adjusting entries must be made to effect the changes. This procedure gives a reliable audit trail for management and auditors.
Accpac can handle a fiscal year with 12 or 13 fiscal periods. Other options are available so that separate periods could be set up for year-end adjustments and for closing the books at the end of the fiscal year.
Each account can hold the current balance, all the debits and credits to the account in each fiscal period, historical data, and budget data. The program stores a debit entry or balance as a positive number, and a credit entry or balance as a negative number. A comprehensive set of reports can be printed with the program. Examples include a trial balance, statement of cash flow, and statement of retained earnings reports, all of which can be printed in a different ways to provide updated analysis of your financial activity. A list to verify the accuracy of a transaction is made that allows transactions to be verified and approved prior to posting, therefore forming a critical part of a formal audit trail.
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