General Ledger

General Ledger

• Frequently asked questions & year end procedures
• Year End Procedures
• Program temporary fix downloads
• G/L Specs Sheet

FAQ's

• I am setting up a new company. How can I transfer the formats for my financial reports from my old company into my new company?
• I accidentally set up my General Ledger with a home currency of DOS. My subledgers are set up with a home currency of USD, so I can't retrieve subledger batches into General Ledger. How can I change the currency code in my General Ledger?

Processing Batches

• When I retrieve subledger batches into General Ledger, all the transactions are posted into one period, even though the transactions use dates from different periods. Can I fix this?

Year-End Procedures

• The profit and loss for the prior year is incorrect on my Balance Sheet. How can I get it to print the right amount?

I am setting up a new company. How can I transfer the formats for my financial reports from my old company into my new company?

You can import the specifications into your new company, as follows:

1. Select Maintain Specifications from the Housekeeping Menu.
2. Choose Import, then type the name you want to use for the imported file, using up to five characters, or select a name from the list to overwrite an existing specification file.
   

This is the unique portion of the filename for the specification. All General Ledger specification files begin with gl#, followed by up to five characters you assign, then by the file extension for the data.

1. In the External File field, type the path to the directory that contains the report specification files for your old company, such as:
   

d:\directory name\gl#spec.xxx

(d = the drive where the data for your old company is stored, directory name = the name of the old company's data directory, spec = the unique portion of the filename for the specification you are importing, and xxx = the datafile extension.)

1. Press Enter. The file is imported.
2. Repeat steps 2 through 4 for each of the specification files you want to transfer from your old company to your new company.

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When I retrieve subledger batches into General Ledger, all the transactions are posted into one period, even though the transactions use dates from different periods. Can I fix this?

Yes. When you have specified the path for the batches you want to retrieve in the Retrieve Subledger Batches function, choose Edit, then press the Tab key. In the Assign Entries To popup box, choose Period Based On Date. General Ledger will then post the transactions into the fiscal periods that correspond to the transaction dates.

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I accidentally set up my General Ledger with a home currency of DOS. My subledgers are set up with a home currency of USD, so I can't retrieve subledger batches into General Ledger. How can I change the currency code in my General Ledger?

You can either:

• Send the data to an authorized data repair consultant to have the currency code changed (contact ACCPAC INTERNATIONAL Technical Support for the name of a qualified data repair consultant).
• Create a new set of General Ledger data files with the correct currency code, then enter all the transactions you need to bring the ledger up to date. Use the new General Ledger with your subledgers.

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The profit and loss for the prior year is incorrect on my Balance Sheet. How can I get it to print the right amount?

Use the Maintain Specifications function to edit the specification you use for the Balance Sheet. In the Column Specifications section for shareholders' equity, change Column Specification BAL-PY to LYY.

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General Ledger

Year-End Closing Procedures

You must run the Close Year and Change Fiscal Year functions to close the year in General Ledger.

The Close Year function moves the balance of all type 'I' accounts (revenue and expense) into one or more type 'R' accounts (Retained Earnings). You can run the Close Year function multiple times during the year to close the current balance of the type 'I' accounts to the retained earning account(s), or to close the departments to different source codes.

The Change Fiscal Year function performs these tasks:

• Brings the ending balances of the type 'B' accounts (Balance Sheet) forward as the opening balances for the new fiscal year
• Brings the ending balances of the type 'R' accounts (Retained Earnings) forward as the opening balances for the new fiscal year
• Moves the current-year figures into historical (previous-year) data
• Resets the calendar start and end date in the Company Profile to the dates for the new fiscal year
• Resets the batch number and posting sequence to 1

You should run the Change Fiscal Year function only once at the end of your fiscal year. If you run this function more than one time in a fiscal year, the historical data will have net changes of zero in each subsequent period and the fiscal calendar will be for a future year.

Done	By	Step
		Complete period-end procedures in all other ACCPAC Plus modules. Retrieve all subledger batches to General Ledger.
		Post all outstanding batches that should be included in the closing GL.
		Archive any batches that you want to post in the new fiscal year, then delete the original batches. (Do not delete the archived copies.)
		Print reports, financial statements, and the General Ledger Listing.
		Make sure that a valid Retained Earnings account number is entered in the Default Retained Earnings Account field in the Edit Company Profile function.
		If you use departments, make sure that a valid Retained Earnings account is specified for each department in the Add/Modify/Delete Departments function.
		Check the integrity of your General Ledger data, then make a backup copy.
		Run the Close Year function (from the Periodic Processing menu). If you use departments, close one department at a time, or specify a range of departments to close. Assign a source code and closing date, then close the ledger.
		Print the batch that is created by Close Year, then post the batch.
		Print the Trial Balance and G/L Listing to check changes posted to the type 'I' and 'R' accounts by Close Year. Print and any other reports you need.
		Print and clear all posting journals.
		Print and clear the Batch Status report.
		Check the integrity of your General Ledger data, then make a backup copy.
		Run the Change Fiscal Year function (from the Periodic Processing menu).
		Print the Trial Balance to verify that there are opening balances only in type 'B' and 'R' accounts. Print the G/L Listing to verify that all net changes are cleared. Print any other reports you need.
		Using the Edit Company Profile function, check the Fiscal Period Calendar. Enter the new report date and make any changes you need to the fiscal period dates.

Program temporary fix downloads

gl960812.exe corrects the following problems which can arise in the released version of General Ledger 6.1A

1.The Retrieve Subledger Batches function has been revised to assign the correct entry date when retrieving from several different subledgers at the same time.

2.The Revalue Accounts function has been revised to correctly process residual home amounts when the source balance for an account is zero.

3.In a multicurrency General Ledger Listing you may have noticed a problem with the balance after using the Import Accounts function, importing data as Net Changes. If you imported into a home currency account, the balance in source did not equal the balance in home. If you imported into a multicurrency account, the imported net changes were ignored. Note: If you wish to import net changes into a multicurrency account, you must use the "Import source currency function" only. This will automatically update the home equivalent totals for the account. Do not attempt to import figures for a multicurrency account using the "Import accounts" function.

4.If you printed a General Ledger Listing sorted by Department and said 'Yes' to the 'Page break after each department?' question, the report did not show subtotals for the Debit, Credit, and Balance columns.

5.If you printed a General Listing in Standard format, the total balance may have been incorrect when you posted transactions to the prior year.

General Instructions After downloading the ACCPAC Plus PTF, copy the self-extracting file to a floppy disk, then run the self-extracting file from the floppy disk using the following syntax: [filename] The extracted files are now on the floppy disk. Installing the PTF: 1.Start ACCPAC Plus. When the Start list appears, press F3 to display the System Manager Menu. 2.Press I, or use the Up or Down Arrow key to highlight Install Programs, then press Enter. 3.Insert the PTF diskette in your diskette drive. 4.Follow the instructions on the screen. This will place the files in the appropriate directories.

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S.B. Accounting Services
Last revised: October 04, 2007