Overview of General Ledger

General Ledger is the focal point of all the financial processing within e·silentpartner. Throughout e·silentpartner, financial transactions are integrated with General Ledger. This is the area where you can see, on a macro basis, the effect of your efforts throughout the system.

In addition to inherent integration of General Ledger to Payables, Receivables and the other e·silentpartner functions, e·silentpartner helps you manage your business’ finances in two additional ways:

  • At the operational level, e·silentpartner allows you to define the chart of accounts to your specifications, post unbilled revenue (if desired), back post or pre-post journal entries, and execute month-end closings when you are ready.
  • From a management perspective, financial reporting within General Ledger is extensive. You can reprint, at any time, any of the key financial reports (P&L, management income statements, trial balance, detailed general ledger, balance sheet, etc.) for any month of the current, prior or next fiscal years. Financial information is retained even after you close a month or a year.

The major functions in the general ledger area of e·silentpartner are:

  • GL Accounts: Use this function to set up your chart of accounts at the posting level and define ‘ownership’ (company, department and office).
  • Journal Entry: Use this function to enter manual journal entries as well as reverse or duplicate previously posted journal entries for the current or next fiscal years.
  • Post Unbilled Revenue: Use this function to recognize revenue and costs on charges entered against a project that are not yet billed (optional and not commonly used).
  • Budget: Use this feature to import and maintain the annual P&L budget by GL account.
  • Lock/Un Month: Use this feature to lock or unlock fiscal periods. This prevents journal entries from being posted to prior or future periods by mistake.
  • Import Journal Entries: Use this function to import recurring journal entries if desired, such as payroll or depreciation & amortization.
  • Setup: Use this area to modify parameters that are fairly constant in the general ledger section.
  • Admin: Use this area to modify parameters used in the general ledger section and enter JEs to the prior fiscal year.

And for clients who deal internationally, e·silentpartner supports multi-currency transactions and revaluation of the Accounts Payable and Accounts Receivable sub-ledgers.
And of course, the reporting options are extensive. e·silentpartner generates the following financial Reports from the general ledger section:

  • Trial Balance: Lists the balances and monthly debits and credits for the chart of accounts.

  • General Ledger: Lists, by account, the financial transactions that were posted to the general ledger.

  • Balance Sheet: Lists the balances for all asset, liability, and equity accounts for a fiscal period.

  • Company P&L: Lists the revenue, expenses, overhead, other income and other expenses for current, prior or next fiscal years. Several reporting options are provided, including but not limited to comparison to prior year performance and operating budgets.

    • Regular: Several reporting options are provided, including but not limited to generating for a selected period with YTD totals, comparison to the
      prior year’s performance and operating budgets. Optionally summarize 2
      ways by printing with summary accounts or GL pools.
    • Comparative: Selecting the primary and comparative periods to compare from a list of current, prior or next year periods with the option to
      summarize by summary accounts or GL pools.
    • Annual: A month-by-month view of an entire year’s P&L.

  • Rankings: A comparison of two time periods of the financial performance of your account executives or clients.

  • Management Income Statements:

    • Detail (Portrait): Detailed view of your company or office P&L by Client, Client Division, Client Contact, Client Office.
    • Summary (Landscape): 45 summarized views of your operation’s P&L using different groupings, such as: Client, Client/Division, Office, Team, Account Exec, Job Type, Job Label 1, GL Departments, and GL Account
      with various subcategories for each such as GL Acct or Job.
    • Annual Mgmt Review: A month-by-month view of an entire year’s Management Income Statement using the majority of the 42 available views.
    • Analysis YTD: A different view of the Client or Client Division Income Statement with focus on labor and the disposition of the charges (billed, carryover from prior year, Held or written off).

  • Transaction Journal: Sequential list of the detailed journal entries posted to the general ledger for a selected GL period or transactional date range.

  • Tax: A report of sales taxes charged to your clients or submitted by vendors for a specified fiscal period or range of periods.

  • Chart of Accounts: Listing of all accounts in the general ledger.