General Ledger templates are an optional feature within MGL. They provide a standard model of your Chart of Accounts which is used for reporting purposes when departments, divisions or cost centres are being implemented. They help to ensure consistency in account numbering, descriptions and report layouts.
Use this option to maintain the Templates master file in MGL.
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Technical Tip
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A GL template consists of a master Chart of Accounts without any cost centre details. From your template, you can add GL accounts to any of your departments, divisions or cost centres. When a GL template account is assigned to a department in the General Ledger, all fields in the template GL account are copied into the department GL account. Micronet adds the relevant prefix that distinguishes the department to the standard GL account featured in the template. Therefore, each department has its own Chart of Accounts based solely upon the template. This creates uniformity within the General Ledger and allows you to consolidate the departments if you would like to report on them as a whole. For example:
Each template GL account is exactly the same for each department. This enables easy cross-referencing between departments for any account, and accurate summarising of like accounts in the financial reporting hierarchy where a consolidated departmental report is being compiled.
Before adding any accounts to the General Ledger master file, they must be setup in the template. Template accounts do not hold transactions or balances, and journals cannot be posted to them.