Best Practice
It is a good idea to use different batches for different types of transactions, i.e. journals in one batch, payments in another, etc. To have like transactions grouped together helps if you need to check audit trail records.
The options under the GL TRANSACTIONS menu are used to record direct payments (non-creditor), receipts (non-debtor) and journal entries in the General Ledger, as well as integration from the Micronet external ledgers - Micronet Distribution and Micronet Creditors Ledger. Any payments with GST as part of the payment are posted back to the MDS GST Report and Business Activity Statement.
Micronet General Ledger has unlimited accounting periods available. As a user begins to enter transactions, they select the period in which they wish to work, thereby allocating each transaction to the appropriate accounting period. You may post to any accounting period at any time. Note that if you post to prior periods, all subsequent financial reports - e.g. balance sheets and Profit & Loss reports - should be reprinted with the updated figures.
Journal transactions are entered through a batch, and the General Ledger is not updated until the batch is posted to it.
Transactions to creditors' accounts are also entered through a batch, with the creditor accounts updated as the transactions are entered. Again, however, the General Ledger is only updated when the batch is printed, and this also provides an audit trail.
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Best Practice It is a good idea to use different batches for different types of transactions, i.e. journals in one batch, payments in another, etc. To have like transactions grouped together helps if you need to check audit trail records. |