The Micronet General Ledger is a multiple financial year ledger comprising hundreds of GL periods. Transactions processed in the Micronet Distribution, Creditors and Job Costing ledgers can be posted to any period regardless of the month the ledger is currently in. Reports can also be printed for any of the periods available in the General Ledger.
This feature gives you access to the transactions residing within the General Ledger for the current and previous financial years, allowing management to compare financial data from one month to the next or one year to the next. Comparatives are a great advantage in financial analysis.
Distribution, Creditors and General Ledger can all be set to different periods; the period is updated each time the End of Month process is run in the relevant module.
You can setup financial years to suit your financial reporting requirements, e.g. with new financial years beginning in July or, if your business is subject to overseas reporting requirements, beginning in April. You set each financial year to “open” or “closed”. Transactions can only be posted to GL periods in “open” years. When a financial year is finalised, it is closed and no more transactions can be posted to it.
Financial years may be kept on line indefinitely, although five financial years should be sufficient for most purposes. Old financial years can be archived and the transactions purged for the year selected. This consolidates all transactions for the financial year into a single balance transaction per period, reducing the number of records in Micronet but still providing access to previous years’ figures.