General Ledger Steps

This topic describes the steps related to the general ledger.

Before any general ledger processing can be performed, you must set up the Chart of Accounts, enter beginning account balances, and define your accounting periods. These steps are also involved in general ledger processing:

  • Close the year for GL
  • Copy ledger balances into budgets/plans
  • Create account allocations
  • Create and maintain budgets and plans
  • Create and post recurring journal entries
  • Create a user-defined journal
  • Create auto-reversing transactions
  • Create journal entries for a user-defined journal
  • Create statistical accounts
  • Delete a user-defined journal
  • Gather statistical information
  • Post a journal
  • Prepare a bank reconciliation
  • Set up a financial statement
  • Purge a journal
  • Recalculate journal balances
Note:  If you use a second, separate Analytical Ledger (as is traditional in some European countries).
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