General Ledger application effects in Billing

Chart of accounts

Chart of accounts shows the accounts that are used to organize accounting records. The chart of accounts is made up of balance sheet accounts for assets, liabilities, and equity and income statement accounts for income and expenses. The balance sheet and income statement accounts are made up of summary and detail accounts.

Uses of chart of accounts

You can use the chart of accounts to keep journal entries and to summarize general ledger information for reports and inquiries. The account numbers and descriptions that you define reflect in your balance sheets, income statements, and other reports and inquiries. To provide totals, the detail accounts roll up into summary accounts.

See General Ledger User Guide.

General Ledger company

A General Ledger company is the highest organizational element in General Ledger. You can use the General Ledger company to represent any business or legal entity of an organization, such as a corporation, holding company, division, or region.

You can assign a chart of accounts, base operating currency, fiscal calendar, and optional security safeguards to a General Ledger company.

You can create the structure of your General Ledger company according to your business needs. You can specify whether the General Ledger company is single or multiple in the General Ledger application. You can specify up to 9,999 separate General Ledger companies which you can consolidate for reporting and inquiry in General Ledger.

See General Ledger User Guide.

Accounting unit

An accounting unit is a location or business center in a General Ledger company, such as division, department, region, or store. You must specify a unique name with up to 15 characters long for each accounting unit.

You can select up to five levels of accounting units to a General Ledger company. You can represent a layer in a General Ledger company structure's hierarchy through accounting units. For example, a General Ledger company structure may include three levels such as region, division, and department. Each level is part of or reports to the level above it.

System control

Through system control, you can control the way applications such as Order Entry, Warehouse, Billing, and Sales Analysis interface with General Ledger. For example, you can require other users to close Billing periods before Billing.

You can set up system control at the company level in the General Ledger application.

See General Ledger User Guide.

Planning your General Ledger setup for Billing

The General Ledger application is the source for all your organization's financial and reporting information, and is a required product for all Billing customers.

This diagram shows an overview for setting up the General Ledger:

See General Ledger User Guide.