The financial performance and condition of a company is measured by the Income Statement and Balance Sheet which are derived directly from the General Ledger. The Info-Logic General Ledger provides the means to accurately record every transaction involving the company. Some transactions are manually entered whilst others are interfaced automatically in summary or detail from the Subsidiary Ledgers (Sales, Purchase, Stock and Cashbook). Actual performance can be easily compared to budgeted performance so that variances can be analyzed and acted on. The System provides a Financial Statement Generator which enables the Financial Statements to be produced in any degree of summary or detail and in multiple formats in order to meet management reporting requirements exactly.
An account can total in unlimited ways in different reports, giving the ability to present the same financial information many different ways for meaningful analysis. The building of management reports is very visual, easy to do and extremely powerful.
The benefits to be obtained from using the System include:
The Income Statement and Balance Sheet can be presented in the exact format required by management. Valuable time can therefore be spent on interpreting the results rather than preparing the Financial Statements.
Any number of Budgets/Forecasts can exist simultaneously with the ability to compare any combination of current/ actual/last years actual/budget/forecast. The system can automatically create an entire budget or an account budget based on actual values or any existing budget. When an account budget is being created, two other budgets/actuals can be simultaneously displayed by month to facilitate budget creation.
The Financial Statement Generator enables actual performance to be compared to planned performance so that corrective action can be taken on significant variances.
A range of posting periods both prior and future can be defined in the setup enabling complete control of all data entry
Transaction input offers accrual journals, standing and recurring journal processing in order to minimise operator input and improve accuracy.
Full automatic Inter-Company Account processing is provided, ensuring that Inter-Company accounts remain in balance at all times.
The detailed Subsidiary Ledger transactions making up a summarised General Ledger transaction can be instantly displayed from the General Ledger transaction enquiry.
The current financial period can only be closed once all subsidiary ledgers have been closed for that period, thus retaining the integrity of the General Ledger. The previous financial year need not be closed off in order to allow processing and meaningful reporting in the new financial year. That reducing the pressure to complete and close a financial year.
Account balances by period summary and in transaction detail are available on inquiry. The amount of detailed history retained by the System is User determined.
THE INFO-LOGIC GENERAL LEDGER SOLUTION
Incorporated in the Info-Logic General Ledger is a powerful Financial Statement Generator which enables the reporting of the Companies performance to exact specifications. The Generator can also be used to pass financial statements into PC packages for further analysis and presentation.
The multi-level consolidation capabilities within the structure ensures that the System meets even the most demanding financial reporting environments.
In addition to the generally expected features of a General Ledger System, the full-function Info-Logic System provides a number of genuinely useful, but less common features:
CONSOLIDATIONS
Global chart of Accounts - A chart of accounts can be specified at any level in the structure, making it possible to do consolidations where required.
Flexible Structure - the organisational structure is User defined and therefore reflects Management's accounting and control requirements exactly. Multiple consolidations are possible at any level of the structure.
CUSTOMISED FINANCIAL STATEMENTS
Totalling Levels - fifteen levels of report totalling are available to provide tailored Income Statements and Balance Sheets. Multiple report totalling definitions are available per account.
Report Totals - Any number of report totals can be defined at each level to meet managements reporting requirements and terminology exactly.
Summary Detail - any degree of summary or detail can be specified for the Financial Statements.
Print Formats - multiple print formats are available with spacing and underlining being User specified.
Percentage Analysis - percentage analysis can be done by row and column.
Reversible Sequence - The structure can be inverted for sort and printing purposes to provide further report options.
FLEXIBLE INTERFACE
Online/Batch Update - Cashbook transactions can update the General Ledger online or in batch made.
Report before Update - Interface batches from the subsidiary ledgers are fully reported on for verification before updating the General Ledger.
Multiple Control Accounts - subsidiary ledgers can interface to multiple General Ledger Control accounts as determined by the transaction type and class.
Summary/Detail Update - transactions posted to the General Ledger from Subsidiary Ledgers can be in detail or summary.
Error Detection - Only valid balanced interface batches may update the General Ledger.
OPERATIONAL EFFICIENCY
Automatic Accruals - accrual journals are automatically reversed in the next period.
Standard/Recurring Journals - repetitive journals need only be captured once and repeatedly posted.
Session Suspend/Edit/Add - At any stage during journal capture, the session may be suspended and accessed at a later stage. Only balanced journals are ever posted to the General Ledger.
PC Spreadsheet Journals - Journals can be entered in a spreadsheet with full validation, balancing taking place before posting.
Independant Period Ends - Company periods can be closed independantly of each other.
Extensive Inquiries - Account inquiries can be made on period balances, detail transactions, and budgets according to a users selection criteria.
Audit History - Complete audit history is retained by the system and audit trails for any batch in any period can be re-printed.
Transaction Searches - Transaction searches can be done on inquiry by variable criteria like narration and value.
OPERATIONAL CONTROL
Period End Control - The General Ledger period end option can only be executed once all the Subsidiary Ledgers have been closed off. The period end can not be affected whilst open sessions and interface batches exist.
Data Integrity - the transaction details can be selectively verified to the period balances to ensure the data integrity of the system.
History Retention - An entire years' detailed history can be optionally deleted when no longer required.
Summarise Transaction - A periods transaction details can be summarised to a period balance, selectively by account.
User Defined Parameters - Forward or Backward posting or neither.
Additional Functionality - System maintenance of B/F and C/F balances with integrity checking. Uploading of budgets from PC spreadsheet. Full drill down of interfaced transactions in subsidiary ledgers even to voucher level. Full drill up from subsidiary ledgers to show general ledger effect. Interface transaction can be generated in full summary, transaction type summary or in detail. Accounts may be designated as automatic posting only to better manage control account balancing.