:: uFactory™ : General Ledger Overview ::

Chart of Accounts
Chart of Accounts provides an accounting framework for recording financial transactions of a company. Each G/L account is identified with a unique number, name, and type. Chart of Accounts hierarchy allows grouping of G/L accounts with master and subaccount associations.

General Journal
General Journal allows accounting staff to enter debit and credit transactions in a traditional way. Typically, general journal allows transferring amounts from one G/L account to another.

Recurring Journal
Recurring Journal allows accounting staff to enter debit and credit transactions that recur periodically. Typically, recurring journal allows transferring amounts from one G/L account to another.

Checks
Checks allow accounting staff to record payment transactions that are not recorded through 'Purchase Invoices' and 'Vendor Payments' functions. Caution: Use 'Vendor Payments' function to make payments of unpaid purchase invoices.

Deposits
Deposits allow accounting staff to record deposit transactions that are not recorded through 'Customer Payments' and 'Sales Receipts' functions. Caution: Use 'Customer Payments' function to receive and deposit payments of unpaid sales invoices. On the other hand, use 'Sales Receipts' function to make a sale, and receive and deposit payment at the time of sale.

Account Reconciliations
Accounts Reconciliations allow accounting staff to verify that the transactions pertaining to G/L accounts of type 'Bank' are in agreement with those of the banks at the end of bank statement's closing date.

General Ledger
General Ledger provides a snapshot of all financial transactions that occur in uFactory. General Ledger entries are created as a result of posting an item, inventory adjustment, sales invoice, sales receipt, sales credit memo, production order, item receipt, purchase invoice, purchase credit memo, production bill of material (BOM), general journal, check, deposit, customer payment, vendor payment, and account reconciliation.

Bank Account Ledger
Bank Account Ledger provides a snapshot of transactions that are related to G/L accounts of 'Bank' type. Bank account ledger entries are created and updated as a result of posting a check, deposit, general journal, customer payment, vendor payment, and account reconciliation.