General Ledger

The general ledger is the final resting place for all the transactions and invoices generated by the system. Much of the data here is generated by other sub-systems, primarily the accounts payable and accounts receivable. However, there is also the facility to add entries directly to the G/L.

Chart of accounts

This is where we define the G/L chart of accounts. It will come with a basic list which can be modified for your own purposes. If you already have a chart of accounts and want to migrate it to VybeBooks we can do that for you when setting up your new accounting system. Here are the fields and their meanings.

G/L account

The system enforces a five digit format for the account number. The account number can be changed to any number as long as it doesn’t already exist in the system. The data associated with the account will follow it as the number changes.

Description

This is the string that appears on various screens and G/L reports.

Level

Level applies to reporting. Different levels cause totals and page breaks to be displayed. Only Active level accounts can actually have data assigned to them.

Debit account

If checked then this is a debit account. If unchecked it is a credit account.

Edit G/L

This is where you can view the list of G/L entries and, if allowed, edit them. You can also add new ones here. When creating or editing entries they must balance before they will be accepted by the system.

Review G/L accounts

This allows you to review the transactions for a specific account. Choose the account to review from the drop down list and fill in the dates. If you leave a date blank then the start defaults to the beginning of time and the end defaults to today.

G/L reports

You can view or print your standard reports here. Currently we provide balance sheet, trial balance and profit/loss reports. As a convenience you can check the “Include journals” box to include all of the transactions in the A/R and A/P that have not been journalized yet.

Reconcile statements

This is a special facility to help reconcile your G/L with external data such as bank accounts and Paypal. This requires a little set up on our part including setting up a method to load monthly downloads from your bank or other institution. Once ready you can go into each month and enter the G/L journal entry corresponding to the statement item. Once everything balances the pages will be clean and you will know that everything has been accounted for.