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. You can optionaly assign currencies to each account. See the section on foreign currencies for more details.

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. The five digits restriction is a configurable value.

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.

Currency

If enabled then this is where you can assign a currency to the account.

Chart levels

Here are the G/L account levels and their meanings.

Active account

This is the level where actual values are tracked. No other level can be used for tracking amounts. The values here are also totaled when displaying a G/L report. There are five totals tracked. Each total is cleared under different circumstances as described below for the non-active levels.

When displaying a G/L report active accounts descriptions will be indented in more than any other level.

Page break

This level is meant to issue a new page when printing a G/L report. Currently this is not implemented.

Heading

This is a major heading. It is used for things like “ASSETS”, “LIABILITIES”, etc. The description is output with no indentation and no further actions are taken.

Memo

This level is used to display a significant section header. The description is indented in slightly. After displaying the description the level 1 total is cleared.

Sub_memo

Like memo but indented slightly more. After displaying the description the level 1 and level 2 totals are cleared.

YTDP&L Account

Not currently used.

Level 1 total

This level prints the description and the current total for level 1. It then clears the level 1 total. It is indented the same as the memo.

Level 2 total

This level prints the description and the current total for level 2. It then clears the level 1 and level 2 totals. It is indented the same as the sub-memo.

Level 3 total

This level prints the description and the current total for level 3. It then clears the level 1, 2 and 3 totals. It is indented slightly more than level 2.

Level 4 total

This level prints the description and the current total for level 4. It then clears the level 1, 2, 3 and 4 totals. It is indented slightly more than level 3.

Level 5 total

This level prints the description and the current total for level 5. It then clears the level 1, 2, 3, 4 and 5 totals. It is indented slightly more than level 4.

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. For foreign currency accounts this will display in the actual amounts entered and will not be adjusted like it is on the G/L reports.

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.

Any foreign currency accounts will be adjusted by the current exchange rate in order to show a reasonably accurate picture of your finances.

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.