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General Ledger

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All financial transactions generated through the Comp-U-Net system are posted on-line to the General Ledger System, and are readily available to produce traditional G/L Reports and Financial Statements.

G/L System Debits and Credits: The G/L system uses the ‘Double entry’ Accounting techniques consisting of debits and credits for each transaction. The software safeguards the G/L integrity by making sure that all Journals are in balance prior to posting.

Comp-U-Net's Chart of Accounts: reflects our experience in dealing with many different types of hard and soft good retailers and distributor Companies throughout the years. It is strongly recommended that the Chart of Accounts be adopted as is. The G/L Account number: has ten digits for each Company, with the following breakdown:

First five digits - Account number. A full chart of accounts is provided by the system depending on your business, as an easy guide to follow. 

Sixth Digit -  Optional, Sale division. Provides the capability to classify sales based on their target customer base: Retail, Commercial, Importers, Distributors, Builders, etc.

Seventh Digit -  Optional, Type of work. Allows the user to identify the effect that exceptional work performed because of errors, omissions, defective material, or special accommodations to employees. The above area is very significant, and can only be highlighted by assigning a special category through the G/L system.

Next three digits -  Store or warehouse number. Comp-U-Net provides Financial Statements at the Store or Profit Center level allowing management to run each location as a profit center and allocate income and expenses accordingly.

Accounting Periods: The General Ledger System is integrated with a Fiscal Year table to facilitate the posting, balancing, and preparation of financial reports. 

G/L Journal Generation: Accounting transactions generate G/L Journals automatically, as they occur within the system. Journals are numbered based on the Accounting Cycle and may also be viewed through the Journal Entry Program. In addition to the G/L Journals generated automatically by Comp-U-Floor, the user has the capability to post manual G/L Journals.

Chart of Accounts Table: To further facilitate the use of the General Ledger System, Comp-U-Net provides a flexible interface between the Chart of Accounts and the different sub-systems: Sales, A/R, etc. For instance, Each set of Sale accounts, is linked to their respective inventory, purchasing, and cost-of-goods-sold accounts. The above makes it very easy for the user to just link one G/L Account to each product, and allow the system to generate all the necessary G/L Journals.

Financial Reports: Four standard reports are included with the software:

A Trial Balance to list accounting transactions for a given date range, or fiscal period, a G/L Control report which serves as the base for the reconciliation of all journals created within a given period, an Income Statement Report, and a Balance Sheet Report.

Comp-U-Net's financial transactions may also be easily exported to an spreadsheet for further analysis.