Question: The subject is "General Ledger (GL) processing" the file has some questions and answers as points, so i want you write the answers to be as an essay paper. I need it in 2 pages. these answers are based on a "client", for example, when the answer should say "they use ...", you should write ''client'' instead of ''they''.
GL Processing
- How often does the company update the general ledger?
The general ledger can be updated anytime during the period.
Daily after cash receipts are recorded.
Daily it is monitored because you updated weekly for Accounts Payable.
Not wait till month end or it will be too much work.
Kardin is the budget ERP system that is used.
General ledger is not use ERP system, General Ledger is MRI system.
- What is the process for preparing budgets using the ERP system?
Preparing budgets is done before going to the system because lease assumptions predictions need to be made. Approved by client and then put in ERP system.
- What is the legend for of the chart of accounts? Can we please get a sample of the chart of accounts?
The Legend for the chart of accounts is determined by the Client. So it varies from client to client. See appendix for a sample of the chart of accounts.
- What kind of error message do you get if you are out of balance?
The G/L system will not allow post a journal entry that is out of balance. However the system does not alert you if your Balance Sheet or
Trial Balance is out of balance.
There is still a way to create out of balance Financial Statements:
That is what the reviewer looks and prepares.
Something can go wrong in a subsystemsand that can cause your financial statements to be out of balance.
- Are you able to override out of balance errors?
No. there is no way to override. It will not let you record it.
- In the context of general ledger, explain: adjustment period and future period?
Adjusting period is the current period because you can make adjustment entries at any timewhen the period is open. Closed periods would be prior period adjustments.
Final Period is self-explanatory.
- Are multiple people able to log in and make changes on the same general ledger account concurrently?
Yes. Each user has a unique user name.
If you have access, you can make changes at any timeand at the same time as someone else.