General Ledger Action Plan

Use the General Ledger Action Plan in order to fully implement and use the features available within the General Ledger module.

Verify that all items in the WinTeam Master Action Plan are completed before continuing.

Some of these items may have been completed during the set up of another module.

1. Set Up Recurring Journal Entries
   
   Use Recurring Journal Entries to enter transactions that occur every month. Some examples of recurring entries would be Rent, Lease Payments, Prepaid Insurance, etc. The entries are made monthly based upon the value entered in the Number of Times field.
2. Enter beginning balances in the General Ledger using Adjusting Journal Entries.
   
   The Adjusting Journal Entries program is used to enter beginning balances in the General Ledger. For more information, see Entering Beginning Balances in the General Ledger.
3. Set Up General Ledger Budgets
   
   Use the Budgets screen to set up and display budgets set up for Jobs through the General Ledger Budgets screen.
4. Set Up Formatting of Financial Statements
   
   Use Formatting of Financial Statements to design the financial statements for the company. Financial statements include the Balance Sheet and Profit and Loss statements.
5. Run the Comparative Income Statement
   
   The Comparative Income Statement consists of the item amounts from two of a company's statements arranged side by side in a single statement, with dollar changes and percentage changes shown in the additional columns. The Comparative Income Statement compares a selected period with the same period from last year.
6. Run the Budget Income Statement
   
   The Budget Income Statement provides data concerning the results of operations during a period. Only those transaction involving revenues, gains, expenses, and losses are reflected on the income statement. Net income is the excess of revenues and gains over expenses and losses for an accounting period. This report shows both budgeted and actual amounts, along with their variances for the selected accounting period. Year-to-date figures also display.
7. Run the Budget Report
   
   The Budget Report provides the actual budget amounts as they were entered for the selected financial format.
8. To Use the Detail button in Trial Balance
   
   Use the Trial Balance to test the equality of debit and credit balances from the general ledger.
   The purpose of the trial balance is simply to prove that the total of debits equals the total of credits and to "catch" or detect any obvious errors that may have occurred in either the recording or the posting process. You should note, however, that even if the total of the debits in the trial balance is equal to the total of the credits, this proves only that the accounts are "in balance"; it does not indicate that errors have not been made. (For example, a posting could have been made to the wrong account or a transaction may not have been posted at all.)