The accounting core.
WHAT THE GENERAL LEDGER HOLDS
Every financial transaction, posted to accounts.
WHAT SUBSIDIARY LEDGERS HOLD
Detail by customer, supplier, or asset.
WHY THEY MUST RECONCILE
The ledger holds totals; the subsidiary holds detail, and they must agree.
WHAT TO CHECK REGULARLY
That they do.
WHAT PERIODS ARE
Defined intervals that are closed once reported.
WHAT CLOSING A PERIOD DOES
Prevents further posting to it.
WHY THAT MATTERS
Published figures must not change afterwards.
WHAT TO ESTABLISH
Who may reopen a period, and under what circumstances.
WHAT MULTI-CURRENCY SUPPORT REQUIRES
Transactions recorded in their original currency Rates applied and recorded Revaluation at period end
WHY THAT LAST POINT
Balances in foreign currency change value as rates move, and that must be recognised.
WHAT THAT MEANS LOCALLY
Rate volatility makes this material, not incidental.
WHAT APPROVAL WORKFLOWS ENFORCE
That expenditure is authorised before it occurs.
WHAT TO CONFIGURE
Thresholds, and who approves at each.
WHAT AUDIT TRAILS MUST RECORD
Every posting, who made it, and when.
WHAT TO NEVER PERMIT
Editing a posted transaction.
WHAT TO REQUIRE INSTEAD
A reversing entry.
