The general ledger keeps a record of financial data which provides timely information about your business while maintaining an audit trail of business transactions.
Netâ˘Yield is a period based accounting system. It posts all transactions (sales orders, invoices, purchases, checks, hand checks, cash applications, work orders, inventory adjustments, etc.) except journal entries, miscellaneous cash disbursements, and miscellaneous cash receipts to the current period and year defined in Ledger Options, regardless of the date of the entry.
Accounting periods can be defined as calendar or fiscal year based. All financial reports are based on the period in which the transaction was posted, not the date of the transaction. For example, if the current period and year is 02-2009 (February 2009), all transactions will be posted to period 02-2009. If an invoice is dated 1/31/09, it will still post to period 02-2009 since that is the current period and year. If the invoice is dated 3/1/09 it will also post to period 02-2009, since it is the current period.
All transactions, regardless of their source, are generated as un-posted transactions and are reflected in general ledger reports only after being posted. The Post Batches option allows users to post selected batches of transactions to the general ledger in one step.
Within the Ledger menu, helpful financial and margin reports can be accessed in order to get a better understanding of your company's financial status. Budgets can also be established to help plan for future expenses and anticipate future revenue.
Sales commissions for both sales reps and brokers can also be tracked by using the Commission Processing function found in the Ledger menu.