General Ledger Management
The General Ledger (GL) module is the heart of finance package of an ERP system. Through integration with logistics, business processes as well as with accounting sub ledgers of other finance modules such as accounts payable, accounts receivable, cash management, GL provides a central pool of accounting data required for finance reporting (including statutory reports) and other purpose. One of the important functions of GL is to real time update of sub ledger, thus eliminating the time consuming reconciliation. GL also provides summarized data for use in planning, control and reporting.
The important components of GL are: 1.GL master data set up. 2.GL integration set up with logistics modules. 3.Period and year closing.
Chart Of Accounts(COA)
Chart of accounts is the tree view or a blue print of your business. In this chart the account groups are work as a parent group and ledgers are coming under it as a child node. A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a company. A chart of accounts usually consists of - Assets, Liabilities, Equity, Income and Expenses. Some companies segregate their transactions into the additional segments of Cost of Goods Sold, Advertising Costs, General and Administrative Expenses, Other Expenses, Other Income, and Taxes.
By designing your chart of accounts with the financial analysis of your company in mind, you will be able to see just where your profits are coming from and where your expenses need to be examined.
PSPM ERP software acts as the main software system for all areas and has the ability to make the most of the efficiency and update the flow of information across an organization.
Banking & Journals
A Journal Entry is an entry made in the general ledger and it indicated the affected accounts. A Journal Entry is a multi purpose transaction where the debit and credit accounts can be selected.
Simply, Journal is an analysis of the transactions based on the debtor-creditor characteristics which determine whether a particular business event has an economic effect on the assets, liabilities or equity of your business.
PSPM ERP Accounting system has been designed to be the easiest for people with minimal or no knowledge of accounting. But accounts journal is a pro-level feature. Trained accountants will be familiar with this.
In the PSPM ERP system we have included all kind of reports that are required to the business process. The customizable reports are made as per user & business requirements.
We have included the reports like Sale report, Purchase report, GST reports, Material Consumption report, Daybook report, Trial Balance report, Reports specific GL and Material also there in PSPM ERP solution.
Reports can be downloaded in both pdf & excel file as per user requirements.