The General Ledger (GL) is the central accounting hub that systemically collects and tracks all financial transactions originating from FOURA’s other core process modules. The transactions stored here roll up into the company trial balance – and this in turn is used to generate the main financial statements for your company – the balance sheet, income statement and cash flow statement.
FOURA comes out of the box with a standard, flexible natural chart of accounts – you choose which accounts you need, de-activate accounts you don’t need, or easily add new accounts. If you want to maintain your existing chart of account scheme in FOURA, we can migrate it for you! It’s easy to classify your revenues, expenses, assets and liabilities where you want them on the main financial statements through the flexible reporting fields in the chart of accounts.
In addition to the natural accounts, which track revenues and expenses by their “nature”, FOURA allows you to track your P&L activities by accounting units, or cost centers. This provides the ability to track and report on your P&L in separate buckets, so you can have visibility into profit by activity. For example, if your company needs to track P&L by customer type and region, you can set up separate accounting units that use the same chart of accounts, and then track, report and analyze the P&L by customer type and region.
The GL module enables you to control posting periods, manually enter or copy/paste manual journal entries from an Excel template, and sweep transactions from the various core process modules using FOURA’s unique Posting Assistant. Closing out the year is super easy with FOURA’s Year-End Close process.