General Ledger

General Ledger (GL) is the heart of Financial Management Module of Epicor, processing and posting all accounting transactions created throughout Epicor applications, as well as entries made directly within the ledger. While it is seldom accessed outside of the accounting and tax departments, the General Ledger’s impact is felt throughout an entire enterprise.

The information and controls which flow from the General Ledger system enable an organization to operate efficiently, comply with fiscal regulations, underpin strong corporate governance, and drive enterprise performance. General Ledger provides the accounting controls and system security necessary to help ensure the integrity of your company’s financial data.

At the core of General Ledger, Epicor Financial Management provides flexible financial accounting representations through multiple book functionality, which flows all the way through to financial reports and statements. “Multiple Books“ allows the establishment of unlimited financial books to support a wide variety of financial requirements, such as budgeting and forecasting, statutory and government accounting versus management accounting (for example, US GAAP and non-GAAP, etc), and comprehensive consolidations. Epicor Financial Management provides the tools to seamlessly handle the accounting representations from your various subsidiaries while at the same time giving you a consolidated view of the one version of the financial truth for your organization.

Key highlights and benefits of using Multiple Books within your company:

Chart of Accounts: Create a different chart of accounts by book, post transactions to different accounts within different books simultaneously using the posting engine.

Reporting Currency: Have a different reporting currency tied to each book and even, if ever needed, assign a different period calendar to each book. This flexibility allows users with a single journal to process both the management accounts and the statutory accounts at the same time without the need for multiple transaction entry.

Multiple Closing Calendars: As businesses acquire new businesses there is often a need to maintain different calendars for “stub“ periods or for example up to 18 months to bring the acquired company in line with the fiscal calendar of the acquiring business. Each established book can operate a completely independent fiscal calendar as applicable.

Calendar Adjustment Period: General Ledger has built-in support for an additional year-end period to be defined as a part of your calendar that will be used for year-end adjusting entries.

The highly configurable global tax engine within Epicor Financial Core allows businesses to define comprehensive tax rules and calculations in order to meet the needs of unique tax requirements and jurisdictions internationally, and then update them as often as needed.

Epicor Financial Management contains a global legal numbering engine to manage the legal numbering of all the printed transactions that a company sends to customers and suppliers.

Specific transactions that the legal numbering engine effects are:

• Sales Orders

• AR Invoices

• Purchase Orders

• Credit Memos

• Promissory Notes

• Payments (checks)

Epicor Financial Management meets the needs of businesses today through integral financial consolidation at either a summary or detailed transaction level, providing the flexibility to consolidate from different books and/or companies within a defined relationship.

• Merge balances (and underlying transactions) from one or more books into a single consolidated view of financial information, from which financial reports may be prepared, while at the same time creating the supporting elimination journal entries as a result of the process.

• Re-measure accounting transactions and financial results based on the differences in the consolidated currencies using differing rates types (spot, fixed, etc.).

Epicor Financial Report Writer offers the ability to report across one or multiple books, extract, manage and arithmetically handle data calculations, format reports based on user definitions, and publish results with corresponding formats to Excel if required.

Validation rules can be configured to control what gets posted to General Ledger from the sub-ledgers. The system will then control how transaction events are cleared to post, will not post, or will issue a warning before posting.

A discrete adjustment period enables accounting and finance personnel to make post-year-end adjustments such as management, audit, or tax journals supplementary to the defined fiscal calendar. This enhances audit controls while ensuring that rolled forward financial accounts, including consolidation books and retained earnings balances, are updated accordingly.

Inter-company journals reference accounts in other companies that have been flagged as globally available for posting transactions. Corresponding inter-company control accounts are updated upon posting in the source company. Once the transactions have been initiated, a General Journal is then created in the target company, posting to the appropriate accounts and initiating off-set journal entries to the intercompany accounts.

Show the current activity and balances for the period you specify. Locate an account through word search capabilities. Summarize view with options to drill down to account detail and supporting journal entries.

Post entries to any period in the current year, following year, or any subsequent year as required, even while the current period remains open.

Enter figures for any account and year. Globally update budgets by percentage. Enhanced capabilities for budgeting are provided via Epicor Enterprise Performance Management.

Print comparisons between current actuals and budgets or previous actuals.

Automate allocation of funds across multiple accounts without manual entry.

Offered as part of Epicor EPM, Management Reporter is an advanced financial application that provides robust financial

statements and user-definable reporting capabilities. Management Reporter performs many financial analytical functions including:

• Advanced financial intelligence. Hierarchies can be defined to facilitate the creation of different views of your business.  Business users can create management, legal, and soft consolidated reports.

• Strong support for regulatory compliance. Management Reporter helps organizations support generally accepted accounting practices (GAAP), international financial reporting standards (IFRS), and Sarbanes-Oxley regulations. Centralized data management, including security and business rules, and transactional reporting simplify regulatory compliance

general ledger