General Ledger

What is Epicor General Ledger?

Epicor General Ledger (GL) is a bookkeeping tool integrated into a comprehensive ERP system. The software processes and posts all accounting data in various Epicor applications, such as Accounts Payable, Accounts Receivable, Cash Management, Fixed Assets, and Purchasing and Projects. As the core of Epicor ERP’s Financial Management module, General Ledger produces entries and shares them with other relevant processes throughout the central database system.

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Epicor General Ledger Benefits

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While in most cases, only the accounting and tax departments have access to this functionality, the General Ledger’s impacts encompass the entire enterprise. In particular, the software ensures compliance with fiscal regulations, underpins strong corporate governance, and drives enterprise performance. In addition, Epicor General Ledger provides the accounting controls and system security necessary to ensure the integrity of a company’s financial data.

Epicor General Ledger Features

At the core of General Ledger, Epicor’s Multiple Books provides flexible financial accounting representations, which flow through to financial reports and statements. Furthermore, the tool 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), and comprehensive consolidations. Last but not least, Multiple Books enables users to handle the accounting representations from various subsidiaries seamlessly and at the same time view the financial truth for their organization.

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

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

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

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 to meet the needs of unique tax requirements and jurisdictions internationally and then update them as often as needed.

Epicor ERP General Ledger offers Balance Control. In particular, it contains a global legal numbering engine to number legally all the printed transactions that a company sends to customers and suppliers.

Specific transactions that the legal numbering engine affects are:

• Sales Orders

• AR Invoices

• Purchase Orders

• Credit Memos

• Promissory Notes

• Payments (checks)

The Consolidations and Eliminations functionality in Epicor General Ledger meets the needs of businesses today through necessary 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.

Epicor users can configure validation rules to control what gets posted to General Ledger from the sub-ledgers. The system will then influence how transaction events are cleared to post, not post, or 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 created in the target company, posting to the appropriate accounts and starting offset 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.

Management Reporter is an advanced financial application that provides powerful financial statements and user-definable reporting capabilities. Moreover, thanks to this tool, Epicor General Ledger performs many financial analytical functions, including:

• Advanced financial intelligence. Users can define hierarchies to facilitate the creation of different views of your business. Besides, they can create 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. In addition, centralized data management, including security and business rules and transactional reporting, simplifies regulatory compliance.

Epicor ERP is accessible on the cloud, hosted, or on-premises. Moreover, it is customizable according to each industry, which requires the support from and high expertise of Epicor’s local consultants.

Data V Tech is Epicor’s authorized and most experienced partner in Vietnam. Remarkably, we can localize Epicor ERP’s implementation within a fascinating duration and for competitive consulting costs. Furthermore, Data V Tech has developed various complementary add-ons on mobile beyond Epicor ERP’s available benefits to assist enterprises in every workplace corner. 

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