The General Ledger Accounting Cycle
After you set up your set of books, follow these steps to enter, maintain, and report on actual accounting information for your enterprise:
2. Enter manual journal entries, including:
- Intercompany journal entries.
3. Import journals from subledgers. If you encounter an error when trying to import a subledger journal, you can correct the import data and rerun journal import. See: Importing Journals.
4. Define recurring journal formulas for transactions that have a common format or that you enter frequently. You can also create recurring journal formulas to create allocation entries. See: Creating Recurring Journal Formula Batches.
You can use recurring journals to create three types of journal entries:
7. Review the details of your unposted journal batches.
- To view and optionally change unposted journal batches online, use the Enter Journals window.
- To view unposted journal batch detail online, use the Journal Inquiry window.
- To print a report showing unposted batch detail, produce an Unposted Journals Report.
8. Edit unposted journals to change information about an unposted batch or its journal detail, including the batch period and the journal currency.
10. Check for posting errors. General Ledger automatically produces a Posting Execution Report so you can check the results of your posting. This report notifies you of any errors.
11. Reverse journals. You can reverse a posted or unposted journal entry. Once you assign a reversing period to the journal, generate and post the reversing batch. See: Defining Reverse Journal Entries.
12. Revalue your foreign-denominated assets and liabilities to reflect exchange rate fluctuations at the end of each accounting period. See: Revaluing Balances.
13. Translate your actual account balances to any foreign currency for reporting purposes. See: Translating Balances.
14. Consolidate sets of books by defining and running a consolidation. You can consolidate sets of books that have different charts of accounts and calendars. See: Overview of Consolidation.
15. Produce financial reports and perform online inquiries to review current account balances.
- Review posted journal details in the Posted Journals Report, as well as in the General Ledger and Account Analysis reports.
16. Enter journals to clear suspense account balances. Examine General Ledger and Account Analysis reports to identify the source of suspense account entries.
18. Open the next accounting period.