General Ledger

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The General Ledger in Design Manager is used primarily to record Journal Entries in order to manually adjust Account balances.  The General Ledger is also used to access the Company Information Window where Security, default Accounts, Budgets, Fiscal Month settings, and other sensitive information is recorded.  A full compliment of fiscal analysis tools are available through the General Ledger Reports, Account Balances Window, and the Transaction Search Window.

 

Design Manager Accounting:

Design Manager utilizes Accrual Accounting pertaining to Accounts Receivable, Accounts Payable, Client Deposits, Vendor Deposits, and Work in Process / Inventory.

Design Manager Accounting is based on 12 Fiscal Months, or Fiscal Periods, which comprise a Fiscal Year.  Design Manager does not require the Fiscal Year to coincide with the calendar year.  The current Fiscal Month of the company is initially set on the Company Information Window - Fiscal Month Tab.Accounting transactions are posted to a Fiscal Month which can be independent of the date associated with the transaction.  Normally all postings are made to the current Fiscal Month.  With the Allow Fiscal Month Changes Password Attribute, a user can post transactions into previous or future Fiscal Months.  Accounting reports and Financial Statements can all be printed retroactively by entering a previous Fiscal Month.

Most Accounting transactions, such as Cash Receipts, in Design Manager may be either voided or credited.  Many types of accounting transactions may also be revised after they have been posted.  Design Manager maintains an audit trail of these revisions.  Such revisions are normally displayed so only the adjusted, or net, transaction is displayed.  On some Accounting reports, however, there is an option to Show Revisions which will the display the original transaction along with each revision.  The user and the date the entry was physically entered into Design Manager, known as the Keyed Date, are recorded for all Accounting transactions and revisions in order easily to identify which employee made or revised a transaction and at what point in time did the action occur.

Month-end and year-end closings:

Month-end and year-end closing are automatic and take place without the need for user assistance.  When a transaction is posted to a prior Fiscal Month or Fiscal Year, Design Manager will open the Fiscal Period, post the transaction, then close the Fiscal Period again.  If a prior Fiscal Year is affected, the Retained Earnings for the current Fiscal Year will be updated, if necessary.  Fiscal Months can, however, be closed for Accounts Receivable, Accounts Payable, or the entire General Ledger using the Last Closed Fiscal Month settings.  For more information, see Fiscal Month Setting and the Company Information Window - Fiscal Month Tab.

 

For more information on Accrual Accounting, click here: https://designmanager.freshdesk.com/solution/articles/22000202799-explanation-of-the-design-manager-accrual-based-accounting-system-and-links-to-articles-that-explain-