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Business Software Features - Financial Portrait General Ledger


MULTIPLE COMPANY DATABASE:
Single company data, multiple company data, and corporate level data are all supported in the same physical database.  This allows new companies to be set up without redefinition of accounting periods and journal entry types.  This also allows consolidation of selected information from multiple companies without intervention from the IT department.

STRUCTURED CHART OF ACCOUNTS:
One of the first steps towards implementation is the definition of a posting account structure.  Up to seven organization types can be represented and defined according to your custom criteria.  Some examples of organization type are department, division, sub-account, branch and profit center.  The entire posting account length can go up to twenty-one digits or characters in the base package.  Other than this limitation, virtually any account structure can be implemented in the Financial Portrait system by the controller, without assistance from your I.S. department or our Financial Portrait support personnel.

POSTING ACCOUNT DEVELOPMENT:
Several features exist for mass maintenance of posting accounts.  Posting accounts can be created based on lists of posting accounts components defined previously.  A multiple company option allows creation of accounts in all companies with the same account structure.

INCREASED AUDIBILITY FOR LARGE DATA BASES:
The original source and transaction type of each G/L credit and debit can be retained by the system.  This allows analysis of only a portion of the activity for a particular account.  Also improving problem research capabilities is the ability to view the offsetting entries for any particular credit or debit.  All credits and debits are assigned a journal entry number by the system if one is not entered manually or if one is not received from the external system interface.

MULTIPLE ACCOUNTING PERIODS FOR ALL COMPANIES:
FPS supports simultaneous accumulation of historical amounts by overlapping weeks and/or periods within the same company.  Additional, more detailed time frames may be specified for selected accounts, allowing increased analysis of sales or cost trends.

STATISTICAL AMOUNTS:
Statistical amounts may include multiple budgets, consolidating entries, allocations of corporate expenses, or foreign currency amounts.  Budget revisions can be performed at any time and can be retained separately from the original.

FINANCIAL AND STATISTICAL UNITS:
Unit tracking is available for all accounts and may include any type of physical or logical unit.  Inventory quantities, hours, square feet, etc. can then be used for analysis in conjunction with the dollar amounts posted to the various accounts.

VARIABLE AND/OR FIXED RECURRING JOURNAL ENTRIES:
Both variable and fixed recurring journal entries can be defined.  Both types can be used as a basis for new entries through Manual Journal Entry and Automatic Recurring Entry Generation.  A listing of recurring entry definitions is also available.  In addition, posting of selected recurring journal entries can be insured on any regular or predefined basis.  The period close procedure will prevent the closing of periods that lack proper entries.  This procedure will also issue warnings when recurring journal entries are set to expire.

AUTOMATIC ALLOCATION FORMULAS:
Dollar amounts can be automatically distributed across accounts based on user-defined percentages.

AUTOMATICALLY REVERSING JOURNAL ENTRIES:
This feature allows for automatic reversal of accruals in future periods.

CONSOLIDATION:
Up to 99 levels of consolidation are possible.  You can consolidate accounts within a company; consolidate different companies; consolidate companies with different fiscal years; and consolidate companies with unlike charts of accounts.

EASE OF IMPLEMENTATION:
User defined reports, account structures, transaction types, and time frames contribute to making FP/GL the easiest system on the market to implement.  Many package options are provided to insure that the implementation process does not involve unnecessary changes to the way a company is used to doing business.  In addition, a number of features are provided that facilitate technical integration with custom applications and other vendor's applications.  For example, the Financial Portrait G/L system will actually generate programs to perform certain interfacing functions.

MANAGER DEFINED TRANSACTION REFERENCE REQUIREMENTS:
For each type of journal entry, the manager or supervisor can indicate what information is to be entered and edited.  This is especially useful in specifying what information can be expected and recognized from the automatic G/L interface with other applications, such as accounts receivable, accounts payable, and billing.  Different journal entry types can have different selections of information entry fields, including up to five reference numbers.

ON-LINE INQUIRY OF TRANSACTION DETAILS:
Interactive inquiry of credits and debits is provided for by account and date with drill down to source application details or cross-drill by journal entry.  Full audit references can be viewed through the extended information screens.

TRIAL BALANCES AND GENERAL LEDGERS:
Trial balances can be printed with or without transaction detail for the period or year.  Sequencing and totaling by any one of the posting account organization types is provided for companies with a complex account structure.  Capabilities also exist for printed inquiry of account information for a single account or a group of related accounts.

JOURNAL ENTRY RECAP:
A printed Journal Entry Recap is available for any period.

ACCOUNT SEARCH AND SELECTION:
The account search function is available from virtually all account entry screens.  Posting accounts, organization codes and summary accounts can be displayed alphabetically by description.  Once an account is found, it can be selected for use and brought back into the requesting function.

G/L MANAGEMENT INQUIRY:
Summary account balances can be calculated and reviewed on-line.  A condensed set of presentation options, similar to those in the custom report development process, is available.  The G/L Management Inquiry allows accountants to view and total a group of accounts quickly, management to access current financial figures immediately and for anyone developing report definitions to review the accuracy of the summary account definitions without waiting for the report to process in a batch environment.


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