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Fastbase Accounting System - Online Manual

GENERAL LEDGER UPDATE

Document 102536/1

Entered Fri, 22 Nov 2002 09:46 by Peter Campbell
Updated Wed, 7 Sep 2005 11:49
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Go to Processing –> General Ledger -> GL Update.

Before the GL update can be done, all batches for the period you are running the update for need to be closed. Batches are closed automatically when the period end processing has been run, see SUGGESTED MONTH END PROCEDURE.

Select the type of update you are running: Test, Update, Compare Previous Update or Batch Test.

Test:
A test will run the update process, producing a report only. No GL postings are created. This option should be used before running the update option to check for posting errors.

Update:
The update option processes all un-posted batches for the selected period, creates a report and posts the GL journals. All batches are flagged as Posted and cannot be altered.

Compare Previous Update:
If you want to check the postings the computer made on a previous update use this option. A report will be produced which details the actual postings made and the computed postings.

Batch Test:
This option can be used to check any batch. A report will be produced showing the postings made for that batch. No journal is created and the batch status isn't changed.

Once you have selected the type of update you will be prompted for a date or batch number. When running a test, update or compare the entered date must be the month end date (ie: last day of the month) as only whole months can be updated.

When running the update option the system may display the exchange rates for various currencies. Check that these exchange rates are up to date. This will affect the foreign exchange postings.

Click on “Start Update”.

Additional Notes

Control accounts for each module are recorded in Utilities - Module Details.

Foreign Exchange

When running a test or update FastBase will process all unpaid invoices for foreign currency suppliers and customers. Each outstanding invoice will be revalued at the current month end exchange rate. Any variance with the new value and the old value is posted to the exchange variance account (defined in the Utilities - Module: General Ledger).

If the GL update fails for some reason during the update process then the accounts payable control account may vary from the Supplier Aged Trial Balance (the same applies for accounts receivable if you have foreign currency customers).

If for any reason the control account varies from the aged trial balance you will need to enter a General Ledger Journal to correct the variance. The journal will always be between the control account and the exchange variance account.

If everything is stable from month to month and the general ledger update works without problems then it should be rare that any journal adjustments need to be made.

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