Insight
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General Ledger

The General Ledger (GL) is the core module in Insight. The General Ledger module has the ability to enter one-time journal entries, as well as recurring journal entries. All subsidiary modules are tightly integrated with the General Ledger. Data is shared within the General Ledger, Work Orders, and Projects automatically as transactions in the subsidiary modules are posted. General Ledger modules produce a variety of financial statements and reports.

 

Key Features & Benefits of the Insight General Ledger Module

Module Flexible Chart of Account:

GL has three levels of account breakdown.

  • The top level is the Fund (e.g. electric, water, sewer, Internet, etc.).
  • The second level, Sector, is a user-definable field intended for responsibility centers, such as departments, divisions, cost centers, and office sites.
  • The third level is the General Ledger account number.

The combination of these three levels allows for a tailor-made chart of accounts fitting a wide variety of business models.

Auto Balancing of Multiple Funds:

GL seamlessly maintains multiple fund balances. GL automatically creates the balancing entries, all account balances, cash, and accounts payable for each fund. Due-to and due-from entries are automatically created by GL when required. A full audit trail is permanently saved to the database for all transactions posted.

Flexible to Fit the Utility Business:

Easily configurable, GL can be set up for companies, divisions, operating entities, accounts, projects, and work orders; all matching the business operating structure. Reference numbering between modules is automatic, providing a quick audit trail of transaction origin. GL includes unlimited history allowing for instant access to past information.

Data Entry Designed the Way Business is Conducted:

Groups of transactions or batches can be set up to be one-time entries, recurring, or reversing. Batches can be posted immediately or held for later posting. Batches can be secured allowing for only designated staff to post. Valid Fund, Sector, and Accountcombinations are defined during General Ledger setup and verified during data entry, thus reducing erroneous postings.

Inquiry:

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Account Inquiry

Insight provides a comprehensive inquiry and search capability allowing for access to the required information quickly and easily throughout the General Ledger and subsidiary modules. For example, when viewing an AP transaction on the GL account inquiry screen, a single mouse click or hotkey will load the original AP voucher entry that created the transaction.

Audit Controls are the Key:

GL enables posting to groups of transactions commonly called batches to the current, past, or future fiscal periods. This allows the General Ledger and subsidiaries to continue to do business, even though the year-end audit entries have not been posted. Multi-period posting is controlled by policies allowing this feature as required.

Access to Information:

No GL entries or transactions are ever summarized, allowing the detail entries to always remain available for detailed inquiry. This reduces the need to print reports that take up space on a shelf.

Automatic Year-end Closing:

For convenient year-end closing, GL automatically generates the year-end closing entries when the last month of the fiscal year closes.

Extensive Financial Reporting:

Financial reporting is at the heart of the GL, allowing for instantaneous communication of financial results using Crystal Reports. GL includes predefined utility specific financial statements, which meet or exceed the needs of most businesses. The capability to modify any of the standard financial statement formats or create custom reports using the Crystal Report development tools is available. GL allows for generating, printing, viewing, and e-mailing reports, or even to export the report to a third-party application such as Microsoft© Excel. The power of financial information is just keystrokes away.

Budget:

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General Ledger Transactions

Budget entries are stored as individual transactions allowing for comprehensive tracking of approved budgets and budget changes. Budget amounts can be calculated based on GL history. An unlimited number of budget revisions can be stored. Budget numbers in GL are stored in a separate budget database. This allows budgets not only at the Fund/Sector/GL account level, but also at any other level within the Insight application. For example, sample payroll runs can be generated using projected rates to create a payroll budget. Using the power of Crystal Reports, a single report can pull data from multiple databases, allowing the comparison of actual numbers from the live database to budget numbers from the budget database.

General Ledger also Delivers:

  • Provides “Quick Print” during data entry.
  • Ability to create stores allocation entry based on Inventory activity.
  • Batch Status includes: unposted, posted, and on hold.
  • Automatic and immediate posting to General Ledger, Work Orders, and Project Costing from all modules.
  • Ability to create General Ledger budget amounts based on prior year’s activity and future projections.
  • Convenient budgeting for any Fund, Sector, and Account.
  • Flexible reversing and recurring batch entries.
  • Detail and summary posting to the General Ledger by account.
  • Extensive reports to strengthen the audit trail.
  • Report generation before and after closing the period.
  • Unlimited transaction history by detail and summary.
  • Easy account and subsidiary inquiry and drill-down.
  • Active and inactive account status.
  • Automatically validates subsidiaries closed prior to closing the General Ledger month.