Accounting
The general ledger, how subledger activity posts to it, and how reporting reads from it.
Accounting holds the general ledger — the system of record for every posted transaction. Activity originating in the other modules (leasing, billing, payments, distributions) posts here as balanced journal entries, and the financial statements are derived from it.
See it in action
Acme Co. is billed $6,000 of base rent for the month.
- Billing issues Acme's $6,000 invoice. No manual entry is required.
- The invoice posts to the GL: DR Accounts Receivable $6,000 / CR Rental Income $6,000. On an accrual basis, the income is recognized now.
- On receipt of payment, the cash application posts DR Cash $6,000 / CR Accounts Receivable $6,000, clearing the receivable.
- The income statement reflects $6,000 of rental income for the period; the balance sheet shows the receivable, then cash once collected.
Day-to-day posting is driven by the subledgers. You come here mainly to maintain the chart of accounts and to record manual journal entries — adjustments, accruals, and reclasses.
What you can do here
Chart of accounts
Maintain the accounts the ledger posts to.
Journal entries
Record manual and adjusting entries.
Key concepts
- General ledger (GL) — the permanent, posted record that the financial statements are built from.
- Posting — committing a document's debits and credits to the GL. Unposted documents remain drafts and have no effect on the statements.
- Double-entry — every entry must balance; the system enforces equal debits and credits before it will post.
- Legal entity — each entry is scoped to one entity's books. Consolidated views are derived across entities at read time.
Manual journal entries are typically reserved for adjustments, accruals, and reclassifications. Operational activity flows in from leasing, billing, and payments.