📄️ Bank Reconciliation
For each General Ledger Account used in the system, there is a corresponding Bank Account, as established in the Maintain Bank Master routine. Therefore, transactions affecting General Ledger Accounts are reflections of transactions affecting the actual Bank Account. For example, when the user posts a transaction in eQuinox that debits a specified GL Account, the corresponding Bank Account will also be debited when the transaction is processed. The Bank Reconciliation routine allows the user to compare Bank Statements to the Firm's eQuinox Account Statements and ensure that the transactions and balances of the GL Accounts and the Bank Accounts are in sync.
📄️ Create Recurring Journal Entries
The Create Recurring Journal Entries routine is used to create and/or modify information about General Ledger Journal entries that occur on a monthly basis. To view or edit existing records, the user can execute a query, and then scroll through the records using the Next and Previous record buttons. Because the system stores information about these recurring entries, the user is not required to enter repeat data for the posting of each transaction.
📄️ General Ledger Inquiry
The GL Inquiry routine allows the user to view details about General Ledger Accounts. First, the user must execute a query, based on either the General Ledger Account type, the Department with which the Account is associated, and/or a specific General Ledger Account. The details displayed for the General Ledger Accounts includes it's opening balance for the fiscal year, and the balance at the beginning of each month displayed and the amount by which the balance changed during each of those months, and the account's budget for each month displayed as well as the budget variance (i.e. the amount over or under the budget) for each of those months.
📄️ GL Posting Scenarios
Changing The Fiscal Month/Year
📄️ Maintain Bank Master
The Maintain Bank Master routine allows the user to enter and maintain Bank Account information. For each General Ledger Account, the user must specify the corresponding Bank Account (i.e. transactions affecting General Ledger Accounts are reflections of transactions affecting the actual Bank Account). For example, when the user posts a transaction in E-Quinox that debits a specified GL Account, the corresponding Bank Account will also be debited when the transaction is processed. The Bank Reconciliation routine is used to ensure that the transactions that occur within GL Accounts and within Bank Accounts match up. Note: Care should be used when making changes to the information in this routine, as the entire General Ledger and banking system will be affected.
📄️ Maintain General Ledger Budgets
The Maintain General Ledger Budgets routine allows the user to enter and maintain monthly budgets for each General Ledger Account used within the Firm. As changes to budget amounts may affect the way in which the Firm operates financially, this routine is only available to those specifically granted access rights. Users should exercise extreme caution when making changes to General Ledger Account Budgets.
📄️ Maintain Control Accounts
The Maintain Control Accounts routine houses all the General Ledger control numbers for the Firm. These numbers are registered when eQuinox is originally installed. A Control Account is a General Ledger Account that is supported by detailed information in a subsidiary ledger. For example, when numerous individual accounts receivables from Clients are placed in a subsidiary ledger, an account entitled Accounts Receivables will continue to be maintained in the General Ledger. This account shows the total amount due from all Clients; this single Control Account in the General Ledger represents the numerous Clients' accounts that make up the subsidiary ledger. The General Ledger is still in balance because the Control Account, Accounts Receivable, has a balance equal to the total of the individual Clients' accounts.
📄️ Maintain General Ledger Master
The General Ledger Master entity defines the Firm's chart of accounts (a listing of all the General Ledger Account Titles and Account Numbers being used within a Company/Firm), and is configured when eQuinox is first installed. It will facilitate the General Ledger account structure displayed below. Rows marked with an "*" represent totaling or subtotaling groups.
📄️ Post Journal Entries
The Post Journal Entries routine allows the user to post transactions to the GL. One-Sided Journal Entries (i.e. for Month End Adjustments) may only be made if the user has entered the correct "One-Sided" accounting password. Similarly, transactions can only be posted to closed/future periods if the user has entered the correct "Closed Accounting Period" accounting password.
📄️ Post Recurring Journal Entries
The Post Recurring Journal Entries routine allows the user to post the transaction that were entered/modified in the Create Recurring Journal Entries routine.
📄️ Process Year End
The Process Year End routine allows the user to close the current accounting year or to reverse the last year end closing procedure. At the end of each accounting year, the user must formally close the year through this routine. Once this has been completed, the new accounting year will be displayed and used throughout the rest of the application. When the year is closed, all fiscal year end closing entries are posted to month 13; all revenue and expense accounts are cleared to this month and reset to zero.