The main purpose of general ledger accounting is to fully represent external accounting and the accounts involved in it. Recording all business transactions (primary postings as well as settlements from internal accounting) in a software system that is fully integrated with all the other operational areas of a company ensures that the accounting information is complete and reconciled at all times.
The FI general ledger system offers the following functions:
•Free choice of level: corporate group or company
Automatic and simultaneous posting of all subledger items in General Ledger Accounting (reconciliation accounts)
Simultaneous updating of general ledger and cost accounting areas
Real-time evaluation of and reporting on current accounting data, in the form of account displays, financial statements with different financial statement versions and additional analyses.
Essentially, the general ledger serves as a complete record of all business transactions. It is the centralized, up-to-date reference for the rendering of accounts. The individual transactions can be checked at any time by displaying the original documents, line items, and transaction figures at various levels, such as:
Account information
Journals
Totals/transaction figures
Balance sheet/profit and loss evaluations