The Financial Suite Backbone
The General Ledger serves as the company’s financial backbone and is the heart of the STREAM V Accounting System. The STREAM V General Ledger Module will automate all the ledger accounting functions of your company and provide flexible and timely financial reporting. The General Ledger produces profit and expense analysis quickly and accurately, as well as budgets and forecasts.
General Ledger for the Growing Company
Extended account numbers consisting of four segments; division, department, account and sub-account, provide the basis to support the financial tracking requirements of any size company. The GL allows you to create multiple operating divisions, each with its own set of complete financial statements. Within each division individual, profit centers/departments may be set up to allow accurate and easy tracking of all phases of your operations. An income statement (P&L) can be produced for each profit center. Six-digit sub-account numbers allow for the generous use of sub-account differentiation of specific accounts used in tracking costs and expenses for individual projects. Multiple divisions and departments can be combined to produce financial statements, appropriate for complex analysis and cost allocations.
Cove’s Stream V complies with international accounting standards. Extensive audits and reports are available for proofing the integrity of the data. Subsidiary ledgers are tightly coupled with the General Ledger for detailed reporting and drill down inquiries. A simple keystroke in the invoice lookup program will show you both the GL posting to recognize the sale as well as the check number and date on the payment for that particular invoice. The reverse is true in the GL. You can drill down to an individual invoice from a journal entry.
What Goes In Comes Out Accurately
The STREAM V General Ledger not only produces your financial reports, but also provides you the tools to organize your data to meet your company’s analytical requirements. Whether it is a consolidated balance sheet, an income statement for a particular department or profit center, a comparative financial statement, a multi-period financial statement, or a custom financial statement, the General Ledger module has the flexibility to produce them fast and accurately.
Relational Database Flexible Reporting
The relational nature of the Cove’s Stream V database is especially noticeable in the General Ledger module. The GL is fed from all transactional modules: Inventory Receipts are reflected immediately in the Unvouchered Payables account, Inventory Adjustments are reflected in the appropriate inventory account with a transaction type stamp, cash transactions are reflected as they occur, and even a difference in a currency transaction is immediately apparent in this real-time General Ledger. The immediacy eliminates the time consuming reconciliation required in batch systems.
One Stream V feature not found in the industry in general is that images may be attached to particular journal entries for later viewing and research. An alternate chart of accounts is available for multiple reporting authorities. For example, a company may have a particular chart of accounts for international offices for reporting, but the local government requires a fixed chart of accounts for reporting for tax and revenue discovery purposes. In all cases, your standard business rules apply and auditing is a breeze.
Fast, Extensive Processing
Fast processing, a transactional design, and on-line updating make the General Ledger highly productive and provide instant availability of your financial data. Journal entries are immediately posted to the General Ledger and financial statements can be produced at any time without processing delay. Entries can be made to current, prior, and future periods as required.
Flexible Account Numbers
- Up to 999999 divisions with 999999 departments/profit centers.
- Six digit account number.
- Six digit sub-account number.
On-line Inquiry
- Account status
- Journal entry
- Account activity
Complete Financials
- Income statements may be produced for a division or department, for multiple divisions/departments, or consolidated company wide
- Comparative income statements with actual, budget, forecast and/or prior periods/years information
- Multi-period income statement
- Balance sheets may be produced for a single division, multiple divisions or corporate wide
- Multi-period comparative balance sheet may be produced
Journal Entry Management
- Recurring entries.
- Reverse a journal entry function. Automatically creates a reversing entry to correct an erroneous entry
- Repetitive entries
- Automatic allocating entries
Long Comments
- Describe each entry in detail.
- Attach comment(s) to each individual journal entry line for better auditing.
Reporting Features
- Reports may be sent either to screen, file, or printer
- Data may be transferred to ASCII files for further processing or analysis by spreadsheet
On-line Journals
- Each module providing information to the General Ledger produces an individual activity journal
- Activity from multiple journals can be combined for audit and balancing
- Transaction types create a flawless audit trail back to original transaction
GL Journal Report
- Single period or all periods. Select down to the source ledger level
- Select by account or sub-account. Summary either by post date or account number available. Detail may be suppressed or printed
- Select down to the sub-account level
Budget/Forecast
Compare budget/forecast to actual, prior, or other periods. Automatically load budget/forecast based on a percentage of existing, current, previous, budget, or forecast data.
GL Journal Posting
- Select by post date and/or source
- Recurring journal entries are stored either locally or on the network based on the company’s need for security
- Select one period, multiple periods, a single year, or multiple years
Integrated Imaging
All Cove modules offer integrated imaging. An image may be attached to a specific journal entry header or line and recalled at a later date for review or research.
The imaging system moves you closer to the oft-spoken goal of the paperless office.
Recent Features and Enhancements to this Module
- GL Journal Entry Postings: Added a je source IN, selection.
- Materials Explosion: Completed materials explosion. Requires IAUCODE record EXPLODE to hit the GL for loss or gain.
- New CRM, Bank, & GL XSLT reports
- Created JE print routine (XSLT) in GL
- Added print routing preference in GL
