The General Ledger system is closely integrated with the rest of the modules that make up the Labor Contractor’s Office. All information that you enter is updated to the general ledger automatically, so you don’t need to know what accounts should be debited or credited.
In addition, the individual modules that make up The Labor Contractor’s Office get balances directly from the general ledger for specific accounts. For example, the bank balance displayed on the Checkbook window is directly taken from your general ledger cash in bank account. The Tax Deposit window in the payroll gets the balances for each tax from the general ledger liability accounts. And the payable and receivable aging reports use the appropriate general ledger account balances when printing aging reports as control totals.
Such integration between the components of The Labor Contractor’s Office gives you greater confidence in the accuracy of the report totals, bank balances, and payroll taxes due.
Some of the features of the General Ledger system include:
- Full double entry accounting system with fiscal year independent of the calendar year.
- The standard Chart of Accounts supplied with The Labor Contractor’s Office can be modified for your specific farming operation.
- Payroll checks, payable invoices, checks, deposits and receivable invoices are automatically updated to the General Ledger.
- Ability to enter general journal transactions for any adjustments that your accountant may make.
- Prints a variety of financial statements, including:
Profit or Loss Statement
Profit or Loss Statement with Ratios
Profit or Loss Statement with Budget Comparison
Profit or Loss Statement with Prior Year Comparison
Trial Balance Worksheet
Cash Flow Worksheet
12 Month Financial Reports (Balance Sheet and Profit or Loss)
- Financial Statements may be printed at any time, even in the middle of the month.
- A prior fiscal year can be left open until final adjusting entries are made, while you continue with work in the current fiscal year.
- Recurring journal entries can be entered just once and posted monthly with one click.
- Financial Report Generator allows you to create your own financial reports.
- All Financial Reports can be exported to Excel or Adobe Acrobat (PDF) files.
- Optional Fixed Assets module available to track assets and post depreciation expense.