Updating generic general ledger tables
To enable this business users need many types of financial reports.
The next step in the general ledger process is to generate these useful reports and the most common reports run from General Ledger are Transactions Register and Trial Balance Report.
This step is generally optional and many organizations skip this step by putting additional controls in the process.
If this feature is enables then the journal cannot be posted unless it has been approved.
Once the Journal is available in the General Ledger System you can query the journals that have been created.
While reviewing the journal, you can make edits/corrections if required.
In that case you need to follow the accounting principles and the steps explained in accounting process.
Once you have the account balances and transactional data available in the system they need to be formatted to meaningful information that can help users understand the financial history as well as equip them to take informed decisions.
Segregation of Duties concept requires that the responsibility for related operations should be divided among two or more persons.
This decreases the possibility of errors and fraud.
In this step the system will validate the journal batch, determine if approval is required, and submit the batch to approvers (if required), then notifies appropriate individuals of the approval results.
Email notifications can be sent to the approvers using the system and they can review and approve the journals.