GL Code
External Code
the external code with which your bank can identify the GL earlier in a manual system or legacy system. It can also be used by the tellers to select the GL.
Leaf
If the GL code is a leaf GL account. In the reporting relationship, if a GL reports to another GL, but no GL reports to it, then it is a leaf GL. A leaf GL is at the bottom of the hierarchy. Hence a leaf GL will report to either a Node or Head Node GL.
Node
A node GL is one that reports to another GL and has other GLs reporting to it. A head GL is a node that does not report to another GL.
GL Details
GL type
only available for leaf GL account. GL type is to indicate the type of accounting to be posted into the GL. Value options include:
Misc. Debit -- A debit entry in this GL is to be offset with multiple credit entries. Misc. Debit entries should be associated with an instrument number. The instrument number( sounds like reference document number and suspended bill number) will ensure proper reconciliation of the credit entries is made to the GL).
Misc. Credit -- A credit entry in this GL is to be offset with multiple debit entries. Misc. Credit entries should be associated with an instrument number. ....
Nostro -- This kind of GL will cater only to entries related to your bank's account with another bank.
Cash -- Only cash transactions, like in the Date entry module, are posted directly into a GL by linking the GL with the Till ID.
Inter-branch -- Only inter-branch related accounting entries can be posted to the GL.
Normal -- Debit/Credit entries that do not fall into any of the other types can be assigned to the normal type GL. By default, the leaf GL will be of normal GL type.
GL Category
GL category is to specify the GL head. Two head GLs can have the same category. All GLs that fall under a head GL will belong to the category defined for the head. Value options include:
Asset/Liability/Expense/Income/Contingent Asset/Contingent Liability/Memo/Position/Position Equivalent.
Revaluation
if the GL should be revalued. Only Asset, Liability, Contingent Asset, and Contingent Liability GLs can be revalued. A little wired that this filed is enabled only if the Contingent Asset, Contingent Liability or Memo option is selected as the GL category.
Consolidation
if to consolidate multiple entries and post it as a single entry to a leaf GL. Don't know how and when to consolidate and consolidate what kind of entries????
Blocked
temporarily mark the status of the GL as blocked. During this period, no entries can be passed into the GL. This is only for Leaf GL.
Position Accounting Details
Positioning required
if want to retrieve the position of a foreign currency. When opt for position accounting, you maintain a position GL and a position equivalent GL for every foreign currency maintained in your bank. The position GL reflects the current position in the currency.
Currency Restrictions
Single Currency
if the GL is only for a single currency. Only for Leaf GL.
All Foreign currencies
if to attach the GL to all foreign currencies. Only for Leaf GL.
All Currencies
if the GL is attached to all currencies. Only for Leaf GL.
Branch Restrictions
Head Office GL
if the GL has to be attached to the head office only. Only for Leaf GL. Only for Leaf GL.
Branch Office GL
if the GL has to be attached to the branch office only. Only for Leaf GL.
Both
Attach the GL to both head office and branch office. Only for Leaf GL.
Posting Restrictions
Direct Posting
To allow direct posting into the GL. Only for Leaf GL.
Indirect Posting
Only allow accounting entries to be passed into the GL from the various modules of FCR. Only for Leaf GL.
GL Linkages
Parent GL
setup the parent GL to which the GL is attached. It indicates the current GL to which is should report. This GL in effect becomes the parent of the current GL.
Year end Profit and Loss Accounts
Profit Account
The profit account code. The profit account is the account into which all income GL account balances are posted at the end of the year. On the last day of the financial cycle, all balances from the account are posted into the year-end profit account. For income and expense type of GL, year end transfer GL can be specified.
Loss Account
The loss account code. The loss account is the account into which all expense GL account balances are posted at the end of the year. On the last day of the financial cycle, all balances from the loss accounts are posted into the year-end loss account. You can specify the same GL for posting both your profits and losses. For income and expense type of GL, year end transfer GL can be specified.
Reporting Lines
Central Bank Lines:
Debit Line: the central bank debit line to which the GL should report.
Credit Line: the central bank credit line to which the GL should report.
Head office Lines:
Debit Line: the head office debit line to which the GL should report.
Credit Line: the head office credit line to which the GL should report.
Hierarchy Details
Position GL
Ccy: the currency of the GL
Position GL: the corresponding position GL.
Position Equivalent: the position equivalent GL.
External Code
the external code with which your bank can identify the GL earlier in a manual system or legacy system. It can also be used by the tellers to select the GL.
Leaf
If the GL code is a leaf GL account. In the reporting relationship, if a GL reports to another GL, but no GL reports to it, then it is a leaf GL. A leaf GL is at the bottom of the hierarchy. Hence a leaf GL will report to either a Node or Head Node GL.
Node
A node GL is one that reports to another GL and has other GLs reporting to it. A head GL is a node that does not report to another GL.
GL Details
GL type
only available for leaf GL account. GL type is to indicate the type of accounting to be posted into the GL. Value options include:
Misc. Debit -- A debit entry in this GL is to be offset with multiple credit entries. Misc. Debit entries should be associated with an instrument number. The instrument number( sounds like reference document number and suspended bill number) will ensure proper reconciliation of the credit entries is made to the GL).
Misc. Credit -- A credit entry in this GL is to be offset with multiple debit entries. Misc. Credit entries should be associated with an instrument number. ....
Nostro -- This kind of GL will cater only to entries related to your bank's account with another bank.
Cash -- Only cash transactions, like in the Date entry module, are posted directly into a GL by linking the GL with the Till ID.
Inter-branch -- Only inter-branch related accounting entries can be posted to the GL.
Normal -- Debit/Credit entries that do not fall into any of the other types can be assigned to the normal type GL. By default, the leaf GL will be of normal GL type.
GL Category
GL category is to specify the GL head. Two head GLs can have the same category. All GLs that fall under a head GL will belong to the category defined for the head. Value options include:
Asset/Liability/Expense/Income/Contingent Asset/Contingent Liability/Memo/Position/Position Equivalent.
Revaluation
if the GL should be revalued. Only Asset, Liability, Contingent Asset, and Contingent Liability GLs can be revalued. A little wired that this filed is enabled only if the Contingent Asset, Contingent Liability or Memo option is selected as the GL category.
Consolidation
if to consolidate multiple entries and post it as a single entry to a leaf GL. Don't know how and when to consolidate and consolidate what kind of entries????
Blocked
temporarily mark the status of the GL as blocked. During this period, no entries can be passed into the GL. This is only for Leaf GL.
Position Accounting Details
Positioning required
if want to retrieve the position of a foreign currency. When opt for position accounting, you maintain a position GL and a position equivalent GL for every foreign currency maintained in your bank. The position GL reflects the current position in the currency.
Currency Restrictions
Single Currency
if the GL is only for a single currency. Only for Leaf GL.
All Foreign currencies
if to attach the GL to all foreign currencies. Only for Leaf GL.
All Currencies
if the GL is attached to all currencies. Only for Leaf GL.
Branch Restrictions
Head Office GL
if the GL has to be attached to the head office only. Only for Leaf GL. Only for Leaf GL.
Branch Office GL
if the GL has to be attached to the branch office only. Only for Leaf GL.
Both
Attach the GL to both head office and branch office. Only for Leaf GL.
Posting Restrictions
Direct Posting
To allow direct posting into the GL. Only for Leaf GL.
Indirect Posting
Only allow accounting entries to be passed into the GL from the various modules of FCR. Only for Leaf GL.
GL Linkages
Parent GL
setup the parent GL to which the GL is attached. It indicates the current GL to which is should report. This GL in effect becomes the parent of the current GL.
Year end Profit and Loss Accounts
Profit Account
The profit account code. The profit account is the account into which all income GL account balances are posted at the end of the year. On the last day of the financial cycle, all balances from the account are posted into the year-end profit account. For income and expense type of GL, year end transfer GL can be specified.
Loss Account
The loss account code. The loss account is the account into which all expense GL account balances are posted at the end of the year. On the last day of the financial cycle, all balances from the loss accounts are posted into the year-end loss account. You can specify the same GL for posting both your profits and losses. For income and expense type of GL, year end transfer GL can be specified.
Reporting Lines
Central Bank Lines:
Debit Line: the central bank debit line to which the GL should report.
Credit Line: the central bank credit line to which the GL should report.
Head office Lines:
Debit Line: the head office debit line to which the GL should report.
Credit Line: the head office credit line to which the GL should report.
Hierarchy Details
Position GL
Ccy: the currency of the GL
Position GL: the corresponding position GL.
Position Equivalent: the position equivalent GL.