Timberline – General Ledger Module

Sage Timberline Office a.k.a. Sage 300 Construction and Real Estate allows construction and real estate firms an opportunity to streamline workflow and processes between departments to improve accounting efficiencies. This blog will provide a brief overview of the General Ledger module.

The General Ledger module allows you to manage the chart of accounts from the setup menu. You can quickly create new base accounts and prefixes. When a new general ledger account is created, remember to add these to your financial reports if they do not currently fall within the general ledger ranges already preset in the system or they will not show up in your reporting.

The general ledger module allows you to easily record journal entries for any open accounting period. You can also do an inquiry on a specific account and condition it to show the time period you want and then look up the actual batch so you can see the entire entry. You can essentially trace the entries in a particular general ledger account and find out who, what, when, where and hopefully why.

You can post entries to future, current and past accounting periods (to post an entry to a past accounting period, that month must be open in order to post and not reject). When posting journal entries, it is crucial to review the post entries journal report. This report will let you know if everything posted and will also show you anything that was rejected with a brief description as to why it was rejected.

There is a feature in general ledger that will allow you to make changes to or delete your journal entries after they have been posted. This is not recommended. The recommended procedure is to reverse the incorrect journal entry and create a new journal entry for the correct entry. This will allow for a better audit trail should someone need to research a particular general ledger account or entries by batch.

With the assistance of the financial report designer (another Timberline module), you can tailor or build financial statements to use in the general ledger module. You can create standard financial statements like the Balance Sheet, Income Statement, Trial Balance and more.

The most important thing to remember when going through the month end close process is to close the current period in general ledger. If the current period is not closed, entries can still be posted in this period and this will affect the issued month end financial statements and will then require the financial statements to be restated.

Written by:
Annie Terracciano
TGG Accounting

One Response to Timberline – General Ledger Module