General Ledger is one of the core modules in oracle apps. The Oracle General Ledger is the central repository of accounting information. The main purpose of a general ledger system is to record financial activity of a company and to produce financial and management reports to help people inside and outside the organization make decisions.
Here are the major functions of General Ledger:
- General Ledger is a central repository of all your financial transactions.
- All sub-ledger data (AR, AP, INV, WIP, etc.) eventually flows into General Ledger.
- At the end of each month, quarter, year one has to close your current period and open the next period on your transaction calendar.
- Financial reporting occurs out of your General Ledger.
- All financial statements are generated out of General Ledger.
- “Journal Import” is a “one stop” interface for any data that comes into GL from external sources (e.g: Sub Ledgers, external accounting systems, legacy data, etc.)
- You can recognize revenue in several currencies in a single installation of General Ledger.
Also read: GL Module 12 Release New Features
