A general ledger is the master set of accounts that summarizes all transactions occurring within an entity. The Ledger structure forms the backbone in the configuration of the Financial Module.

All the transactions will be posted to the correct Ledger accounts on the Income statement and Balance sheet

The Income Statement includes the following ledger types:

• INC  - Income 
• EXP - Expenditure

The Balance Sheet includes the following ledger types:

• FIX - Fixed Assets
• LTI - Investment
• SDR - Sundry
• CAS - Current Assets
• CLI - Current Liabilities
• SCR - Capital
• LOA - Long-term Asset
• KAS - Cashbooks

GoodX can supply a standard Ledger structure, and then the practice can update it according to their needs. Alternatively, the Practice auditors and/or bookkeepers can confirm the ledger structure of the practice, by supplying GoodX with a Trail balance and Income statement. Please take note that the VAT setup is important on each Ledger account.