In pervious article we have covered the several features that are added or changed in Microsoft Dynamics AX 2012 R3. In this article we will cover the detail of the features that are added or changed in module general ledger.
Basic Definition: General ledger is used to define and manage the legal entity’s financial records. The general ledger is a register of debit and credit entries. These entries are classified using the accounts that are listed in a chart of accounts.
We can allocate, or distribute, monetary amounts to one or more accounts or account and dimension combinations based on allocation rules.
There are two types of allocations:
Fixed: Fixed allocation is used to distribute specified percentages of a transaction amount to distribution accounts and dimensions.
Variable: Variable allocation is used to distribute fluctuating percentages of a transaction amount to various accounts and dimensions.
You can also settle transactions between ledger accounts and revalue currency amounts. At the end of a fiscal year, you must generate closing transactions and prepare your accounts for the next fiscal year.
Following are the list of new features that are added or changed in General ledger module of Dynamics AX 2012 R3:
- Opening balances for balance sheet accounts can be transferred to a new fiscal year in multiple companies at the same time.
- The results of the accounting entries for stocked items on product receipts and vendor invoices are combined into one sub-ledger journal entry and voucher.