1. General Ledger is the Central Repository from all the Sources (Modules).
2. The Journals that are recorded in the GL is recorded compulsorily with the Source of GL. A source is used to determine the origin of the Journal Entry.
Valid Sources are:
3. Every Journals has to be recorded with Category, a category is used to determine purpose of the Journal Entry.
4. Journals are maintained in Batches, Headers and Lines in GL
Naming Convention of Batch: Source+ Date and Time
Naming Convention of Header: Category + Currency
Naming Convention of lines: Accounts, Debits and Credits
Purposes of GL are:
We use GL to create Adjustments
To record the transactions which are not recorded in a module itself as the number of transaction count is very nominal for a module so the transaction are recorded manually in GL.