Income and expense account budget figures can be accessed and edited via Account Information.
To create a budget for an expense or income account
Use the same steps to proceed through the other accounts for which you want to establish budgets.
The Journal Report can be run for specific Record Sources and Record Statuses. This means we can run it for records that originated from Accounts Payable and have the status of Unreconciled.
To run a Journal Report for unreconciled AP checks
The Date through which books are closed option provides the ability to make sure older journal entries are not changed.
To change the Date through which books are closed
Note: This date specifies a close date for which the firm no longer wants journal entries posted or edited. This allows you to preserve the integrity of historical financial information.
The most common reason for this to occur is that the Retained Earnings account was not closed out at the end of the year. Many firms choose to enter a manual journal entry for the last day of their fiscal year to bring the Retained Earnings balance to zero; however, this is not required.
For more information, refer to Knowledge Base article R11590, “All About Retained Earnings.”
The Journal Report can be run specifically for reconciled, outstanding, and/or cleared records within any time period.
To run a journal report for cleared journal entries
You can easily set up Journals for Receipts, Disbursements, Miscellaneous, etc. and then assign them to journal entries.
To create a new Journal
Once additional journals have been set up, they can be specified in the Jrnl column of the Journal Entries program.
Note: If Tabs3 Billing and General Ledger are integrated, you may want to review the GLS Integration Setup located in Tabs3 Billing (Maintenance | Integration | GLS Integration Setup) to see if your integration settings need to be updated.
When entering journal entries, there are two tabs: Transaction and Batch. The Transaction tab is used to add, change, or delete journal entries, whereas the Batch tab provides a read-only history of the selected transaction along with any other related transactions associated with the specified transaction. Although additional associated transactions are typically generated as a result of integration with Tabs3, APS, or TAS, you can manually add new transactions to the Batch tab
To add a transaction to the Journal Entries Batch tab
By creating deposit slips in GLS, you can combine multiple transactions into a single entry. You can even print out the deposit slip and take it to your bank. When performing your reconciliation, you will see the deposit slip instead of the individual transactions that make up that deposit.
To create a deposit slip
The journal entries will now appear as a single deposit in the reconciliation.
There are a couple options for excluding an account on the Balance Sheet – you can mark the account inactive or change the account’s Report Options.
Marking an account inactive is a good solution for accounts that no longer have any activity. Keep in mind that inactive accounts are shown in the Account Lookup when running reports, and if the account has a balance or journal entries in the period for which the report is run, it will still be shown on the report.
To mark an account inactive
Alternatively, if the account still has a balance or activity, and you still do not want it to be shown on the Balance Sheet, you can change the Report Options. Report Options can be set to not show an account on the Balance Sheet (or Income Statement). Keep in mind that regardless of whether this option is changed, report totals will still be affected by this account’s balance, provided the account falls within ranges for other options selected for the report when printed. Additionally, the account may still be included on other reports.
To change an account’s Report Options
Run the Balance Sheet again to verify that the account no longer appears on the report.
Recurring entries can easily be copied in order to make a new one.
To copy a recurring entry
The status of a deposit slip can be determined from within the Deposit Slip window.
To determine if a deposit slip has been reconciled
Note: If the deposit has been marked as cleared in the Reconciliation program, the Status field will show Cleared. Likewise, if a deposit is still outstanding, the Status field will show Outstanding.
Departments can be used as separate profit centers based on locations, timekeepers, or anything for which you want to print individual financial statements. Financial statements can be printed for individual departments or combined ranges of departments. Departments must first be set up, and then each account can be assigned the appropriate department.
To add a department
To assign a department to an account
When running a financial report, you can select a single department or range of departments on the Account tab, and/or select to run the report with a Report Order of Department on the Sort tab.
You can change the Beginning Fiscal Month, which will determine the order in which months will print on financial reports, as well as Quarter-to-Date (QTD) and Year-to-Date (YTD) figures.
To change the Beginning Fiscal Month
The Renumber GLS Accounts function can be used to renumber any GLS account, even if journal entries have been posted for that account, or if it has an account balance.
To renumber an account
This process will automatically change all of the applicable journal entries, deposit slips, and recurring entries to the new account number.
Note: When you renumber an account in GLS it will automatically update the references to the old account number in Tabs3, APS, and TAS integration settings to the new number. However, any GLS report definitions and GLS Report Writer reports that use the old account number must be manually updated.
Accounts can only be shown in Chart of Accounts order on the Income Statement and Balance Sheet. However, accounts can easily be moved in your Chart of Accounts by dragging and dropping them to the desired location.
To move an account in the Chart of Accounts
The account will now be in the order you placed it when printing an Income Statement.
Income and expense account budget figures can be accessed and edited via Account Information.
To create a budget for an expense or income account
Use the same steps to proceed through the other accounts that you want to establish budgets for.
GLS has the ability to set an additional accounts order in your Chart of Accounts specifically for this purpose. This can be particularly useful when you need to subtotal accounts in more than one way.
To print reports using an alternate account order, you must first enable the use of an alternate account order. Once that is done, you can specify the alternate order in the Chart of Accounts.
To enable the use of an alternate account order
To set up an alternate account order
To switch back to Chart of Accounts Order, right-click in the Chart of Accounts and select View Alternate Account Order to remove the check mark.
To run reports using the alternate account order, select the Use Alternate Account Order check box on the Account tab of the desired report.
The firm name for GLS is stored in the Client Name field of the Edit GLS Client program.
To change the Client Name that prints at the top of all GLS reports
Now the new firm name will print on all of your GLS reports.
A Liability Account Type cannot be changed to an Income Account Type because these types of accounts are not shown on the same Balance Sheet or Income Statement. However, in some cases the Account Type can be changed. Whether or not the Account Type can be changed is dependent upon certain criteria. The Account Type can be changed if all of the following are true:
The Bank Account Manager (File | Open | Bank Account Manager) shows a list of bank accounts. You can see the GLS Account # and Description, Bank Account #, Bank Name, Last Import, Last Reconciliation, and Balance all in one window.
Alternatively, the Bank Account Balance Report is designed to show you this information, in a printable format. To run the Bank Account Balance Report, simply go to Reports | Bank Account Balance and preview or print the report. There are no options to select. This report provides a list of bank accounts and includes the Account #, Description and Balance for each account, as well as a total of all bank accounts.
Each set of books in GLS is referred to as a GLS Client. To access the data in a different GLS Client, you must change which GLS Client is being accessed.
To select a different GLS Client
You can now run the desired reports.
Note: The new client is used until the software is restarted or a different GLS client is selected. Selecting a different GLS client does not affect other users.
You can quickly review up to three years of account balances, or two years and a difference, via Account Information. An optional Account Information Report can also be printed.
To view account balances for multiple years
You can now review each month’s balances for the selected account in the Monthly Balances section. To print a report, press Ctrl+P.
The Journal Report is a flexible and option-rich report that can be run by transaction date or by entry date.
To run the Journal Report by Entry Date
When printed with outstanding entries, the Reconciliation Report provides a calculation of the current balance for the account being reconciled as of the statement date of the reconciliation. This figure is calculated by subtracting any outstanding withdrawals and adding any outstanding deposits to the ending balance.
This calculation can be compared to the Current Balance on the Balance Sheet if the following are true:
If all of the above is true and the two numbers still do not match, it may be due to one or more of the following:
For more information, including steps to troubleshooting a difference between these two numbers, refer to Knowledge Base Article R11661, “GLS Reconciliation Troubleshooting.”