General Ledger Introduction

Within a PEO company, a considerable amount of time is spent doing the books. The new design features of the PSP General Ledger, however, will dramatically reduce this time.

Most importantly, the PSP system eliminates the need for a conventional journal. Whenever posting occurs from any module for a month that doesn't exist yet in the Ledger, the Ledger automatically opens a new month and posts directly. The Ledger simultaneously supports multiple open months. You do not have to close a month before posting into a new one. This eliminates the need to enter data in the journal and then later post from the journal to the Ledger—a savings of possibly several hours.

The General Ledger also saves you time in closing a month. In the PSP system, the month is closed in place. This eliminates the step of copying the ledger data to a historical file - another savings of possibly several hours.

Advanced reports and features further enhance the General Ledger. This module comes with full financial reporting capabilities, including balance sheets and profit and loss statements. You can also run reports from closed months, as well as post to closed months. The consolidation allows you to create financial statements from heterogeneous charts of accounts. If you are using the multi-company option, you can get a consolidated financial statement, even if your separate companies use dissimilar account numbers in their charts.