General Ledger within M1 ERP

The M1 General Ledger (GL) helps you manage and report the financial activities of your company more efficiently. General Ledger captures and posts transactions related to production, shipping, receiving, receivables, and payables. It also fully integrates with the Fixed Assets Register.

Fiscal budget maintenance

The M1 budget functions relate directly to your GL Accounts and can support variable amounts by period. This ensures your particular business cycle will be supported. The standard financial reporting system in General Ledger is programmed to incorporate this data for use in variance analysis.

Fiscal periods

• The fiscal calendar will support up to 13 defined periods
• The periods are defined by start and end dates
• Any date range you require can be supported

Multiple division management

• M1 General Ledger supports multiple divisions within a single database
• The financial statements are programmed to report individually or to be consolidated for reporting
• Separate divisions can maintain their own sets of sales records, purchases, and production schedules and can report all individually

Recurring journal entries

• Improve accuracy and save time by creating recurring entries for regular, fixed-amount journals
• Automate your weekly payroll postings or any other regular journal entry
• Amounts can be predefined or left open for editing at the time of posting

GL accounts

• The GL Account system consists of division codes, account codes, and department codes
• M1 accepts user-defined codes in both alpha and numeric form
• GL Accounts are categorised for financial reporting purposes such as Current Assets, Non-Current Liabilities, Manufacturing Overhead, or Income
• It also supports user-defined categories giving you the most flexibility possible in developing your financial reports

Reversing entries

M1 General Ledger supports automated GL reversing entries for your accruals and other reversible journal entries. The software will automatically create a mirror image of the original journal and reverse the amount in the following period.

GL distribution

All journals, whether manual or system-generated, will have detailed attributes available for searching and reporting. M1 General Ledger provides complete access to journal details such as source, dates, periods, created by, created date, etc allowing you to sort, group, and report on any attribute. All system-generated journals will detail their source records for quick and easy drill-down access.

GL detail report

The GL Detail Report is a detailed review of every journal posted to an account. This report comes with many different filters and sort options. Print this report anytime you would like to have a recap of the activity touching your GL accounts.

M1 balance sheet report

• The M1 Balance Sheet is a standard report allowing you to report period-specific balances for assets, liabilities, and equity accounts by division
• A landscape version of this report is also available which displays separate balances for all periods listed for a yearend recap and movement report
• User-defined GL Categories enable you to organise and report financial information in any format you define

M1 income statement report

• The M1 Income Statement is a standard report that presents revenue and expense activities for any given period
• M1 provides more than 20 different pre-defined versions of the standard income statement such as This Year/Last Year, This Month to Budget, YTD to Budget, etc.
• Utilising user-defined GL categories enables you to organise and report financial information in any format you define

M1 statement of cash flow report

This financial statement utilises the “Indirect” method of detailing your movement in Cash Balances. Quickly set this report up by assigning each balance sheet account to either Operating, Investing, or Financing, and M1 will summarise your results with a single mouse click.

M1 projected cash flow report 

This is one of the most utilised reports in the M1 solution. The standard Projected Cash Flow report will detail cash requirements and receipts over any period of time. Integration with the Sales and Purchasing modules allows this report to pull in purchasing and sales activities as well. As a standard feature, M1 tracks the payment histories of every customer and this report will adjust projected receipt dates based on customer payment history.