General ledger manager overview
The General Ledger Manager (GLM) within the ONESOURCE platform provides a comprehensive solution for managing and consolidating trial balance data from multiple accounting systems. This overview will guide you through the key functionalities and processes involved in using GLM.
Features of general ledger manager
- Data Acceptance and Processing:
- GLM accepts trial balance data from various systems, including APIs, file uploads, and inbound closed loops.
- It processes high-volume, non-conforming accounts and stages them for tax applications.
- Data Filtering and Combining:
- The system filters and combines incoming data to ensure it is useful for tax applications.
- Data is logically combined, filtered, and stored in the staging area before being tax-sensitized.
- Tax-Sensitizing:
- Once processed, the data is tax-sensitized to make it useful for tax applications, reporting, and other planning purposes.
- Data Validation:
- GLM validates incoming data against defined charts of accounts and entities, flagging invalid records for review.
- Ensures data consistency by validating against known accounts and entities.
- Consolidated Reporting:
- GLM allows you to map different charts of accounts to a master chart of accounts, enabling consolidated reporting.
- Similarly, entities can be combined into master entities for consolidated reporting.
- Data Snapshots:
- Capture data snapshots at specific points in time during the financial close process to monitor changes over different snapshots.
Using General Ledger Manager
- Use GLM to accept trial balance data from multiple accounting systems.
- Data can come in via API, file upload, or inbound closed loop.
- Follow outlined processes to ensure accurate and efficient data integration, validation, and reporting.
- Data is staged for tax applications after processing.
- Go to the Entities section in Administration to add new entities or import existing ones from other ONESOURCE products.
- Set up entity roll-ups by mapping source entities to master entities.
- Create snapshots to capture data at specific points in time.
- Enter a name and description, specify the date and time, and save the snapshot for future reference.