PwC175a

General Ledger - Best Practice Objectives

General Ledger

Objectives

Organisation

People

Processes

Controls

Measures

Information Systems



To be the primary source of financial
information



To ensure the integrity of financial
management information



To apply period end (e.g. monthly)
disciplines and routines to produce
periodic financial and management
accounts



To support the preparation of statutory
accounts and comply with fiscal reporting
requirements (e.g. VAT)



Centralised processing



Economies of scale



Maintain cost
codes



Maintain standing
data



Record & validate
financial data



Carry out period
end ?? and
reporting



Prepare cashflow
reports



Prepare status
report and tax
report



Answer queries



Procedures manual



Calendar timetable



Quality of data



Monthly routines



Days to produce
accounts



Manual Journal
entries per
period. (i.e. not
system -
automated)



JVs per head



Single source



Integrated with
other ledgers



Data accurate
and timely



Control awareness



Legal framework
awareness



Provision of quality
information to
business