Entries into the general ledger system (gls) can be made using information from

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General ledger home page

• Article
• 06/28/2022
• 2 minutes to read

In this article

Use General ledger to define and manage the legal entity’s financial records. The general ledger is a register of debit and credit entries. These entries are classified using the accounts that are listed in a chart of accounts.

• Plan your chart of accounts
• Main account types

You can allocate, or distribute, monetary amounts to one or more accounts or account and dimension combinations based on allocation rules. There are two types of allocations: fixed and variable. You can also settle transactions between ledger accounts and revalue currency amounts. At the end of a fiscal year, you must generate closing transactions and prepare your accounts for the next fiscal year. You can use the consolidation functionality to combine the financial results for several subsidiary legal entities into results for a single, consolidated organization. The subsidiaries can be in the same database or in separate databases.

• Consolidation and elimination overview
• General ledger account balances
• Financial dimensions

Sales tax

Every company collects and pays taxes to various tax authorities. The rules and rates vary by country/region, state, county, and city. In addition, the rules must be updated periodically when tax authorities change their requirements. Sales tax codes contain the basic information about how much you collect and pay to the authorities. When you set up sales tax codes, you define the amounts or percentages that must be collected. You also define the various methods by which those amounts or percentages are applied to transaction amounts. The topics in this section provide information about how to set up sales tax codes for the methods and rates that your tax authorities require.

• Sales tax overview
• Sales tax rates based on the Marginal base and Calculation methods
• Sales tax payments and rounding rules

Additional resources

What's new and in development

Go to the Microsoft Dynamics 365 release plans to see what new features have been planned.

Financial reporting

Go to the Financial reporting overview article for information about financial reports.

Blogs

You can find opinions, news, and other information on the Microsoft Dynamics 365 blog and the Microsoft Dynamics 365 finance and operations - Financials blog.

The Microsoft Dynamics Operations Partner Community Blog gives Microsoft Dynamics Partners a single resource where they can learn what is new and trending in Dynamics 365.

Videos

Check out the how-to videos that are now available on the Microsoft Dynamics 365 YouTube Channel.

Community blogs

• What you should know about ledger in Dynamics 365 Finance

Additional resources

Additional resources

In this article

GLS (General Ledger System) offers a simple and easy to understand environment that users can already start using the system in less than 2 hours of training.

What’s new?

New User Interface.Look and feel is much better compared with its predecessor. Users can now sort every column per transaction in every book which promotes work efficiency.

Improved back-end. No more unrecognized database (UD). MS SQL Provides optimized performance, better security and offer large terabytes sized database that will fit your growing business

Cloud ready. Can be hosted through cloud to meet current requirements such as working from home.

New look with same functionality

• User-defined Journals
  • Users can define their own journals and the transactions required for these journals.
     
  • A transaction in foreign currency may be entered by simply specifying the conversion rate of the foreign currency.
     
  • GLS produces the books of original entries as normally called in the manual system. The usual journals produced by the General Ledger System are the following: Sales Book, Cash Receipts Book, Cash Disbursement Book, Purchase Book and the General Journal.
     
• Editing Convenience
   
  • An unlimited number of transactions per journal book may be entered.
     
    • An unlimited number of transactions per journal book may be entered.
       
    • A prooflist of the transactions may be generated for checking.
       
    • Any unposted transaction may still be edited or cancelled.
       
  • Record with Ease
     
    • The journals are automatically sorted by their document numbers. This makes it easier to look over unaccounted or cancelled forms. Because of this, recording of transactions through GLS may be done simultaneously with the actual daily transactions.
       
    • Printing of documents like vouchers and checks is also available in GLS.
       
  • Financial Statements and Schedules
     
    • GLS can generate Financial Statements and Schedules. These reports may be printed or viewed first on the screen prior to printing. The following are the reports available:
       
      • Summary per Auxiliary/Account
         
      • Summary per Account/Auxiliary
         
      • Summary per Account/Person
         
      • Subsidiary Ledgers
         
      • Balance Sheet
         
      • Income Statement
         
      • Trial Balance
         
      • Different schedules of all accounts posted to the Subsidiary Ledger within a specified period may also be generated. The General Ledger System offers a simple and easy to understand environment that users can already start using the system in less than two (2) hours of training.

What type of data is found in the general ledger?

Where does information to post to the general ledger come from?

What information is contained in the general ledger history file?

What is general ledger system in AIS?