Posting to the Master in General Ledger (O/T)

One of the most common questions we get from clients is “How often should you post the General Ledger Master?” 

You can actually post as often as you wish – as long as you remember that financial statements include only those numbers that have been posted to the GL Master.  Here at BAS, we tend to post on a daily basis.  That way we will always get current financial statements without having to remember to post to the Master.  Then we can quickly run an Aged Trial Balance report in our receivables and payables accounts to make sure all are in balance.

Some folks prefer to leave the General Ledger entries unposted for awhile in case they want to adjust the GL account number or period.  Remember, when you change an entry in the General Ledger, it does not change the history in the application it was posted from.  For example if you change a GL expense account for a transaction in the General Ledger that originated from payables, it will no longer match the report you would see in the Accounts Payable History report.

Correcting General Ledger entries for inaccurate GL transactions should not be done by changing the original transaction.  Either (1) make the adjustment in the originating module (receivables, etc) or (2) enter an adjusting entry in the General Ledger.  That way, the subsidiary history (from receivables, payables, etc) will match the General Ledger and you will have a proper audit trail.