Payroll admins and accountants can now configure and run a general ledger report for their pay runs directly from GoCo. Keep reading to learn how!
A General Ledger report is a key financial document that tracks all transactions within a business, ensuring accuracy and supporting the creation of financial statements. It's crucial for compliance, auditing, and providing insights into a company’s financial health.
GoCo's General Ledger report will:
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allows users to custom map their accounting codes to payroll earnings, deductions, reimbursements, garnishments, and taxes.
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allows users to split the GL report by Division, Department, Job, and Work Location
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easily see payroll totals across the split dimensions
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access the raw data for the General Ledger report so that they can slice and dice the data how they want.
To pull this report, you'll need to visit the Report's app. Use the navigation tabs on the left side of your screen to get there easily.
Locate the Payroll section of your Standard Reports. Expand this section & click on the "General Ledger".
Now you will be prompted to fill out some details about the report you'd like to pull. Starting with your "Payroll Schedule". Choose between a scheduled payroll or an off-cycle payrun.
After selecting your payroll schedule, select between a single pay period or a date range.
Depending on your selection, you will then either select your specific payroll period -
or the date range you want to pull from.
Next, you will decide how you want to split your journal entries. You can split by work groups including division, department, job, & work location.
When splitting journal entries, please note that a hierarchy is present when applying multiple splits. For example, you cannot split by Department and then Division as Division appears before Department.
After selecting your work groups, use the mapping tool to map your chart of accounts to journal entries in the General Ledger report. This will only need to be completed once & will be saved for future reports later.
A new window will appear with each selection you make allowing you to input any Codes you may have. Keep in mind that fields do not need to be mapped. If a field is not mapped, the code column in the GL report is empty. Additionally, if no fields are mapped under a category (Division, Dept., Job, Location, Account) the “code” column does not appear in the GL report.
If you do choose to input codes, note that you can select existing codes or import new codes.
To import codes, hit the blue import button & a pop-out will appear asking if you'd like to upload a file from your computer or input values manually.
After you've selected your file, you'll be asked to match the fields that you imported to your codes. Once ready, hit continue.
Confirm your selections and hit "Submit".
You'll be taken back to the original mapping screen to make any changes needed. Here, you can also manage existing codes & even map multiple divisions at once.
Once you've completed inputting your desired information & your mapping, hit the "Generate Payroll Receipt" button.
Your report will now generate!
Your report will be in XLS format & will download to your desktop.
Your report will contain all fields & codes you selected. Your report will include "Raw Data" as it's first sheet & then the following sheets will include any work groups selected. You can now manipulate this report however you wish!
If your report needs to be converted, for example from .xlsx to a .iif file, this will need to be done manually.
Crash Course
If you have any additional questions, please reach out to support@goco.io
Happy Reporting! 📊
Updated 10.18.24