The General Ledger (GL) stores and organizes financial data for accounting purposes. This describes the creation of GL transactions used to document tax financial transactions of SCDEW. UI Accounting will maintain GL accounts in SUITS to ensure those accounts are in sync with the accounts set up in the financial accounting system. GL transactions, a set of records containing GL information that corresponds directly to an employer account, are systematically and manually created and posted in SUITS.
What is a GL Chart of Accounts?
The Chart of Accounts, which is a list of accounts used by SUITS to define each money item that is disbursed, received or adjusted, is used to organize the finances of the agency and to segregate transactions using the following types of accounts:
Cash – Accounts to denote incoming receipts and outgoing payments
Receivables – Accounts that track what is due to the agency. (i.e. A/R Contributions, TFR, Contingency, Penalties, Interest, Fees)
Liabilities – Accounts that track amounts that are payable to an entity outside the agency. For example, credits on employer’s account is payable to the employer until the amount is refunded or applied to an amount due.
Revenue – Accounts that cumulate the assessments during the fiscal year.
What is the General Ledger Configuration?
After a GL account is created in the Chart of Accounts, a GL transaction item type is created for how each account is involved at the time a transaction is executed. The GL transaction item type specifies the flow of financial transactions when they occur. Specifically, the GL transaction item type tracks movement of finances posted to or between accounts, recording each transaction that occurs. This is used to allow the system to assign a name to a financial transaction that occurs within SUITS and track the records through the GL accounts.
How is a GL Transaction Item Type Created?
A GL Transaction Item Type is created by mapping the debit and credit GL accounts for which a transaction is recorded.
What is a Journal Voucher Transaction?
A Journal Voucher Transaction is a manual transaction that must be filed for any transaction that does not have a predefined General Ledger Transaction Item associated with it or the transaction consists of a cumulative (i.e., not on an employer account level) transfer of funds (i.e., moving a lump sum funds from the clearing account to the federal trust fund).
What is a Tax Transaction?
A Tax Transaction is a record of a financial event that has taken place in SUITS. Tax Transaction records the financial impact on a GL account. This includes increases and decreases for all GL accounts. Staff can view tax transactions posted for any range of dates and/or specific Employer.