Transactions are created in sub ledgers on a daily basis, as noted in About Ledgers. The timing of the update to the General Ledger (GL), however, is usually based on each organization's business practices.

Some companies update transactions to the General Ledger on a daily basis, which allows for the creation of weekly Profit and Loss Statements. These statements are not complete, however, because certain transactions, such as depreciation or interest payments, are calculated on a monthly basis. These two additional transactions are accomplished outside of Aptify. These financial statements are therefore referred to as Preliminary Profit and Loss Statements.

Other organizations update the general ledger on the final days or day of the month. Waiting for end-of-month to update the general ledger is a practice that most Financial Consultants do not recommend, because there is a shorter time frame to identify errors or problems, perform proper research, and to prepare the appropriate correcting journal entries prior to the creation of financial statements.

General Ledger Updates in Aptify

Aptify acts as a sub-ledger system for an organization. Within Aptify, GL account entries are created, to be processed as necessary in the organization's accounting package once the information is exported. Additional financial functions, such as calculations of depreciation for value or recording interest payments, are handled outside Aptify.

In Aptify, creation of journal entries and the related update to the General Ledger occur in three stages.