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General Ledger Functions
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Overview

Operating a business is like taking a trip: a map helps reach the goal.  To know what profits the business is making, a map is needed to know where the money is going.  In business, this roadmap is known as the general ledger: the place where accounts can be viewed and adjusted.  In classic double-entry accounting, the general ledger acts as a collection point for subsidiary activity from sales, accounts payable, accounts receivable, payroll, fixed assets, depreciation, etc.  RDP's property management ledger acts as a subsidiary ledger to the back office general ledger.

Asset Accounts

These accounts generally track cash, inventory, equipment, and depreciation.  In the hospitality industry using RDPWin, these accounts track undeposited cash, checks, and credit card transactions; checking and money market accounts; and in-house and group receivables.

Balance Sheet

View the property's net worth based on assets, liabilities, and equity.

Equity Accounts

These accounts generally track property net worth.  In the hospitality industry using RDPWin, these accounts track the management's equity account.

Expense Accounts

These accounts generally track property expenses related to running the business.  In the hospitality industry using RDPWin, these accounts track travel agent commissions and write-offs, group and credit card receivable write-offs, housekeeping and work order vendors, bank fees, and frequent guest points (if using points).

Liability Accounts

These accounts generally track property debt.  In the hospitality industry using RDPWin, these accounts track the travel agent, owner, and vendor ledgers; advance deposits; and tax payable accounts.

Income Statement

View the property's profit or loss in a given period based on income and expenses.

Revenue Accounts

These accounts generally track property income.  In the hospitality industry using RDPWin, these accounts track revenue from room charges, daily charges, activities, Other Charges (if configured), travel insurance, telephone access charges, recurring owner charges, forfeited security deposits, etc.

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Last Updated 08/26/2008

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