General Ledger Overview

The General Ledger (GL) module (also known as the “Actuals” ledger) is the central repository where accounting transactions are recorded. All financial transactions are recorded in the GL based on the fiscal year and accounting periods. The GL is also where OAKS FIN manages journals,, creates journal entries, runs allocations, and where OAKS FIN receives accounting entries from other OAKS FIN modules.

•  The GL (i.e., “Actuals”) ledger does not store budgets or encumbrances amounts.

The GL is the state’s official accounting record and stores financial data for all state agencies. Agencies can use the GL to get a summary view of their financial transactions, create reports, and perform analysis.  Ledgers and the chart of accounts are all set up in the General Ledger.