General Ledger Reports in Applied Epic
In this third installment of our Applied Epic reports series, we’ll go over some of the most helpful reports found under the General Ledger tab. The reports found under this tab are very helpful when it comes to month-end reporting and are recommended to run throughout a month to ensure you remain in balance. If you have a dedicated accounting person or department in your agency who handles bank reconciliation, it may be helpful to copy these reports to their My Reports so they can run them frequently and get them prepared to send to management for each month-end review.
Your GL accounts are broken out into different groups – Asset, Liability, Equity, Income & Expense, which are then broken down further into subaccounts. The Balance Sheet report will list the amounts that are in your agency’s asset, liability, and equity accounts for a specific period (you can modify the criteria to view the timeframe needed). Use this report to ensure that General Ledger is in balance. You can also modify the criteria on this report to include the subaccounts if needed.
General Ledger Register
If you want to see an overall view of what has occurred in the General Ledger area of Epic, run this report. It will provide a detailed overview of any receipts, disbursements, journal entries, voided entries, vouchers, etc. You can also set the criteria on this report to filter by specific GL accounts if needed.
While the Balance Sheet report reflects asset, liability and equity, the Income Statement report will provide details on agency net profit/loss, income, and expenses for a time period that you can filter in Modify Criteria. It will provide current and year-to-date figures and you can also choose whether to include or exclude the subaccount detail. It is important to note with this report that if the Income account(s) have a debit balance, the balances will display as a negative; if the Expense account(s) have a credit balance, the balances will also display as a negative.
Status of Accounts
As mentioned previously, there are multiple GL accounts within Epic to reflect deposits and disbursements. To ensure GL accounts remain in balance, we recommend running this report frequently. This report includes opening and ending balances, transactions affecting the balance, and the net change in the balance. For example, if you have recently migrated to Epic, you may still have outstanding transactions from your previous system. You would not transact on the client accounts again in Epic since they are already billed in your previous system, so you would take the outstanding balance for the Premium Payable Entity (PPE) and reflect that under an Opening Balance GL account in Epic. As you are paying funds to the PPE for those outstanding balances, you would apply those disbursements to that GL account which would chip away from that balance. You can then run this report, which would show you the opening balance, all the payments made so far, and what balance still remains.
The reports under the General Ledger tab will be very helpful for anyone who manages your accounting within your agency as well as for management to ensure that General Ledger figures remain in balance, especially when it comes to month-end reporting. We recommend reviewing all the other reports not mentioned as well by checking out our other articles about Account reports and Activity reports. If you have any questions regarding the use of any of these reports or are interested in any of our other Agency Consulting Services, be sure to contact us today!