MEDITECH - General Ledger

MEDITECH
General Ledger
functionality brief

The General Ledger functionality in MEDITECH's General Accounting product produces timely and useful financial reports for multiple and single facility health care organizations while conforming to generally accepted accounting principles. The functionality provides controlled and accurate bookkeeping and assists the Accounting Department with powerful and flexible reporting functions.

General Ledger is the core of MEDITECH's financial applications, sharing information seamlessly with MEDITECH's Revenue Cycle and Supply Chain Management products and the Accounts Payable, Fixed Assets, Payroll/Personnel, and Order Entry functionality.

Highlights:
   • Batch processing
   • Batch entries, either daily or periodically, in detail or summary format
   • Budget information
   • Accrual entries
   • Statistical information
   • Control procedures.

Standard Features

The General Ledger functionality provides users with control over the chart of accounts, the format and content of reports, and the sequence of posting, reporting, and closing. The budgeting functions support responsible accounting procedures for all levels of management throughout the health care organization. Allocation functions support accurate monthly profitability reporting.

Chart of Accounts and Organizational Hierarchy
The functionality utilizes a chart of accounts designed to accommodate a hospital environment and support multi-entity integrated health care networks. The functionality facilitates the process of building the chart of accounts by providing flexible methods of structuring the hierarchy and assigning account numbers. These methods include:
• User-defined and user-controlled chart of accounts
• Unlimited number of defined accounts
• The flexibility to handle user-defined account number lengths
• The flexibility to create an organization's hierarchical structure, which results in easily obtained Responsibility Management Reports
• The flexibility to define an unlimited number of summary reporting paths for report writing and inquiry purposes
• Support of control and subsidiary accounts
• Support of alphanumeric accounts
• Combined data entry and list functions for easy maintenance and viewing of data
• Recurring batches for statistics.

Bookkeeping
A set of bookkeeping functions controls and reports the entry of all transactions into the General Ledger functionality. These features include:
• Automatic transfer of transactions from other financial applications
• Automatic creation of intercompany transfer transactions
• Recording of transactions in on-line batches for easy control and auditing
• User-controlled sequence of posting, reporting, and closing
• Immediate error checking of all data as it is posted, so the ledger is always in balance
• On-line review and edit of batch data before posting to accounts
• Free text descriptions of each transaction group
• Batch lists available in order entry or in account number sequence
• Master Log report that displays all batch transactions for one or more days
• Summary batch posting
• Reversal of previous batch
• Recurring batch capabilities
• No limit to the length of time that detail and summary data are retained
• Prior and future period transactions
• The simultaneous maintenance of multiple open periods
• User control of number of transactions per batch
• Real-time update of account balances upon posting
• Closing routines process money and statistics accounts.

Real-Time Inquiry
A powerful inquiry function allows an authorized user to view up-to-the-minute account balances or activity on demand. These inquiries provide an audit trail indicating the transaction sources.
• On-line account inquiries are displayed in detail, summary, period comparison, or budget comparison
• Users can select accounts for inquiry by specifying an account number, a range of numbers, or by specifying component values such as salaries and wages for the laboratory or manager's area of responsibility.

General Reporting
The functionality provides a group of standard reports, as well as financial statements and management reports. General reporting features include:
• Reports for multi-corporate systems:
    – for a single corporation or across corporations
  – for component or summary values across corporations.
• Reports contain details on:
   – individual account budget, or statistical data
   – previous, current, and projected data
   – data from other reports, such as a transfer of net profit or loss from the operating statement to balance sheet
   – calculations using spreadsheet capabilities
   – free text comments.
• Reports include:
   – Condensed External Balance Sheet
   – Detailed Internal Balance Sheet
   – Comparative Balance Sheet
   – Operating statements at all reporting levels (in the appropriate formats)
   – Projected Operating Statements
   – Statistical Reports
   – Responsibility Reports
   – Profitability Reports
   – Preliminary (trial period still open) and Final (period closed) Reports
   – Summary Trial Balance
   – Detail Trial Balance
   – Subsidiary Summary Trial Balance
   – Subsidiary Detail Trial Balance
   – Department Expense Detail Report.

Budgeting
The functionality's budgeting features allow managers to establish, maintain, and manipulate budgets with both flexibility and precision. These features:
• Support unlimited budget files for current or future periods
• Allow for department-level access for budget development and analysis
• Allow users to create budget data for accounts from current or previous budget or actual balances
• Support seamless integration of budget files created in Payroll/Personnel, Fixed Assets, and Budgeting and Forecasting functionality
• Support budget worksheet comparison for a range of periods, including prior fiscal year, actual and projections, and budget variances.

Allocation
The functionality's allocation functions allow users to define the rules and methods by which expenses and revenues are allocated. These features include:
• User-defined allocation methods, including Simultaneous Equation and Step Down
• Allocation based on account statistics, money, or manual weighting
• Automatically-generated General Ledger batches from allocation tables for both actual and budget data.

Security Features
The functionality provides a number of security checks which monitor, track, and manage system use, such as:
• All system users throughout the health care network are required to have a user-defined password
• Audit trail reports link various system activities to specific user passwords
• Password-based security checks, which are organization-defined, are located at several entry points throughout the system
• Only those users with special organization-defined passwords may access specific department, entity, or corporate information and have the ability to perform certain system functions and routines.

Access and Option Sets
Users have a preset group of routines or process menus that offer user-defined functioning on one screen. Option sets are available for allocations, money batches, and statistic batches.

For more information about us, contact a MEDITECH Marketing Representative.

MEDITECH
Medical Information Technology, Inc.
MEDITECH Circle
Westwood, MA 02090
781-821-3000
www.meditech.com