GL Set (Product) Maintenance - Introduction
General Ledger (GL) is basically a set of numbered accounts used to track financial transactions in the system of the bank or financial institution.
The main purpose of this function is to allow user to maintain the Product related GLs in schemes, for use in system.
Before user can maintain the relevant GL codes (also known as the GL account numbers), each of the Gl code needs to be mapped to the respective system’s GL field (Note: GL fields refers to system’s internal GL code.).
Therefore, as a prerequisite, the relevant GL codes have to be pre-maintained at the 'Mini Chart of Account' function, of which the same GL codes must have existed at the GL module system.
Some categories of GL codes that can be maintained in this function for the 'PL - Personal Loan' product line, are as follows:-
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Creditor
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Loan Debtor
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Financing Charges
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Other Advances
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Other Fees
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Impairments