BDOS has a fully integrated general ledger which automatically creates almost all of the general ledger entries. Posting of the entry is transparent to the user. As such, a competent clerical person can use BDOS with very little difficulty and achieve results that are error free.
General ledger entries are created as a result of normal every day operational activities. They are created when:
- a trade is downloaded from clearing, NSCC, DST IDC or manually entered
- vendor payment is received
- rep payout adjustments are made
- reps are paid
- checks are written to reps or outside suppliers
General Ledger Entry Example
Consider an agency trade:
- commission of $400
- clearing fee of $16.00
- rep payout (rep commission) of $303.20.
When BDOS processes that trade, the following general journal entries are automatically generated.
Extended GL
The trade is automatically assigned a unique reference number, in this case 10642. In addition, BDOS maintains an Extended General Ledger which provides supplementary trade information. For trade reference 10642 the extended gl shows:
The extended gl indicates:
- the trade reference 10642 and the amount of the receivable
- the source of the trade “RB”, a trade processed through an RBC download
- the vendor “RBC”
- the client short name “Clinton WJ”
- trade information ” a Buy of 652.529 shares of TPDAX @ $12.26″
As with all BDOS data, the General Ledger, trial balances, income statements and profit and loss statements are saved for an indefinite time period.