SELECT, IMPLEMENT & USE TODAY'S ADVANCED BUSINESS SYSTEMS ‘Second Edition Chapter 8: ERP FinancialsFinancial Accounting General Ledger — an accumulation of balances from transactions and postings Monthly, quarterly, and yearly financial statements are generated Parallel accounting — enables a company to keep several GLs simultaneously according to different accounting principles to ensure that local and international reporting requirements are met Consolidation — enables the combining of financial statements for multiple entities within an organizationFinancial Accounting * Accounts Payable subledger — identifies the balances owed to every vendor calculated from purchases, returns and allowances, purchase discounts, payments, and other adjustments — Information regarding vendor invoicing and payment due dates — Support international methods of payment, track open items, provide account analyses, due date forecasts, and risk assessments — Three-way match — payment authorization whereby the ERP system will attempt to “match” every incoming invoice to a valid purchase order and an approved packing slip or receiver — AP aging report — used to group vouchers by due date in 30-day increments, providing focus on those payable items that may be past due