can any body till me what is the "Ledger settlements " feature (GL–> Periodic → Ledger settlements) are used for and if it has a financial effect on the accounts or the accounts are affected by posting the transactions immediately??
Thanks In Advance
It is used to settle the transactions posted to different or same ledger accounts.
It will show the open transactions - which will be as converted into settled transactions here by accepting.
Kranthi is right, and to give more clarification for its purpose. Ledger Settlement is important to financial in reconciling accounts, it does not have any effect on the financial as you are settling accounts. it is to match-up one account to another. Say I have a clearing or provision account, I can settle its debit and credit through ledger settlement and at the end of the day I would know what are remaining debit or credit account which are not yet cleared or settled.
Thanks Kranthi and Brian for your reply
can anyone explain detail
Great explanation. I have a follow up question. What will the impact be if the lines in this form (GL > periodic > ledger settlement) would be removed? From the table that is since you are not allowed to remove them from the application form.
Need to clarify this question. But if the form could only include transactions from GL accounts of interest it would sure be a big help!