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General Ledger

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This module is required to be versatile and flexible to accommodate the ministry and the hospitals needs in general. It is also required to support multi chart of accounts, and integrate with budget planning, and cost allocation.

The following has been extracted from a recent RFP. I've included it here for your reference. It may prove useful for anyone preparing such a document.
Please feel free to comment on this list, and propose any items that you think should have been included in this list. 

General Ledger

This module is required to be versatile and flexible to accommodate the ministry and the hospitals needs in general. It is also required to support multi chart of accounts, and integrate with budget planning, and cost allocation

>>> General
1   Accommodate Rules and Regulations of the Egyptian Government
2   Accommodate Egyptian Government Chart of Accounts
3   Compliance with generally accepted accounting principles
4   Support flexibility in opening and closing accounting periods separately for each entity
5   Maintain, analyze and report general ledger data for twelve or thirteen month periods
6   Support double entry and self-balancing control features
7   Provide for Cash or Accrual accounting
8   Facility to post sub-ledger journals to General Ledger in summary or detail
9   Provide for unlimited business segment views of consolidated financial information
10   Provide for Project Cost Center and Contracts handling and follow-up

>>> Accounting Books
11   Support processing of multiple general ledgers for multi-entry Hospital
12   Provide ability to maintain and process individual general ledgers for an unlimited number of separate companies/funds with different fiscal years ( calendar and offset )
13   Ability to maintain multiple sets of books : financial statement , internal reporting, current cost reporting
14   Book base currency and reporting year

>>> Accounting Calendars
15   Support user-defined fiscal calendars ( ex: with twelve or thirteen month periods )
16   Provide ability for the user to define calendar period ( ex: month, quarter, and year )
17   Provide ability to define uneven accounting periods for fiscal calendars
18   Provide ability to define either “real” or adjusting accounting periods which can overlap with other periods
19   Provide ability to set up and maintain multiple fiscal calendars ( ex: use a monthly calendar for one entity and a quarterly calendar for another )
20   Provide ability to keep any number of fiscal years or calendar periods open concurrently, for prior year comparisons
21   Support Calendars that span multiple calendar periods or fiscal years
22   Provide for soft calendar period closings

>>> Date Format
23   Date format ( in the accounting periods and data entry ) to be DD/MM/YYYY

>>> Currency
24   Provide ability to specify different base currencies ( ex: Functional , local or primary currency ) for each financial entity.
25   Allow for transactions and reporting in any currency
26   Ability to maintain ledger in multiple currencies
27   Provide for currency conversion tables and rate options

>>> Chart of Accounts
28   Should be based on Egyptian Government COA and respect Egyptian Accounting Principles
29   Accommodate flexible account code alphanumeric characters
30   Support on-line additions and deletions to Chart of Accounts
31   Allow flagging of inactive (deleted ) accounts to prohibit further posting
32   Print Chart of Accounts listing by account number ( by any order required )
33   Print Chart of Accounts listing by Cost Center
34   Print Chart of Accounts master file maintenance report
35   Ability to have Chart of Accounts by entity , or a Common Chart of Accounts
36   Ability to share Chart of Accounts with sub-systems ( integrated systems )
37   Provide for masking capabilities on accounts for reporting and inquiry
38   Support assignment of accounts to profit centers
39   Support multiple cash operating accounts
40   Ability to differentiate account classes between income, expense, assets , liabilities and fund balance
41   Accounts description for at least 30 characters long
42   Ability to define account aliases ( short codes/names )
43   Specify for individual account codes valid debit/credit entries ( some may have only credit entries )
44   Specify for individual account codes valid currency entry ( some may only accept LL )
45   Specify for individual accounts balances types ( ex: only statistical entries )
46   User defined fields/segments in each account structure ( ex: fund, organization, company, cost/profit center, account, project, budget unit..)
47   Ability to handle companies/funds in consolidation
48   Provide for unlimited organization structures and levels
49   Provide for Description flexfields to add custom fields without programming
50   Validation rules for accounts , and combinations validity

>>> Journal Entries and Posting
51   Validate account numbers as transactions are entered on-line
52   Edit transactions to prevent out-of-balance and rejected items from posting
53   Provide batch data entry capability
54   Provide ability to download / upload from spreadsheet
55   Ability for the user to opt for real-time posting or posting in a data collection (or batch) mode . In a real-time system up to date information is available immediately.
56   Allow entry of manual journal entries at any time during the month
57   Print list of all month-to-date journal entries on demand
58   Support entry and processing of recurring journal entries
59   Allow re-printing of financial statements for closed periods after posting prior period adjustments
60   Automatically post depreciation expense from fixed assets system as a monthly journal entry
61   Support automatic generation of entries
62   Support Inter-company automatic generation
63   Allow adjustment entries to be posted in the month or in the last period of the year as year-end adjustments
64   Allow journals for actual data to be posted to current period only ( except year end )
65   Define journal descriptions
66   All journals should be automatically verified for batch control totals
67   Journals failing batch control checks should be returned to the originator or flagged to authorized personnel for action
68   Support amount fields capable of handling transactions in billions and totals in tens of billions
69   Disallow posting of failed journals
70   Provide suspended batch facility for correcting errors
71   Ability to process Journal types as a) Journal templates b) Recurring c) Reversing d) Allocation e) Budget f) Encumbrance g) Statistical h) Standard
72   Allow journal reversing by debit / credit not switching signs
73   Automatic assignment for journal numbering
74   Ability to define Journal categories ( ex: payroll , JV )
75   Ability to define ( or automatic generate ) source of transaction
76   Accept automatic entries from sub-systems ( integrated systems )
77   Allow for detailed or summary posting from sub-systems

>>> Periods and Fiscal Years Operation
78   Automatically calculate and make accrual entries
79   Automatically reverse accrual entries in next period
80   Automatically accrue and reverse month-end closing entries for accounts payable
81   Automatically accrue and reverse month-end closing entries for payroll
82   Support entry of journal entries to prior periods with audit trail
83   Support entry of journal entries to future periods with audit trail
84   Automatic generation of offsetting entries for clearing account
85   Provide for prior period adjustments
86   Secure prior year adjustments
87   Automatic roll forward for prior period adjustments
88   Flexible accounting close processing
89   Allow for multiple periods open at one time
90   Allow for start of new year before prior is closed
91   Year end close :- Automatic clearing of expense and revenue accounts
92   Year end close :- Calculation and carry forward of retained earnings
93   Year end close :- Automatic carry forward of beginning balance accounts
94   Year end close :- Multiple closes prior to final close

>>> History
95   Retain budget, actual, statistical and monetary amounts for 24 months of live data
96   Retain budget, actual, statistical and monetary amounts for 10 years of historical data
97   User specified number of periods of history

>>> Query
98   Provide on-line inquiry into account balances and transaction detail
99   Support on-line inquiry into account historical transaction detail for past 12 months
100   Provide for drill down inquiry , into interfaced subsystems
101   Online inquiry for : - Current period balances and activity
102   Online inquiry for : - Current and historical years balances and activity
103   Online inquiry for : - Actuals versus plan comparison
104   Online inquiry for : - Current year versus prior year(s) comparison
105   Online inquiry for : - Detailed journal inquiry view to original sub-system documents
106   Online inquiry for : - Drill down :summary accounts, detail accounts , journal entries, ….

>>> Reports
107   Ability to fully customize financial reports
108   Ability to perform rounding , subtotaling
109   Ability to report with multiple graphic options ( ex: pie charts, histograms..)
110   Detailed audit trails for internal and external auditing
111   Allow multiple reruns of general ledger reports prior to final month end close
112   Print detail audit trail of all transactions posted to general ledger
113   Print summary audit trail of all transactions posted to general ledger
114   Print daily journals showing beginning balance , activity , and ending balance
115   Print control summaries to reconcile beginning and ending balances to transaction detail from interfacing systems
116   Print detail trial balance
117   Print detail general ledger
118   Print departmental summary general ledger reports
119   Compare current month and YTD to prior year’s month and YTD ( and variances ) on GL reports ( also online )
120   Print detail income statements
121   Print income statements by profit center
122   Allow user-defined roll up of detail to summarized levels within balance sheet and income statement
123   Print departmental revenue and expense reports showing actual, budget, and variance for month and YTD
124   Compare current month and YTD to prior year’s month and YTD ( and variances ) on revenue and expenses reports ( and Online )
125   Show current month and YTD to prior year’s month and YTD on revenue and expense reports
126   Show inpatient , outpatient, and total patient revenue on revenue reports
127   Show direct ( by natural classification ) and indirect expenses on expense reports
128   Print revenue and expense trend reports showing five years of history
129   Print units-of-service statistical summary reports by department
130   Show volume units, revenue per unit, and cost per unit on a units-of-service statistical report
131   Show FTE’s and labor hours per unit on a units-of-service statistical report
132   Provide for journal reporting

>>> Financial Statement
133   Allow user to define financial statement formats through table-driven parameters
134   Allow for generation and printing of Financial Statement in Arabic
135   Print consolidated financial statements of separate entities with user-defined roll-up levels
136   Trial Balance
137   Profit and Loss statement and balance sheet ( also in Arabic )

>>> Integration
138   Patient Billing
139   Account Payable
140   Payroll system
141   Budgeting , Costing and Cost Allocation
142   Cash Management
143   Account Receivable
144   Support downloading of general ledger data into standard microcomputer file formats
145   Support uploading of data from standard microcomputer file formats to general ledger system

Last Updated ( Tuesday, 28 October 2008 01:08 )  

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