What Is Mini GL?
November 7th, 2024
Are you tired of manually entering store data into your accounting software or running endless reports to understand your store’s financials?
For rent-to-own businesses using cynergi|suite, there’s a solution—Mini GL is a simplified general ledger (GL) feature that allows you to export, categorize, and review your store’s financial data. In this post, we’ll explain what Mini GL is, how it works with cynergi|suite, and why it might be a perfect addition to your business.
Overview of Mini GL
Mini GL is a streamlined version of cynergi|suite’s Home Office/Accounting (HO/A) feature. For businesses that want to keep their existing accounting software but still need an efficient way to process store financial activity, Mini GL is an ideal solution.
With Mini GL, you can export a store’s daily and month-end financial data in journal entry format, ready to import into another accounting system, like QuickBooks. Mini GL automates the creation of journal entries based on store activity, giving you access to organized financial data without switching accounting systems.
What Does Mini GL Do?
Mini GL helps automate several key financial tasks that would otherwise require extensive manual data entry or advanced reporting.
- Automatic Journal Entries for Store Activity. Mini GL automatically creates journal entries for your store’s financial transactions. For example, if your store sells a piece of furniture, Mini GL can automatically log that revenue in your general ledger under a specific category. Mini GL records activities such as deposits, petty cash, inventory depreciation, disposals, and more, so you don’t have to.
- Export Options. One of the most popular features of Mini GL is its ability to export journal entries as a .csv file. This file can be easily uploaded to your existing accounting software, like QuickBooks, making it simple to transfer financial data from cynergi|suite to your main accounting system.
- Revenue and Inventory Categorization. Mini GL allows you to categorize revenue and inventory by model number or product code. For example, if you want to track revenue from electronics separately from furniture, Mini GL provides the tools to make this distinction in your general ledger, making it easier to see exactly where your revenue is coming from.
- Customizable Frequency of Journal Entries. With Mini GL, you can choose how often journal entries are created—whether you need them daily, weekly, or monthly. This flexibility allows you to tailor the feature to match your business’s specific accounting needs.
Why Use Mini GL?
Mini GL offers several advantages for rent-to-own businesses looking to streamline their accounting process without replacing their current system:
- Efficient Data Management. With Mini GL, you can avoid the time-consuming task of creating reports and manual entries for routine financial activities. Instead, Mini GL automates this process, allowing you to focus on higher-level financial tasks.
- Customizable Financial Reporting. Mini GL’s ability to categorize revenue and inventory by model or product code gives you a clear picture of your store’s performance by category. This detailed reporting is particularly useful if you’re managing multiple product types and want to see which categories drive the most revenue.
- User-Friendly and Accessible. Mini GL’s intuitive export and review capabilities make it easy to manage your financials. For instance, you can review store deposits before exporting journal entries, adding a layer of accuracy to your accounting workflow.
Who Can Benefit From Mini GL?
Mini GL is ideal for franchisees and business owners in the rent-to-own industry who want a flexible, efficient accounting solution. If you’re spending hours running reports or manually entering data, Mini GL can streamline this process for you. It’s also valuable for companies that prefer to keep their primary accounting system but need an efficient way to handle store-level financial data.
For those looking for a more comprehensive accounting system, cynergi|suite’s Integrated Home Office/Accounting offers an array of additional functionalities—click here to learn more.
Getting Started With Mini GL
Setting up Mini GL is straightforward. Here’s what you can expect:
- Provide Your GL Accounts. We’ll start by gathering a copy of your chart of accounts. This process ensures that journal entries created by Mini GL align with your existing accounting structure.
- Activity Mapping and Training. Our team will work with you to map store activities to the appropriate GL accounts and provide training on how to use Mini GL effectively.
- Secure Access and Review. Mini GL operates on a separate login from the main store system, with specific security features to limit access based on employee roles, ensuring that your data remains secure.
What Do Clients Have To Say?
- “The new program is much more efficient due to the program being moved to an HTML platform versus the original FTP.” (John Wilson, Director of Accounting, Best Tire Concepts LLC)
- “Cleaner and much easier to navigate to functions.” (Nick Leach, Assistant Controller, Arona Corporation)
- “I really like the GL reports for monthly postings into our accounting system.” (Tammy Sheehan, Controller, RACL Ventures)
Set Your Store Apart.
Mini GL offers a streamlined approach to accounting for cynergi|suite users, allowing you to automate journal entries, categorize revenue by product, and export financial data directly to your existing accounting system. With Mini GL, you can keep your current accounting setup while benefiting from the financial insights and automation that cynergi|suite provides.
Ready to see how Mini GL can enhance your accounting process? Contact us today to learn more or to schedule a demo!