Finance5 min read

General Ledger

Livestork runs a real double-entry general ledger under Accounting. Every operational transaction, a sale, a purchase, a production receipt, posts a balanced journal entry automatically; nothing about your books depends on a separate reconciliation step.

Chart of Accounts

Your Chart of Accounts (Accounting > Chart of Accounts) is the structure every journal entry posts against. Item categories, customer types, and other master data can carry default GL account assignments, so day-to-day operational entries don't require manual account coding.

Journal entries

Most journal entries are generated automatically by operational events (an invoice, a payment, a production receipt). Manual journal entries are also supported, for adjustments and corrections, and must balance, debits equal credits, before they can post.

Fiscal periods

Fiscal Periods let you close a period once its books are final, preventing further posting into it. This is a plan-gated feature; if you don't see Fiscal Periods in your Accounting navigation, contact your account administrator.

Closed periods

Closing a fiscal period is meant to be a deliberate, end-of-period action taken by someone with period-close permission, it locks that window from further postings.

Financial statements

Four statements are generated directly from the ledger: Trial Balance, General Ledger detail, Profit & Loss, Balance Sheet, and Cash Flow Statement, all under Accounting > Reports. Because they read from the same ledger every operational module posts to, there's no separate export-and-reconcile step to keep them current.

Can I see the ledger detail behind a statement?
Yes. The General Ledger report shows the underlying transaction detail; the Trial Balance, P&L, Balance Sheet, and Cash Flow reports are all summaries built from that same detail.