Question

how do I post the cost data to the general ledger

Answer 1

Solution:

Mapping the financial data in the general ledger to the costing system needs a good understanding of the detail in the general ledger at subjective/account/ code and cost center level. For mapping the general ledger accurately to the costing system, the costing practitioner is required to:

-- Accurate understanding of the details in the general ledger

-- Extracting the correct financial data from the general ledger

-- Mapping of the general ledger at a sufficiently granular level to the costing system

-- To ensure that the classifications of the cost are appropriate for the costing process

-- Reconciling the cost quantum to the board papers and annual accounts

-- Engaging with financial accounting and financial management in the overall costing process