Understanding Your General Ledger

To help with understanding your P&L better it is important to understand what the General Ledger is and how to read your General Ledger.

What is a General Ledger?

A general ledger is a recordkeeping system used to sort, store, and summarize a company’s financial transactions. It details all business accounts and account activity during a period. A general ledger has four primary components: a journal entry, a description, debit and credit columns, and a balance

Understanding how to navigate your general ledger will allow you to provide detailed explanations pertaining to your P&L review. It provides a checks and balances that your monthly invoices are submitted and in what accounting period.

To reflect on the training webinars that Training hosted, we have uploaded the PowerPoint for Understanding Your General Ledger and a recorded video of Understanding Your General Ledger to WEST Edge for your viewing pleasure.

Use the below links to locate Understanding Your General Ledger PowerPoint and Video on WEST Edge.

Registration Links:

• Understanding Your General Ledger – webinar video CLICK HERE

• Understanding Your General Ledger – PowerPoint CLICK HERE

Additional Training for RiskManager Pro

As we continue to develop new and better ways to assist you with your daily operations, RiskManager Pro (RMPro) has been one of those tools, offering multiple resources in one platform. Items such as:

• Key Contact List

• License & Permits

• Worker’s Compensation & Incident Reporting

• Safety Newsletter and Tips for Monthly Safety Meetings

• Work Orders Request

In addition to all these resources, there are training videos in WEST Edge regarding how to complete the online forms in RMPro. The newest training video, RMPro – Training Video, is for understanding how to add a work order as well as how to identify a work order as capital or as an inn level expense.

Please complete the RMPro – Training Video & Quiz by clicking here and if you want to see more videos, watch RiskManager Pro - Workers Comp Incidences by clicking here in WEST Edge.

Contracts & Agreements SOP

The contract must meet the below requirements to be signed. Going forward ALL contracts will be signed by Brianne Austin, her title on the contract should be listed as “Authorized Signer”.

New Service Contracts MUST be approved by SVP before being submitted. If there is not an existing contract in place and the service has not been previously or currently being performed it is a New Service Contract and must be approved.

Contract Requirements:

• The contract/agreement is between the contractor and the “Ownership Group Name” i.e., BW RRI II – NOT RRI West

• The term must not exceed one year

• There is no automatic renewal

• Payment Due Date should not be less than Net 30

• Contract must include a contract terminations clause “Contract can be terminated for any reason during the contract term.” Including if the asset is sold

• No penalty or liquidated damages (as in COVID-19, we have many contracts we can’t exit due to penalties)

• COI must meet minimum coverage amounts and list Ownership Group as the certificate holder with additional insureds listed (Please contact your RVPO if additional clarification is needed)

• Contract must be signed by the contractor before submitting for approval

Contract Signing Process:

1. Contract must be emailed to Jon Baaske, jon.baaske@rriwest.com for approval

2. Once approved Jon will send the contract to Brianne Austin “Authorized Signer” for signing

3. Jon will then return the signed contract

Contracts-Agreements SOP.pdf

Download PDF • 96KB