What Is A General Ledger & What Can A GL Do For You? - Sage
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A general ledger, or GL, is a means for keeping record of a company's total financial accounts. Accounts typically recorded in a GL include: assets, liabilities ... Skiptocontent Playingnow WhatisaGeneralLedger? Backtosearchresults SageAdviceWisdomforsmarterbusinesses ManageCashFlow GrowYourFirm DigitalTransformation ConstructionFinances People&Leadership More SubscribetoSageAdviceSubscribe Wisdomforsmarterbusinesses Chooseacategory ManageCashFlow GrowYourFirm DigitalTransformation ConstructionFinances People&Leadership Searchfor: ViewourfullGlossaryofaccounting&payrollterms Visitfullglossary Glossarydefinition WhatisaGeneralLedger? Generalledgerdefinition Ageneralledger,orGL,isameansforkeepingrecordofacompany’stotalfinancialaccounts.AccountstypicallyrecordedinaGLinclude:assets,liabilities,equity,expenses,andincomeorrevenue.Thegeneralledgerdefinitionmayincludeaphysicalordigitalrecordofsuchinformation,potentiallyembeddedinamoresophisticatedsystemofaccountingsoftware. WhatisGLinthecontextofaccounting?Acompany’sGListhebasisofitsfinancialreportingandthesourceoftheinformationusedtherein.Transactionsarenotedfromasourcedocument,suchasaninvoiceorbill,andtrackedinthegeneraljournal.Periodically,alltransactionsmadewithinacompanyarepostedtothegeneralledger.SincetheGLiscomprisedofacompany’stotalfinancialaccounts,itisinstrumentalinthepreparationofkeyfinancialreportingdocumentssuchasthebalancesheetandincomestatement. BossyourfinanceswithSage50cloud Enjoylessadmin,moreautomation,simplifiedpayroll,andgetpaidfasterwithSage50cloud. Takeatestdrivetoday! Whatisageneralledgerprocess? Makingageneralledgerbeginswithcreatingajournalorlogwiththedetailsofeverybusinesstransaction,aseachtransactionoccurs. Thencategorizeeachtransactionunderarelevantaccount,suchassales,cash,oraccountspayable. Atregularintervals,reconciletheinformationinsidetheseaccounts. Oncecomplete,transferyourjournalentriestotheGL. WhatisaGLreconciliationprocess? Thereconciliationprocessisamatterofdouble-checkingimportantaccounts.Reconciliationinvolvescheckingeachaccountwithinageneralledgertoverifyaccuracy.Theprocessbeginsbygatheringtheinformationforeachaccountinreview,thenexamininganyjournalentrieswhichhavebeenmadetocorrecterrorsintheledger. Withjournalcorrectionsinmind,balancesinthegenerallegerarecomparedagainstfinancialdata,suchasbankstatements.Ifdiscrepanciesarefound,reconciliationrequiresinvestigatingforunusualtransactions,orotherwiseexplainingtheerror. WhatisaGLcode? Generalledgercodesarenumericalnamesyouassigntoanaccount.Forexample,theGLcodeforanaccountsreceivablemightbeaccount#105.Electricbillsmightbe#203.Thiscodingsystemcanbeusedtogrouprelatedaccounts.Forexample,allutilityaccountsmightstartwith#2.GLcodesaren’tsubstitutesfordescriptiveaccountnames,butthey’reausefultoolforrapiddataentryandeffectiveorganization. WhatisaGeneralLedger? Morearticlestohelpyouunderstandsmallbusinessfinance: Howtobossyourcashflow:5thingstodorightnow Understandingyoursmallbusinessfinances:Wheretostart 5KPIstomeasuresmallbusinessgrowth Checklist:Howtoprepareaprofitandloss(P&L)statement Aguidetosmallbusinessfinance Inthisguidewe'llwalkyouthroughthefinancialstatementseverysmallbusinessownershouldunderstandandexplaintheaccountingformulasyoushouldknow. Downloadguide Seethisterminaction Howtomanageyoursmallbusinesspayrolltaxestheeasyway November8,2021 Howforecastingcanhelpimproveyourbottomline October29,2021 Improveyouryearendclosingbyavoidingthese5accountingmyths October25,2021 Aguidetosmallbusinessfinance Inthisguidewe'llwalkyouthroughthefinancialstatementseverysmallbusinessownershouldunderstandandexplaintheaccountingformulasyoushouldknow. Downloadguide Relatedtopics CashFlow Searchforanotherterm Searchfor: Learnmoreaboutthisdefinitionandothers Featuredreading Thesecretingredienttoeffectivetraceabilityandefficiency:SageX3 ChangesintheCPAexam:Whatyouneedtoknow Easywaystomanageyoursmallbusinessadmin PopulartermsWhatistheInternetofThings(IOT)?Whatarefixedassets?WhatisaGeneralLedger?Whatisanaccountingperiod? RecommendedNextReadHowtogetyoursmallbusinessfinancesinshapeReadmoreaboutHowtogetyoursmallbusinessfinancesinshape Seeadvicespecifictoyourbusiness SmallbusinessesAccountantsConstructionMediumbusinessesAlloftheabove OpenModal
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