The General Ledger - TopTen REVIEWS: "A company's general ledger is kept to avoid making careless errors in financial reports, to track financial purchases and to provide evidence of the company's transactions. The general ledger is a summary of all of the transactions that occur in the company. It is taken directly from the general journal, where each transaction is initially recorded in chronological order. All of the best accounting software includes a general ledgar that can be shared with your accountant.
Why is the general ledger important?
The balance sheet and the profit/loss statement are both derived from the general ledger, which are the two most important financial documents in your company. Because it is organized by accounts, the general ledger allows you to observe the activity in any account at any given time. The general ledger is where posting occurs, which is the process of recording credits and debits in the general ledger."
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Why is the general ledger important?
The balance sheet and the profit/loss statement are both derived from the general ledger, which are the two most important financial documents in your company. Because it is organized by accounts, the general ledger allows you to observe the activity in any account at any given time. The general ledger is where posting occurs, which is the process of recording credits and debits in the general ledger."
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