Nanonets

JULY 21, 2023

Maintaining accurate financial records is vital for any business, and the general ledger, as the central repository of financial transactions, plays a critical role in this process. Ensuring the accuracy and integrity of the general ledger requires regular reconciliation. What is general ledger reconciliation?

General Ledger 52

General Ledger Financial Reporting Reconciling Financial Records 52

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 12, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. This is the most common reason for a difference.

Reconciling 75

Reconciling Accounts Receivable Account Receivables Accounts Receivable 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting has been eliminated in some accounting systems, where subledgers are not used.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 22, 2024

The total of the transactions in the subledger roll up into the general ledger. For example, a subledger may contain all accounts receivable , or accounts payable , or fixed asset transactions. A summary-level entry is periodically recorded in the general ledger. Ending balance usage.

General Ledger 40

General Ledger Financial Statements Reconciling Bookkeeping 40

Accounting Tools

JULY 24, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basics of Financial Accounting? This article gives an overview of financial accounting basics for the non-accountant. First, what do we mean by "financial" accounting? Accounts receivable.

Financial Accounting 75

Financial Accounting General Ledger Accounting Accounting 75

Accounting Tools

JULY 14, 2024

What are Income Statement Accounts? Income statement accounts are those accounts in the general ledger that are used in a firm’s profit and loss statement. These accounts are usually positioned in the general ledger after the accounts used to compile the balance sheet. Sales discounts.

General Ledger 52

General Ledger Accounting Accounting Payroll 52

Accounting Tools

MAY 19, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Ledger Account? A ledger account contains a record of business transactions. Terms Similar to Ledger Account A ledger account is also known as an account.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Accounting Tools

JULY 19, 2023

What is an Accounting Schedule? An accounting schedule is a supporting document that provides additional details or proof for the information stated in a primary document. Related Articles Financial Records Records Management

General Ledger 75

General Ledger Accounting Accounting Financial Records 75

Accounting Tools

OCTOBER 14, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Account? A subsidiary account is an account that is kept within a subsidiary ledger , which in turn summarizes into a control account in the general ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 21, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Accounting? Accounting is the systematic recordation of the financial transactions of a business. In essence, the term implies that an individual is tasked with the most common ongoing accounting transactions.

Bookkeeping 75

Bookkeeping General Ledger Accounting Accounting 75

Nanonets

JUNE 17, 2023

Account reconciliation is a critical process in accounting, which ensures that financial records are accurate and consistent. This article will provide an in-depth understanding of account reconciliation, its benefits, and how businesses can leverage technology to automate the process. What is Account Reconciliation?

Account Reconciliation 52

Account Reconciliation General Ledger Accounting Accounting 52

Accounting Tools

OCTOBER 26, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Control Account? A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

JULY 16, 2024

How to Record an Accounting Transaction When an accounting transaction occurs, it can be recorded in the books of an organization in a number of ways. These recordation methods all create entries in the general ledger , or else in a subsidiary ledger that then rolls into the general ledger.

General Ledger 40

General Ledger Accounting Accounting Accounts Payable 40

Accounting Tools

DECEMBER 28, 2023

A trial balance is an accounting report that states the ending balance in each general ledger account. This means that it states the ending balance for each asset, liability, equity, revenue, gain, and loss account in an accounting system. What is a Trial Balance? Auditors also use the trial balance.

General Ledger 75

General Ledger Record Keeping Financial Statements Auditing 75

Accounting Tools

OCTOBER 20, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook What are Accounting Journal Entries? An accounting journal entry is the method used to enter an accounting transaction into the accounting records of a business. In a smaller accounting environment, the bookkeeper may record journal entries.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account? An account can have several meanings in the accounting profession. Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions.

General Ledger 75

General Ledger Accounting Accounting Accruals 75

Accounting Tools

SEPTEMBER 28, 2023

Related Courses Payables Management What is the Accounts Payable Ledger? An accounts payable ledger contains the detail for all invoices received from suppliers. The ledger tracks the specific payable information for each invoice, which includes the invoice number, invoice date, supplier name, and amount paid.

Accounts Payable 40

Accounts Payable Accounts Payable General Ledger Accounting 40

Accounting Tools

JUNE 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Subsidiary Ledger? A subsidiary ledger stores the details for a general ledger control account. Types of Subsidiary Ledgers A subsidiary ledger can be set up for virtually any general ledger account.

General Ledger 75

General Ledger Bookkeeping Financial Statements Accounts Payable 75

Accounting Tools

OCTOBER 28, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account Balance? An account balance is the current total in an account. General Ledger Account In accounting, the account balance is the current residual balance in an account.

General Ledger 75

General Ledger Accounting Accounting Account Reconciliation 75

Accounting Tools

JULY 8, 2024

How to Account for a Manufacturing Business The accounting for a manufacturing business deals with inventory valuation and the cost of goods sold. The number of cost pools should be minimized to reduce the amount of allocation work by the accountant. Related Articles Manufacturing Cost Accounting Total Manufacturing Cost

Accounting 76

Accounting Accounting General Ledger Cost Accounting 76

Accounting Tools

OCTOBER 6, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook How to Create a Numbering System for a Chart of Accounts Chart of accounts numbering involves setting up the structure of the accounts to be used, as well as assigning specific codes to the different general ledger accounts.

General Ledger 75

General Ledger Accounting Accounting Bookkeeping 75

Accounting Tools

OCTOBER 4, 2023

This journal is most commonly found in a manual accounting system , where it is necessary to keep high-volume purchasing transactions from overwhelming the general ledger. For example, the debit relating to a purchase of office supplies would be to the supplies expense account.

General Ledger 75

General Ledger Purchase Order Accounts Payable Accounts Payable 75

Accounting Tools

JANUARY 18, 2024

What is a Journal in Accounting? The general journal is used to record more general, lower-volume transactions. Once entered into a journal, transactions are then posted to general ledger accounts. Entries made into a journal employ double-entry accounting , where balancing debits and credits are used.

General Ledger 40

General Ledger Accounting Accounting Bookkeeping 40

Accounting Tools

OCTOBER 20, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets Accounting for the sale of land differs from the accounting for the sale of any other type of fixed asset , because there is no accumulated depreciation expense to remove from the accounting records. Why Land is Not Depreciated

General Ledger 75

General Ledger Accounting Accounting Auditing 75

Accounting Tools

APRIL 28, 2024

Accounting for Sales Returns and Allowances This line item is the aggregation of two general ledger accounts , which are the sales returns account and the sales allowances account. Both of these accounts are contra accounts , which means that they offset gross sales.

General Ledger 75

General Ledger Bookkeeping Accounting Accounting 75

Accounting Tools

JUNE 9, 2024

An extended trial balance is a standard trial balance to which are added columns extending to the right, and in which are listed the following categories: Initial balances per general ledger. These are the account totals as of the end of the accounting period , as compiled from the general ledger.

General Ledger 52

General Ledger Financial Statements Bookkeeping Accounting 52

Accounting Tools

SEPTEMBER 11, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Transaction? A transaction is a business event that has a monetary impact on an entity's financial statements , and is recorded as an entry in its accounting records.

General Ledger 75

General Ledger Accruals Financial Statements Bookkeeping 75

Accounting Tools

DECEMBER 20, 2023

What is an Accounting Entry? An accounting entry is a formal record that documents a transaction. In most cases, an accounting entry is made using the double entry bookkeeping system , which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements.

Accruals 75

Accruals Accounting Accounting General Ledger 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

SEPTEMBER 2, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement How to Audit Accounts Receivable If your company is subject to an annual audit , the auditors will review its accounts receivable in some detail. Confirm accounts receivable. Investigate reconciling items. Test invoices listed in receivable report.

Accounts Receivable 40

Accounts Receivable Account Receivables Accounts Receivable Auditing 40

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Closing the Books The Soft Close The Year-End Close What is the Income Summary Account? The income summary account is a temporary account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. As such, the account is not strictly necessary.

General Ledger 75

General Ledger Accounting Accounting Account Reconciliation 75

Accounting Tools

JULY 25, 2023

Journalizing is the process of recording a business transaction in the accounting records. Journalizing can result in entries to the general ledger or to subsidiary ledgers. Ideally, the entry should note the impacted accounts, the debits and credits entered, a journal entry number, and a narrative comment.

General Ledger 75

General Ledger Accounts Payable Accounts Payable Bookkeeping 75

Xero

MAY 17, 2022

Reconcile your accounts, comparing the Payroll Activity Summary report and the General Ledger. The easiest way to do this is to run the Payroll Activity Summary report and compare this to the General Ledger report. . For more information, read our helpful article on how to prepare Payroll for year end. .

Payroll 211

Payroll General Ledger XERO Reconciling 211

Accounting Tools

OCTOBER 23, 2023

Related Courses Bookkeeping Guidebook Purchasing Guidebook What is a Purchase Ledger? The purchase ledger is a subledger in which purchases are recorded. The purchase ledger is part of the accounting department's database; it is not maintained by the purchasing department.

General Ledger 67

General Ledger Accounts Payable Accounts Payable Purchase Order 67

Accounting Tools

JANUARY 18, 2024

Information is recorded in a ledger in a number of accounts, which are typically sorted in the following order: Asset accounts Liability accounts Equity accounts Revenue accounts Expense accounts What is a Ledger?

General Ledger 75

General Ledger Financial Statements Bookkeeping Accounting 75

Accounting Tools

MARCH 8, 2024

What is a Contra Inventory Account? A contra inventory account is a general ledger account that is paired with the inventory account, and which contains a negative balance that represents a reserve for obsolete or damaged goods. It is also useful when inventory is quite old or turnover levels are low.

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40