Nanonets

FEBRUARY 28, 2024

Welcome to our latest blog post, where we embark on a deep dive into the intricacies of the General Ledger (GL) — the bedrock of any business's financial system. We will start with the basics: What exactly is a General Ledger, and why is it paramount to your business's financial health?

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Nanonets

JUNE 23, 2023

Balance sheet reconciliation is an essential accounting practice that verifies the accuracy and consistency of financial statements. It involves comparing the balances of various accounts listed in the balance sheet to external documentation, such as bank statements and general ledger entries.

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Nanonets

FEBRUARY 14, 2024

In the world of business, keeping track of money matters is crucial, and that's where General Ledger Codes, or GL Codes, come into play. GL Codes are not just about keeping things neat; they're about making smarter financial decisions, simplifying tax time, and ensuring your business runs smoothly. What are GL Codes?

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Nanonets

SEPTEMBER 23, 2023

These encumbrances can be tracked manually or automatically through specialized systems like Oracle General Ledger. By implementing encumbrance accounting properly, companies can have quicker access to financial information and make more accurate predictions of cash outflow.

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MineralTree

MARCH 30, 2023

Once the system extracts the invoice data, it automatically codes and categorizes the information to the correct general ledger accounts. Additionally, MineralTree uses invoice information in AP analytics and reporting immediately upon invoice capture to deliver better financial forecast models.

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Nanonets

JULY 18, 2023

Accounts Receivable Automation In the accounts receivable process, NetSuite automates tasks such as invoice generation, payment reminders, and cash application. General Ledger Automation NetSuite's financial automation includes automated general ledger entries based on predefined rules and transactions.

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AP General Ledger Accounts Payable Accounts Payable 52

Nanonets

FEBRUARY 6, 2024

This is essential for financial reporting and tax compliance. Determine the scope of your work and gather documents like general ledger/invoice/bank statements, etc. The external transactions go through the routine account reconciliation procedure, where the general ledger is matched with documents like bank statements.

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