General Ledger

General Ledger

A general ledger (GL) is a record of a company's financial transactions, income, expenses, assets, liabilities, and equities. It's used to prepare financial reports. 

A set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense.

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General Ledger: The Foundation of Financial Health

Central Record-Keeping

Serves as the foundation for preparing financial statements and provides a complete picture of an organization's financial health.

Key Components

Includes chart of accounts, journal entries, account balances, and trial balance.

Financial Reporting

Provides data for creating balance sheets, income statements, and cash flow statements.

Structure and Format of General Ledger

Two-Column Format

One column for debits (left) and one for credits (right)

Account Codes

Unique numerical identifiers for each account

Date & Description

Fields for each transaction

Running Balance

Maintained for each account

General Ledger Process

1. Record Transactions
Public companies must file quarterly 10-Q reports and annual 10-K reports with the SEC

2. Post to General Ledger
Transfer journal entries to the general ledger
3. Reconcile Accounts
Prepare trial balance and reconcile accounts
4. Make Adjustments

Enter adjusting entries as needed

5. Generate Statements

Create financial statements from ledger data

Best Practices for General Ledger Management

Consistency

Strong Controls

Regular Reconciliation

Use Technology

Client's Testimonials.

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Wagner, Manufacturing CEO

Fiscal Integrity Group transformed our financial management. Their expertise in manufacturing accounting is unparalleled.

Kara, Small Business Owner

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Robert & Mary K., Retirees

FIG's personal tax services have made our retirement planning so much easier and more profitable.

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