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.
Ready to file your business taxes? Don’t worry! Fiscal Integrity Group can help you file your taxes and optimize your tax bill. Contact us! →
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.
Our clients' success stories speak volumes about our commitment to excellence and personalized service.
Wagner, Manufacturing CEO
Fiscal Integrity Group transformed our financial management. Their expertise in manufacturing accounting is unparalleled.
Kara, Small Business Owner
Their tax strategies saved us thousands. I can't recommend them enough for small businesses.
Robert & Mary K., Retirees
FIG's personal tax services have made our retirement planning so much easier and more profitable.
Book A Free Consultation
Drop us a line! We are here to answer your questions because the first step to hassle-free accounting, tax returns, and tax planning starts by reaching out to one of our representatives.
All Rights Reserved | Fiscal Iintegrity Group
FIG Brings Lights To Your Finances !