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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 and Description
Fields for each transaction
Running Balance
Maintained for each account
Functions of the General Ledger
Financial Reporting
Provides data for creating financial statements
Auditing and Compliance
Serves as a primary source for reviews and audits
Decision Making
Timely and accurate payroll fosters morale amongst teams delivering quality products.
Error Detection
Helps identify discrepancies through reconciliation
General Ledger Process
1. Record Transactions
Enter transactions in journals or sub-ledgers
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
Best Practices for General Ledger Management
Consistency
Regular Reconciliation
Strong Controls
Use Technology
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Potential Savings with FIG
$138K
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Average savings for businesses through our strategic tax planning
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