The General Journal and the Ledger (Accounting Fundamentals)

Free download. Book file PDF easily for everyone and every device. You can download and read online The General Journal and the Ledger (Accounting Fundamentals) file PDF Book only if you are registered here. And also you can download or read online all Book PDF file that related with The General Journal and the Ledger (Accounting Fundamentals) book. Happy reading The General Journal and the Ledger (Accounting Fundamentals) Bookeveryone. Download file Free Book PDF The General Journal and the Ledger (Accounting Fundamentals) at Complete PDF Library. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. Here is The CompletePDF Book Library. It's free to register here to get Book file PDF The General Journal and the Ledger (Accounting Fundamentals) Pocket Guide.

Chapter 6 PowerPoint Slides. Chapter 7: Completing the Accounting Cycle.

Useful Links

Chapter 7 PowerPoint Slides. Chapter 7: Browning Company Instructions. Chapter 8: Internal Controls. Chapter 8 PowerPoint Slides. Chapter 8: First Blade Instructions. Arthur's Suit Shop. Chapter 9 PowerPoint Slides. Chapter 9: Payroll Instructions. Joyner's Travel Services.

Chapter Accounting for Partnerships and Corporations. Chapter 10 PowerPoint Slides. Chapter Partnerships and Corporations Instructions Instructions. See our Privacy Policy and User Agreement for details. Published on Aug 17, Accounting tutorial covering chart of accounts, general journal, general ledger, and trial balance. SlideShare Explore Search You. Submit Search. Successfully reported this slideshow. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads.

You can change your ad preferences anytime. Upcoming SlideShare. Like this presentation? Why not share!

What are T Accounts?

Embed Size px. Are they the same or different and why we have so many terms? Read this article to learn currency concepts.

Transactions You’ll Enter into a Ledger

In this article we explain some commonly used subsidiary ledgers like accounts receivable subsidiary ledger, accounts payable subsidiary ledger or creditors' subsidiary ledger, inventory subsidiary ledger, fixed assets subsidiary ledger, projects subsidiary ledger, work in progress subsidiary ledger and cash receipts or payments subsidiary ledger. This article discusses the different standards that are used for multiple representations of the financial results for global organizations.

Finally understand why accounting differences arise and how they are adjusted for different financial representations. Generally Accepted Accounting Principles define the accounting procedures, and understanding them is essential to producing accurate and meaningful records.

General Ledger Definition

General ledger is the central repository of all accounting information in an automated accounting world. Summarized data from various sub-ledgers are posted to GL that eventually helps in creation of financial reports. Read more to understand the role and benefits of an effective general ledger system in automated accounting systems and ERPs.

In this article we will summarize what we have learnt so far in this section and this will serve as a ready reckoner for the learner to recap the key concepts related to general ledger system. Coming directly to this article will be beneficial for learners who want to have a quick overview of general ledger system in the context of ERPs and automated systems. In this article we will explain the general Ledger journal processing flow from entering journals to running the final financial reports.


  • General journal.
  • News in the Internet Age: New Trends in News Publishing (SCIENCE ET TECH);
  • English Books for 3-6 year Olds.
  • Christian Skits & Such;

Understand the generic general ledger process flow as it happens in automated ERP systems. The accounting cycle explains the flow of converting raw accounting data to financial information whereas general ledger process flow explains how journals flow in the system. In this tutorial, you learn what we mean by drill through functionality in context of general ledger system.

We will explain the concept of drill down and how it enables users to perform account and transaction inquiry at a granular level and the benefits of using this functionality.

General Ledger

After reading this article the learner should be able to understand the meaning of intercompany and different types of intercompany transactions that can occur. Understand why intercompany transactions are addressed when preparing consolidated financial statements, differentiate between upstream and downstream intercompany transactions and understand the concept of intercompany reconciliations.

In this article the learner will understand the meaning of journalizing and the steps required to create a journal entry. This article explains the process of entering and importing general ledger journals in automated accounting systems. Learn about the basic validations that must happen before the accounting data can be imported from any internal or external sub-system to the general ledger.

Finally understand what we mean by importing in detail or in summary. In this tutorial we will explain what we mean by posting process and what are the major differences between the posting process in the manual accounting system compared to the automated accounting systems and ERPs.

TRIAL BALANCE Explained (with a Full Example!) - Accounting Basics

This article also explains how posting also happens in subsidiary ledgers and subsequently that information is again posted to the general ledger. Review and Approval mechanisms ensure that the accounting transaction is reasonable, necessary and comply with applicable policies. Understand why we need review and approval processes, what are they and how they are performed in automated general ledger systems.

Learn the benefits of having these mechanisms in place. Learn the concept of prepaid expenses. Understand the accounting treatment for prepaid expenses. Understand the concept by looking at some practical examples and finally learn the adjusting entry for these expenses. Also look at the accounting entries that will be performed in the ERPs or automated systems. In the previous article we gained an understanding of the concept of accounting equation. In this article we will focus on how to analyze and recorded transactional accounting information by applying the rule of credit and debit.

We will also focus on some efficient methods of recording and analyzing transactions. Understand the concept of recurring journals and the characteristics of recurring journals. Learn the various methods that can be used to generate recurring journals. See some examples and explore the generic process to create recurring journals in any automated system. Explore the concept of journal reversals and understand the business scenarios in which users may need to reverse the accounting entries that have been already entered into the system. Understand the common sources of errors resulting in reversal of entries and learn how to correct them.

Discuss the reversal of adjustment entries and the reversal functionalities in ERPs. When you create a reversing journal entry it nullifies the accounting impact of the original entry. Reversing entries make it easier to record subsequent transactions by eliminating the need for certain compound entries.

See an example of reversing journal entry! For any company that has large number of transactions, putting all the details in the general ledger is not feasible. Hence it needs be supported by one or more subsidiary ledgers that provide details for accounts in the general ledger. Understand the concept of subsidiary ledger, control accounts and advantages of using subsidiary ledgers in accounting process. In this article we will help you understand the double entry accounting system and state the accounting equation and define each element of the equation.

Then we will describe and illustrate how business transactions can be recorded in terms of the resulting change in the elements of the accounting equation. In this article we will focus on and understand the accounting process which enables accounting system to provide the necessary information to business stakeholders.

We will deep dive into each of the steps of accounting and will understand how to identify accounting transactions and the process for recording accounting information and transactions. In this article we will do a recap of the double entry accounting systems and will learn what we mean by trial balance. Understand the importance of trial balance and why it is balanced.

Learn how it is prepared, what the format is, how to analyze trial balance and what the benefits of taking a trial balance are.