General Ledger

A General Ledger is the central repository of a company’s financial data, where all the transactions from various accounts are recorded and summarized. It serves as the backbone of any accounting system, providing a comprehensive record of all financial transactions that occur within a business.

How to Download General Ledger Report.

1. Go to the Reports menu and click on General Ledger.
2. The General Ledger Dashboard will open.
3. The Accosis General Ledger dashboard allows you to check specific account reports and filter by specific months using the option at the top right.

Structure of a General Ledger:

A General Ledger is divided into various accounts, each representing a specific aspect of the business. These accounts are typically categorized into:

1. Assets -Resources owned by the company, such as cash, accounts receivable, inventory, and property.
2. Liabilities -Obligations owed by the company, including accounts payable, loans, and other debts.
3. Equity -Owner’s interest in the company, including share capital and retained earnings.
4. Revenue -Income generated from the company’s primary operations, like sales or services rendered.
5. Expenses -Costs incurred to generate revenue, including operating expenses, salaries, and utilities.

Each account in the General Ledger includes:

• Account Name -The name of the account (e.g., Cash, Accounts Receivable).
• Account Number -A unique identifier for the account.
• Debit and Credit Columns -Two columns to record increases and decreases in the account’s balance.
• Transaction Details - Date, description, and amount of each transaction.