General ledger is a primary accounting record of a company which helps to make financial statements. Download General Ledger Template this here. It is a complete record of all financial and accounting transaction of the company. General ledger helps to prepare other financial statements like as, assets and liabilities, owner’s equity, expenses, balance sheet and income statement etc. General ledger should prepare carefully and enter all details accurately such as date, particulars, reference number and amount etc. It is usually used in double entry book keeping strategy where every transaction record twice in both debit and credit column. After that total of debit column will b equals to total of credit column. Usually general ledger is used to prepare financial statements of the organization or company. General ledger also helps the departments to assess the financial situation of the company. Preparing general ledger is very important for small and large scale of business in order to maintain all business affairs effectively. This General Ledger Template will be of much help.
The book in which complete record of all the transaction made during the year is accounted for is known as general ledger. The nature of transactions varies such as it can be on cash or credit. This is the initiative of entries posted in all of the accounts. The details in the general ledger includes the product name, customer name ,voucher number of the receipt given to customer and the remaining balance. The summary of transaction is in the accounts after passing entries in the general ledger. The general ledger includes the starting process of accounts such as equity,stock,asset,liability ,revenue and expense. The general ledger is maintained by an accountant. All the entries posted in accounts is collected from general ledger. The general ledger is prepared in public and private sectors.
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