1. Latest News
  2. Submit Press Release

General Ledger Accounting: An Accounting Cycle

General Ledger often time known as the nominal ledger, is the major accounting record of a business which uses double entry bookkeeping.

PRLog - May 22, 2009 - AHMEDABAD, India -- BSI makes appropriate modifications on journals and unadjusted trial balance to prepare accurate general ledgers. There are many bookkeeping and accounting beneficial features depends on general ledger accounting.

The general ledger is a collected works of the group of accounts that supports the items shown in the major financial statements. It is built up by posting transactions recorded in the sales book, purchases book, cash book and general journals book. The general ledger can be supported by one or more supplementary ledgers that provide details for accounts in the general ledger.

The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records stay as a permanent track of the history of all financial transactions since day one of the life of your company.

Subledgers and the General Ledger

Your accounting system will have a number of secondary ledgers (called subledgers) for items such as cash, accounts receivables and accounts payable. All the entries that are entered to these subledgers will transact through the general ledger account. For example, when a credit sale posted in the account receivable subledger turns into cash due to a payment, the transaction will be posted to the general ledger and the two (cash and accounts receivable) subledgers as well.

Business transactions are to be properly classified into appropriate accounting heads to maintain the prescribed general ledger accounting reconciliation standards and the applicable legal provisions.

If you want to outsource your accounting department to bookkeeping services India or require any assistance in some specific area, our professionals can assist you in various tasks associated with your bookkeeping needs.

For more details on general ledger, you can visit us at www.bookkeepingservicesindia.com.

# # #

Bookkeeping services India support outsourcing bookkeeping services, bookkeeping services online, bookkeeping accounting help, bookkeeping solutions for accounting book keeping business.

--- End ---

Click to Share

Contact Email:
Source:Hi-tech Outsourcing
Location:Ahmedabad - Gujarat - India
Tags:general ledger accounting, general ledger maintenance, financial statements, accounting services, bookkeeping services
Verified Account Email Address

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...

Like PRLog?
Click to Share