General Ledger

Bookkeeping is a critical accounting activity that provides the solid financial foundation on which an organization stands. The correctness and integrity of the financial statements that an organization produces largely depend on the correctness and integrity of its bookkeeping activities. Entry of Journals and review and posting to ledgers are the two core bookkeeping activities. The journals are where all transactions are first recorded on a daily basis. Information from a journal is then posted to the ledgers to update each account. Various accounts in the ledgers are then summarized, tested, and validated, and used for producing financial statements at the end of an accounting period.

This section covers the key accounting skills of recording accounting transactions in a journal and then posting them into subsidiary ledgers and summarizing them to the General Ledger. You'll be guided through examples of appropriate general and special journals entries and you'll learn what we mean by general ledger and subsidiary ledgers with a perspective from automated accounting systems. We will help you understand the fundamentals of an effective automated general ledger system and subsequently explain all the important GL concepts including how to analyze a transaction, record it in the appropriate journal, and then post it to the ledgers.  

This will provide learners with the understanding of the key functional areas of any General Ledger System and will be beneficial to any professional working on a project that includes General Ledger. The intended audience for this tutorial is anybody who wants to understand the overview of GL irrespective of his accounting background.  For IT professionals this overview lesson relates the GL concepts to automated accounting systems. Anyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and general ledger concepts, irrespective of previous experience in accounting can leverage this section. A lot of concepts will be beneficial for finance experts as this section relates these concepts for an effective and efficient automation. Learner will understand the concept of General Ledger and its role in any automated accounting packages including ERP’s like Oracle and SAP.