General Ledger – Record to Report Process

The ‘Record to Report’ process, also referred to as ‘Account to Report’ or simply as general ledger process, refers to the maintenance of the general ledger right from recording of transactions to preparation of unit trial balances and reporting company’s consolidated financial results.

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.

Here we will help you understand the basic accounting concepts and expose you to the general ledger process of entry of journals, review, posting summarization, reconciliation and finally reporting and closing of an accounting period. This section from TechnoFunc 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. We assure you this is the best place to learn the record to report process!!