General Ledger

What is General Ledger in Akaunting?

In Akaunting, the general ledger serves as a primary record that contains a summary of your business’s financial transactions, organized into various accounts.

Each account in the general ledger represents a specific type of transaction, such as revenue, expenses, assets, liabilities, equity, and so on.

The general ledger provides a complete and detailed history of each transaction, including the date, relation (type of transaction), account (debit or credit), and amount of the transaction.

It is an essential tool for managing the financial health of your business, as it provides the basis for preparing financial statements, such as balance sheets, income statements, and cash flow statements.

The general ledger is also used for auditing purposes, as it provides a detailed record of all financial transactions that can be used to verify the accuracy of financial statements.

General Ledger (GL) is the central accounting record containing all your company’s financial transactions. The General Ledger report summarizes all financial transactions during a specific period, usually months or years.

General Ledger on Akaunting typically includes the following sections: Accounts Receivable, Accounts Payable, General Expenses, Sales, Cash, etc.

To access General Ledger, you need to install or purchase the Double-Entry app. After installation,

• Go to Reports on the Navigation Menu.
• On the Reports page, go to the Accounting section.
• Click General Ledger.
• On the General Ledger report page, you can use the filters to set the following:
  • Basis: Accrual or Cash
  • Chart of Account
  • Contact
  • Report date: Pick a specific period for your report.
• After entering your preferred filters, hit the Enter Key on your keyboard to refresh and view an updated report.

You can schedule general ledger reports with the Schedule reports app.