General ledger is also known as nominal ledger and it is the most valuable part of the business, In other words, it is a main accounting record of a business which uses a double entry bookkeeping system. It mostly contains accounts for such items as current assets, current liabilities, fixed assets, incomes, expenditures and revenue.
In general sense, it is a collection of groups of different accounts which we can see in the financial statements and which can directly affect to business profits and losses. General ledger is the nucleus of company's financial records.
The general ledger is where all accounting transactions are being processed with double entry system and as per double entry system debits will be on the left side and credits will be on right side. It also contains an additional column which is the grand total column.
There are many bookkeeping and accounting beneficial factors depends on ledger accounting like unique approach, competitive and affordable pricing, quick turn around time and valuable customer services enable the business to successfully position itself at the pick of the industry.
If you have a register for incomes and expenses which you receive and pay, even you can set up a general ledger for yourself. It provides you the perfect guidelines for the balance sheet at the end of the financial year. It is also helpful in calculating the tax returns as and when needed.
Today, in market there are various general ledger accounting soft wares are available and these soft wares are helpful in setting up and manage budgeting process, viewing the charts of accounts and keeping the track report of fixed assets and liabilities.
Businesses are facing some challenges and these challenges are not limited to their own organizations but they are also with the management of organization, with the technology as well as with the market conditions. General ledger accounting software becomes helpful to the finance professionals to face the market challenges.
There are some sample general ledgers available in the market. It depend on us that what we choose for our needs. To get an idea about general ledger accounting, please visit us at http://www.bookkeepingservicesindia.com
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