Here in this article, we will discuss in detail about how we can maintain QuickBooks General Ledger. What we should maintain in it? You can make your bookkeeping easy and have automatically post transactions to your general ledger.
In QuickBooks General Ledger, we can handle any general ledger transactions like: prepare financial expenses, totaling the expenses, calculating the income, keep the data up to date anytime, anywhere. QuickBooks syncs it all immediately on your Phone, Personal Computer and Tablet. So you can run your business from anywhere.
General Ledger Accounting With QuickBooks
A QuickBooks General Ledger is a specific report of all transactions posted to each account and for every transaction, there is a Credit and Debit account so it lists them all up. You may pull up the Trial Balance to see the summary balances for all Accounts’ Debits and Credits.
The QuickBooks accounting software supervises financial data of your company and other tasks that were earlier required to be completed by a full-time accountant. QuickBooks software auto-runs the calculations organizes information by an accountant and alerts you when you attempt to input an inaccurate debit or credit.
The Basics of a General Ledger:
When we do our record keeping by hand, we have separate journals for each task. These are the three main journals:
- Accounts receivable: The daily record of the company’s sales and receipts, and the invoices that clients had not yet paid.
- Accounts payable: The daily record of the company’s purchases and invoices the company still had to pay.
- Payroll: The record of each employee’s compensation, the checks written to pay the employees and the related payroll taxes.
Enter the summary of the monthly activities into the general ledger “the Books”. A master record for the company’s activities. We made journal entries using a double-entry system. If you enter everything correctly, the company’s books would balance. In other words, when you added up the balances in each account, the total would be zero.
General Ledger Reports:
The General Ledger report provides a summary of entire transactions for the current month. The starting summary report shows the totals for each account and also you can view any transaction report or any exceptions. This report is sufficient to check every transaction that occurred during a certain period of time.
How To Prepare QuickBooks Journal Entry?
You can make general journal entries in QuickBooks by following these steps:
- Choose Make General Journal Entries from the QuickBooks Company menu.
- After that, In the Make General Journal Entries window, change the Date field.
- Then enter any number of journal entries in the Entry No. field.
- After that enter the General Journal Entry details.
- Select the very first account in your transaction. If you use accounts receivable or accounts payable account, ensure that the first account in the General Journal transaction entries should be either Account Receivable or Accounts Payable account.
- Enter the debit or credit amount for the account you have selected in the Debit or Credit columns.
- Type a memo which can describe the transaction. That will be displayed on reports including this journal entry.
- Select the Customer, Vendor/Supplier, Employee, or Other name associated with the transaction.
- If you select an Expense account along with a customer, you will have to make the amount billable to the customer.
- Then assign a class to the amount.
- Repeat steps a through e to enter distribution lines until the transaction reaches to zero balance. Make sure that the Debit side column should be equal to the total in the Credit column.
- Click on the Save & Close button to save the journal entry and close the window, or click Save & New to save the journal entry and open a new window.
If you face any problem or have any kind of Query/Question regarding QuickBooks General Ledger. You should call our QuickBooks Support Helpline Number ☎+1-800-796-0471 to get immediate help and support with best service.
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