Have you ever know about QuickBooks general ledger that how to read and prepare it? If your answer is YES then don’t waste your time and simply read this complete guide. Because here in this guide, we explained each and everything about this topic.
One thing which is everyone knows that the QuickBooks general ledger always keeps a record of all your documents. And also complete financial transactions in the business. Therefore, it is also a record of your full past and present financial transactions. With this, it is necessary to understand how QuickBooks general ledger works and operates primarily for small or mid-sized business owners.
How QuickBooks General Ledger Works?
So here we explain some points about how general ledger QuickBooks works. And the points are as follow:-
- First, you have to make entries to your accounting system every day to just check deposits and invoices, etc. And complete transactions about all these entries simply go to the QB general ledger. So when you just write a check to pay rent. So that time the transaction will simply operate two accounts, in general. And first is, it will just credit your business bank account and second is, simultaneously debit your rent expense account.
- QB general ledger uses the double-entry accounting easy method. This is a suggested method for all businesses except if you are just a solopreneur. One important thing is that the single-entry accounting method is correct and best.
Why Everyone Need QuickBooks General Ledger?
- Ensure Books are Correct & Accurate- QuickBooks general ledger is the most useful tool and also is an effective and powerful way to simply view your spending for an exact tracking of your business. With this, QB general ledger also helps you easily detect mistakes that are just made on the data entry.
- Easily & Quickly Track the Complete Financial Expenditures– As we all know that, it is the most important to always keep track of complete financial expenditures on a timely basis. Therefore, the QuickBooks general ledger can always keep you on top of your spending and make sure correct and accurate entries are made.
- Simply Track Company’s Full Transactions- To easily track different company’s complete transactions like paid business expenses with the personal funds, personal deposit funds to your business bank account, the QB general ledger can always help in a great and amazing way.
Some General Ledger QuickBooks Templates
Here we discuss a few QuickBooks general ledger templates that you can use. The templates are as follows:-
- PDF general ledger template which is obtained from ‘double-entry bookkeeping.’
- Excel general ledger template which is obtained from ‘at your small business.’
- Word general ledger template which is obtained from ‘some office templates online.’
- And excel general ledger template which is obtained from ‘excel templates’
So all the above-given templates are quite good and can easily work for your small or mid-sized businesses. However, we always recommend you to just use the excel file template as that allows an easier transition whenever you are simply looking to just upgrade or move to another different software.
How to Easily Read QuickBooks General ledger?
So whether you do your bookkeeping or just get it outsourced from someone, it is most important to be always familiar with the QB general ledger. Furthermore, each and every financial transaction that has an influence on your business is in Quickbooks general ledger in the simple form of a ‘Posted Transaction.’ Thus, it just becomes next to read your general ledger QuickBooks.
- Asset- In these things such as accounts receivable, cash, equipment, etc.
- Liabilities- Loans payable, accounts payable, etc.
- Stockholder Equity- These are the most common stock or employed earnings.
- Operating Revenue- Income that simply comes in sales.
- Operating Expenses- Rent, salaries, and etc.
- Non-Operating Revenue and Gains- Investment income, etc.
- Non-Operating Losses nd Expenses– This has some of the interest expense, etc.
- Liabilities, assets, and stockholder equity accounts can be easily and quickly found on the first page of the balance sheet. And the balance sheet has permanent accounts in it which do not get just closed at the end of the year.
- The rest of the best accounts that are operating expenses, operating revenue, and non-operating gains and revenue, also non-operating loss & expenses accounts are a part of the income statement/profit and loss.
Important things to know: If in case there was no single activity done in any some or one of the accounts which are just mentioned above, so then you might not simply see that account which just reflected while doing the ledger accounting.
In Bottom Line
So that’s all about QuickBooks general ledger. And hopefully, this ultimate and complete guide is giving you the required information about QB general ledger.