General Ledger Financials Definition

The General Ledger is the complete ledger of a business’s financial accounting, including Accounts Payable and Accounts Receivable.

That means it includes both the credit and debit records to make up the trial balance, which accountants and bookkeepers use to “balance the accounts”.

Using the general ledger, a business can record every financial transaction for the life of the company.

These transaction records can be used for taxation, assets, liabilities and other financial statements to report on improvements or losses as a result of business changes.

General Ledger Accounts

Accounts that are used to reconcile a general ledger include Payroll, Inventory, Shipping, Customer Sales and more.

Each account is grouped into a category that best defines it within the business structure.

An account is usually a liability, an asset or an income depending on how it’s used and the direction in which finances flow.

The ledger keeps an account of each credit and debit transaction to provide concise statements based on financial information to balance the business.

General Ledger in Accentis Enterprise

When using the Accentis Enterprise general ledger module, you have access to a full-featured double-entry accounting system based on bookkeeping principles required by today’s modern businesses.

This module is fully-integrated into every other module in the system.

Accentis Enterprise offers an all-open period design, which helps to eliminate end of month roll-over issues found in other accounting software packages.

Accentis seamlessly shares financial data throughout the software as required.

Tightly integrated functionality with real-time management across all modules allows Accentis Enterprise to remove all requirements for sub-ledger posting or periodic reconciliations, giving you a powerful financial reconciliation solution for your business.

Powerful General Ledger Features

Aside from the standard general ledger features used in many accounting solutions, Accentis Enterprise offers features that are not common in business software.

Our general ledger module is just one part of a larger business solution.

Some advantages are:

  • No restrictions on End of Year once finalised
  • Integrated Foreign Currency as standard
  • Drag-and-drop Chart of Accounts
  • Effortless account reconciliation between multiple databases
  • Seamless financial data sharing between modules for accurate business reconciliation and reporting

General Ledger in Accounting

As a small-to-medium business grows, it will require a more in-depth accounting system to manage the general ledger and all other financial commitments.

It’s not uncommon for many small-to-medium businesses or non-profits to use a simple, online, entry-level accounting system, which doesn’t offer all the features a growing business needs, and which sometimes offers costly add-ons.

Entry-level software solutions can sometimes limit the number of accounts available for use in the chart of accounts.

Sometimes, they will only allow so many transactions in a given time period, putting restrictions in place that hold the business back from running properly.

As your business grows from a small business to a medium business, an accountant will likely recommend a software solution they use themselves or with which they are familiar.

This can be detrimental to your business!

Accentis Enterprise is proud to offer accountants and bookkeepers free training so they can grow with businesses whilst up-skilling and improving their own business as a result.

In Conclusion

The general ledger, and financial accounting by extension, is an important aspect in your business and should be treated as such.

Accentis Enterprise is a robust solution for any small-to-medium business that has outgrown their current system and needs a better general ledger reconciliation option.

As a major module in the Accentis Enterprise ERP system, the tightly integrated general ledger solution offers advanced financial accounting for a business that needs a solution to help it grow.

If you’re ready to take your business to the next level, you’re ready for Accentis Enterprise.

What have you got to lose?

If you’re keen to know more, we’re heading to the Accounting Business Expo in Sydney at the end of March.

Drop in and say hello to us on our stand, just like Audrey did. We can have a chat and show you more of what Accentis is all about.

Are you ready to make more money for your business?

Click here to start your journey today!