general ledgers
Primary financial records
General ledgers is the plural of general ledger, the master accounting record that contains all financial transactions of a business or organization.
Every account—assets, liabilities, equity, revenue, expenses—feeds into the general ledger, making it the comprehensive source for financial statements.
The auditors reviewed the company's general ledgers going back five years.
Accounting with paired entries
- journal entriesRecorded personal observations
- postingPublishing content online
- debitsRecorded account reductions
- creditsUnits toward graduation
trial balance · chart of accounts · reconciliation · accruals · fiscal period · bookkeeper · cross-referencing
Proving something accurate
- complianceAdhering to requirements
- internal controlsOrganizational oversight procedures
- assuranceFirm promise or certainty
- due diligencePre-transaction reasonable care
forensic accounting · materiality · risk assessment · attestation · Sarbanes-Oxley · audit trail · supporting documentation · discrepancy
Assets-liabilities-equity report
- income statementPeriodic profit-loss report
- financial statementsFormal records of transactions
- retained earningsProfits kept by company
- equityImpartial treatment or ownership value
liabilities · assets · revenue · expenses · net income · book value · capital · cash flow statement
Outstanding debts to suppliers
- accounts receivableDebts owed to business
- invoicingIssuing payment requests
- billingCharging for services rendered
- expense trackingRecording what you spend
Business accounting application
- SAPBusiness software giant
- OracleProphetic shrine or speaker
- SagePersonal name option
- ERPIntegrated business management software
automation · integration · data entry · export · import · backup · access controls · user permissions
double-entry
Accounting with paired entries
- journal entriesRecorded personal observations
- postingPublishing content online
- debitsRecorded account reductions
credits · trial balance · chart of accounts · reconciliation · accruals · fiscal period · bookkeeper · cross-referencing
verification
Proving something accurate
- complianceAdhering to requirements
- internal controlsOrganizational oversight procedures
- assuranceFirm promise or certainty
due diligence · forensic accounting · materiality · risk assessment · attestation · Sarbanes-Oxley · audit trail · supporting documentation · discrepancy · irregularities
balance sheet
Assets-liabilities-equity report
- income statementPeriodic profit-loss report
- financial statementsFormal records of transactions
- retained earningsProfits kept by company
equity · liabilities · assets · revenue · expenses · net income · book value · capital · cash flow statement · shareholder equity
accounts payable
Outstanding debts to suppliers
- accounts receivableDebts owed to business
- invoicingIssuing payment requests
- billingCharging for services rendered
expense tracking · disbursements · batch processing · vouchers · remittances
QuickBooks
Business accounting application
ERP · automation · integration · data entry · export · import · backup · access controls · user permissions · audit log
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