Verify For Accuracy
General Ledger
What is General Ledger?
General ledger (GL) is a set of numbered accounts of a company for its accounting record. It is also a part of system used by accountants to create the firm’s financial statement. Transactions are posted to the general ledger accounts, and the accountant generates a trial balance, a report listing all the accounts and each account’s balance. The trial balance is adjusted by posting additional entries, and the adjusted trial balance is used to generate the financial statements.
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Benefits of Using GL Verification
This application helps you to identify imbalanced trial balance or variance in creditor/debtor ledger account balance and trial balance.
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How GL Verification Works?
Example 1: On 06/12/2016, system found out that one of the cashbook payment transactions has variance that caused by imbalance debit/ credit balance (no posting record shown in expenses account).
How to fix this issue?
Step 1: Double click on the transaction that got variance and system will come out with a quick entry for user to do double entry posting.
Step 2: Select General Ledger Code (expenses account) and Description based on the original Description stated above.
Step 3: Save the transaction after finish keying in the entry.
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