Prepare QuickBooks General Ledger Basics

A general ledger of any company maintains the record of every transaction made and accounted for, in accounting records. A general ledger is a greater picture of the financial document issued every year, and it holds all the necessary information to prepare statements of assets, liabilities, revenue and expenses and so on.  Hence, it is very much essential for a company to prepare a general ledger entry in QuickBooks.

Here are some of the basics rules to follow when preparing general ledger basics in QuickBooks desktop software.

Why prepare general ledger basics for QuickBooks?

General Ledger in QuickBooks software gives a quick access to identify the transactions made at a given period of time. The best part of the General ledger is that one can have access to it wherever and whenever you want to edit or just view transactions. Unlike the account manager in QuickBooks, the general ledger also allows the users who have access to it to modify transactions or make clarifications on the go.

The basics of a General ledger in QuickBooks consist of:

  • Payroll – the ledger will contain all the information regarding each employee’s compensation, and all that is related to Payroll
  • Accounts Payable – Ledger will have details of daily records of the purchases made by the company and invoices that the company has to pay
  • Accounts Receivable – Sales and other invoices that are pending from the customer’s side will also appear in the ledger

Preparing general ledger, therefore, can help in making the most of the QuickBooks desktop tools. If you want to know more about the uses of the ledger or how to incorporate it in your software, consult a QuickBooks technical expert for assistance.

How to prepare a QuickBooks general ledger?

The general ledger shows a summary of all transactions made in a month. So, to prepare the general ledger basics in QuickBooks software:

  • Open QuickBooks software and click on ‘Make General Journal Entries’ from the Company Menu
  • Now, from the list (window) that opens up, click on Date Field to change it as deemed appropriate
  • Select the ‘ENTRY NO.’ field to key-in the journal entries
  • Now, once you have entered the number of entries to be made, click to enter GENERAL JOURNAL ENTRY details:
  • Click to select the first account in the transaction and choose between accounts receivable or accounts payable as a first General entry in the ledger
  • Key-in the Debit or credit amount, in the appropriate columns, provided, and depending upon which account you have selected
  • Enter the ‘MEMO’ which can specify the transaction in detail. This memo will also appear with the journal entry
  • Now, click to select a Client, Supplier or an employee name against the transaction made
  • Remember that when you click on Expense Account with a customer name, you need to make the amount billable to the customer
  • When prompted, assign a ‘class’ to the amount entered and repeat the above steps to other distribution lines until the zero balance is achieved
  • Select ‘SAVE’ to save and close the journal entry. Now, you can also select ‘SAVE and NEW’ to open a new window.

The whole process is simple and easy to operate. Once you have prepared the entry, you can view it anytime by following the below steps:

  • Log-into the QuickBooks account, and click on ‘Report’ from the menu
  • Select ‘Accounting and Taxes’ from the options provided and
  • Select ‘General Ledger Report’ and Next to run the report

The process is simple and streamlined and when prepared successfully, it is much easier to run anytime, anywhere. For any queries related to preparation, running or issues regarding general ledger report, dial up the Accountsportal helpdesk number ✆+1-800-796-0471 for guidance. Our QuickBooks technical support number is available 24/7 for resolving any issues regarding the Software and its related products.

Last modified: September 7, 2018
Previous PostNext Post

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Now: +1-800-796-0471