General Ledger Maintenance

Contents

Accounting For Paid In Advance Cash

Getting the advance cash/payment from a client requires a lot of careful attention while accounting for it. This has to be done according to the entries done in the company’s accounting records. The major thing to consider here is also the payment mode and then recording the posts to the general ledger. So that, once the product is received, the payment can be accounted for easily.

Assets Purchasing

Assets purchasing, asset disposal, and journal entries- The purchasing and disposal of assets requires the mental stability as when you purchase a product, the entry has to be done in the company books and at the time of disposal also the elimination of the product from the balance sheet has to be made at that time only.

Inventory Records

Inventory records are as important as any other record in the books of the company, inventory system lets you keeping track and make sure the inventory records are updated completely. Inventory systems are of two types which can be chosen for your organization. These are termed as the Periodic inventory system and perpetual inventory system.

Payroll Related General Entries

These entries are basically payroll expenses, whose journal entry has to be made in the payroll general ledger of the company. Because these amounts have been paid, they are counted in the expense account. Anything related to payroll expense during the accounting period of the company will be added to payroll related general entry.

Record Of Loans

Any loan taken to fulfill the requirements of the business has to be added to books of the company and any lease given also be posted in the general maintenance to maintain the profit and loss of an organization.

Reviewing Ledger

Reconciling the ledger accounts means checking the accuracy of the monthly balance sheet of the company that the account balance of the company is correct. This is done to report the correct amount in the ledger maintenance of the company, Cash in Checking.