Blog Banner

A Comprehensive Guide on General ledger quickbooks

What could be more helpful when you have different features in a finance account software? The QuickBooks have different features in it which can make our financing chaos easy. One of the best features of QuickBooks is – General ledger quickbooks, which can help users easily maintain their general ledger transactions. This will allow you to maintain your company’s financial costs, sum expenses, calculate income and, most importantly, provide updated information.

If you want to know more about QuickBooks’s general ledger, then congrats! You enter the right article. Here, we will go a deep dive into every single detail and provide you with complete information so that you can run QuickBooks smoothly.

What is a General Ledger in QuickBooks?

The General Ledger in QuickBooks provides the user with a detailed report of all their transactions, including Credit and Debit accounts. This feature will manage your company’s financial data and provide you with the services of a full-time account. QuickBooks general ledger enables you to understand the outcomes of all the transactions regarding a particular account, which is why it is always referred to as the principal Book of Accounting System.

What is the Meaning of Quickbooks General Ledger Report?

QuickBooks General Ledger Report is a complete summary of all the financial activities your business has done in a specific period of time. Provide a detailed breakdown of all the transactions, including the incoming and outgoing funds. The best part of the General Ledger Report is it is organized by the account type and not just by the date. Here, you can also get a detailed explanation of all the transactions. Follow the listed below steps to make the general ledger entries in QuickBooks.

How to Generate General Ledger in Quickbooks?

You can generate ledger entries in QuickBooks by following the simple steps mentioned below:

  • Firstly, log in to QuickBooks and go to the “Menu” tab.
  • Hit on the “Company” and choose the “Make General Journal Entries” option.
  • Click on the “Date” field and enter the specific “Ledger Entry” date.
  • Now, select the “Entry No.” field and enter the value for the entry. You have to enter only one entry, and after that, all the left will be numbered automatically.
  • Choose the account you want to debit and select it.
  • Then, in the debit column, provide the debit value of the transaction.
  • Select the “Meno” field, and if you want a message with the entry, then type it here.
  • Enter the details, including customer, vendor and name of the transactional entry.
  • Follow the same steps for the credit to indicate the deposit by entering a new transaction. Fill in the same account details which you mentioned in the debit column.
  • Wait until the transaction register reaches zero, then click the “Save and Close” option. In case it doesn’t show zero, check your credit and debit card details again.

Where Can I See My General Ledger Report on the QuickBooks Desktop?

After opening the General Ledger Report QuickBooks, follow the steps to understand how you can run the report on your desktop:

  • First, log in to QuickBooks and go to the “Menu”.
  • Hit the Reports option on the left side of your screen.
  • Select the “All” option.
  • Now, go to the bottom section of your screen and click on “For My Accountant”.
  • Choose the “General Ledger” option, select the transaction date range you want to see, and select on a “Cash or Accrual” basis.
  • Lastly, hit the “Run Report” option to open it.

Following these simple steps, you can easily run the general ledger report in QuickBooks anytime.

New Account for QuickBooks Online General Ledger Entries

If you want to make a new account of general ledger quickbooks, then do follow the listed mentioned easy steps and enjoy the seamless accounting procedure:

  • Firstly, Log in to QuickBooks Online and then click on the “Accounting” tab.
  • Now, select “Chart of Account” and hit the “New” option.
  • In the drop-down section, click on the “Account” type and select it.
  • Repeat the same process and, select the “Detail Type” and then enter the Beginning Balance.
  • Lastly, enter the “Save & Close” option.

You may Read Also :-QuickBooks component repair tool

How to Print General Ledger QuickBooks – Four Easy Steps

Listed below are the four easy steps to print down the general ledger in QuickBooks:

  • Login to QuickBooks and Hit on the Print Reports.
  • Then, select the “Transaction Reports” option. Click on the “General Ledger”.
  • Now, type the month and year and leave all the other fields blank.
  • Lastly, review it and select the “Print or Begin Printing” option.

What are the Different Types of General Ledger Accounts?

The general ledger report QuickBooks is basically divided into five categories. Continue reading and understand the brief about these account types.

Asset Accounts:- The resources which your business entity has made up its assets. These resources are able to generate cash flows. This includes all the economic value which may be converted for cash or cash equivalents. There are two categories: current assets and fixed assets.

Liabilities Account:– Those accounts that are owed to individuals and outsiders are your liabilities. All of these are the financial obligations you must carry out, including the borrowed funds you have not yet been paid for. On the right side, you may find the liabilities balance sheet. Furthermore, it is also divided into two categories: current and noncurrent.

Shareholders’ Equity:- The excess of the company asserts over the liabilities is called stockholders equity. Basically, they are the assets still present after all the liabilities and debts have been settled. It also includes the treasury stock and share capital retained earnings.

Operating Income Accounts:- This is the money you make from your core business operations. This data will help you to understand how much income you can generate the income from your primary business activity. This category includes sales revenue, commissions, money from fees and all other types of income. This income varies on the types of accounts your business runs.

Operating Expense Accounts:- For operating the day-to-day activity, your account business needs to invest in expenses which are necessary, including rent, insurance, payroll and other such things. This data will help you to estimate the money you need to run your business.

Non-Operating or Other Income Accounts:– This includes the one-time income or costs you have earned or incurred. This does not relate to your core business activity or your business operations. Such as interest charges, internet earnings, gain on asset sales or more.

You may Read Also :-QuickBooks Migration Tool

What are the Advantages of General Ledger Report in QuickBooks?

A general ledger in QuickBooks provides various accounting advantages in numerous ways. Listed below, we compiled the most useful benefits. Let’s take a look:

Easy way to file taxes:- Through the general ledger accounts, you can record all the details of that transaction your company does over the period of time, such as the tax information, customer details, invoice number, the item you sold, date of the sale and more. This includes both earnings and expenses. A general ledger in QuickBooks helps you provide detailed information about your tax to prepare earlier.

Identify the Unusual Transaction:- Various transactions take place during an accounting period. If you do not categorize the transaction in General Ledger, the situation becomes difficult for you to locate the unwanted transactions. And this will become a concern, especially for the business entities.

Provides Your Company’s Financial Status:- Here, you can create a trial balance on a General Ledger Account, where you create a statement of the final account. In this category, you will find the balance sheet and income statement, which provide you with a detailed understanding of the company’s profitability and overall financial status. Basically, it will provide you with a clear picture of your company status, how much profit you earn, and what resources are required.

Easy to Audit:- The general ledger in QuickBooks acts as a financial recorder under the various accounts heads. With this, you can easily spot material misstatements with regard to various accounts. Everything becomes simple and easy when you create a general ledger in QuickBooks.

Seamlessly Prepare Financial Statement:- You can easily create financial statements like the balance sheet, trading and P&L. The income statement and the balance sheet are the two statements. If you do not prepare a general ledger in QuickBooks, it will become difficult for you to prepare such financial statements.

Conclusion

This guide will help you to understand the concept of general ledger QuickBooks, how you can run this on your desktop, its benefits and different types and more. If you have any queries, do not hesitate to contact QuickBooks Support Number, where the QuickBooks experts will provide detailed information and make your account process smooth and easy.

You may Read Also :-QuickBooks enterprise support

Benjamin James
Benjamin James

I am Benjamin james, a technical content writer with over 13 years of experience in the domain. My passion for technology and writing has helped me become an expert in software tools. Through my extensive knowledge and expertise, I am working to help the world leverage the power of technology.

Leave a Reply

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