How to Use QuickBooks General Ledger To Your Advantage

QuickBooks General Ledger

Want a directory of your accounting transactions? Want to know how to enter journal entries in QuickBooks desktop? Where to maintain all records? If you are running a business then you might have these questions in your mind. If yes then this blog will be beneficial to you.

In Business, everyone wants to record their accounting transaction in one place. QuickBooks offers a tool for auditing called QuickBooks General Ledger. In this article, we will learn how to create statements in QuickBooks, and where is a general ledger in QuickBooks. Let’s start with the Introduction.

What is QuickBooks General Ledger? 

Quickbooks invoice helps in maintaining the record of your accounts which demonstrates each transaction. Recording transactions helps to generate the financial statements of stockholders and controllers. QuickBooks’ general ledger helps enterprises to help in command money flow. It also records equity, common stock, profit and loss, assets, and liabilities. General Ledger in QuickBooks uses a double-entry accounting method which helps in balance sheet quickbooks. Invoicing on QuickBooks is also known as the Principle book of the accounting business.

 How to create General Ledger in QuickBooks desktop?

Creating Quickbooks Ledger is a simple task, you need to follow the simple steps. Read the below steps:

  • Open the Quickbooks accounts and navigate towards the Menu.
  • From the Company menu click on the Make General Journal Entries.
  • Fill in the date field for ledger entry.
  • In the Entry No field, type any journal entry number.
  • After Completing the entries, select the first account from which you want to debit.
  • Enter the proportion in the debit or credit columns.
  • Select the memo field and write a message you want to attach to the general ledger report in QuickBooks.
  • Fill in the remaining information like customer, Employee, and vendor name.
  • Use the credit to indicate a deposit to make a new transaction. Credit and debit information should be the same.
  • Make sure the debit column is equal to the total in the credit column.
  • Once the transaction reaches zero then press the save and close button. 

(Note: If the transaction does not reach zero then recheck the details.) 

How to Run a General Ledger Report in QuickBooks Desktop?

Gl Report Quickbooks prepares an outline of all transactions of the current month. You will run the report by following the given steps.

  • Search Report from the left side panel and opt for All.
  • Scroll down and press the Find My Accountant.
  • Click the General Ledger which is present in the middle of the balance sheet and journal.
  • Choose the Date range and select the transaction mode (cash or accrual).
  • Select the run report and create a QuickBooks ledger.

How to Print General Ledger in QuickBooks?

Follow the simple steps which are mentioned below to print a QuickBooks journal.

  • Open the Quickbooks Account. 
  • Click on the Print Report, select the Transaction Report, and choose General Ledger.
  • Fill in the details in the given section of month and year. Leave the other sections blank.
  • Check the preview press the button print and then start printing.

Classification of Quickbooks Accounting 

Quickbooks General Ledger Entry are of three types. Read further:

Sales Ledger and Debtors Ledger:

The indicated tool helps you maintain the Records of every transaction between the user and the debtor. Debtors are the entities to which you are sold your products. It tracks the sales return. The sales Ledger includes:

  • Date of Sale
  • Amount of goods
  • Variety of Goods
  • Customer Name

Creditor Ledger and Purchase Ledger:

The Purchase Ledger records all transactions that are related to purchases. A Purchase Ledger or a Creditors Ledger displays the amount you pay to your suppliers. In this way, you have a list of your products which helps for your future stock. This tool helps in knowing how much money needs to be paid to creditors. It also helps in knowing the details like:

  • List of Supplier
  • Amount and variety of goods
  • Purchases that include money

General Ledger 

A General Ledger is a Ledger that contains all the logs other than the Sales ledger and purchase Ledger. To maintain the record you need to prepare a sub-category of ledgers that provides the details for preparing a single ledger that is known as General Ledger. General Ledger includes:

  • Liabilities
  • Assets
  • Equity
  • Revenue
  • Expense and Loss

Benefits of General Ledger Report QuickBooks Desktop

Quickbooks ledger is not limited to tracking the finances. This tool is useful in many ways. Here are some mentioned below:

Preparation Of Financial Statement

Users cannot make the account list like balance sheet and trading without a general ledger. Because the detailed information in the general ledger software will help you in making the trial balance.

Final Position of Specific Accounts

You can record the transaction under a separate account in companies gl report QuickBooks. You can close whenever the need is end.

Easy Audit

General Ledger reconciliation offers a tool for internal audit or users can audit their accounts with the help of a professional. This makes auditing smooth.

Easy Tax Filling

The Revenue and Expenses of the accounts give you accurate details of your expenses so you don’t need any invoices, or any bank statement to fill the tax.

Summary of General Ledger Accounts in QuickBooks

In the end, we conclude that to maintain the tally of your finances Quickbooks General Ledger is a foremost tool. QuickBooks gl detail report helps you in maintaining the tally report. Quickbooks reports will become beneficial for any small and medium enterprise. For further information, you can visit the website or you may call the number that is mentioned on the website. Their experts will guide you.

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