Knowledge Bytes Day6

General Ledger

This module is one of the important area for any business organization..

What you can do with this module-
Journals
Budgets
balance inquiry
Prepare financial statements (Balance sheet, pl statement, cash flow analysis)

Core setups and definitions-
Currencies
Calendar
Chart of accounts
Conventions

4C's- Ledger

Ledger is associated to a legal entity

Ex- let's take a company going to start a business in india per central government regulations

ledger setup will be-

Currency- INR

Calendar- Apr20 to Mar21 (called as fiscal year for accounting)

Chart of accounts - design will be based on enterprise needs.. based on number of operating units, products and services they are into.. and management reporting needs..

Conventions- accrual/cash basis

journals, budgets, account balance inquiries are the important functional areas for business

Journals- records total dr and cr entries from sub ledger

budgets- you can prepare with respect to operating units or at ledger level and set natural accounts to it.. say cash revenue or cost budgets

Encumbrances.. avoid overspending than limits set it to..

Balance inquires - number crunch..

Depends on type of accounts you inquire.. common balance indicators based on account types..

Say.,

Revenue- credit balance
Receivables- debit balance
Liabilities- credit balance
Equities- credit balance
Assets -debit balance
Expenses- debit balances

balance sheet formula
Assets = Liabilities + Equities

many more- content is going big..
Limiting today to this much..

World is big to sail.. 

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