View your company’s complete history of financial transactions in one spot -the General Ledger. The General Ledger (GL), or what you may think of as your business’s master list, hosts all debit and credit entries making it a go-to reference for reporting and a reference for detailed history including transactions and journal entries.
For example Jane Smith, from Lyons Den, needs to create department budget sheets. The Executive Team requested a prediction model for Office Meals for 2018’s fourth quarter.
1. Access the General Ledger
From the left-hand navigation, select Tools and click General Ledger from the dropdown.
The GL can be accessed by the Master User, Admins, and Team Members with “Finance (Dashboard, Transactions, Analytics, Financial Accounts)” access checked on their permission settings. Team Member settings may be checked here.
Tip: Duplicate the General Ledger tab to toggle if multiple filtered views are needed.
2. General Ledger Layout
Once the transaction is listed, the general ledger populates a series of columns that outline the debit or credit entry. Select Detailed from the top navigation to show all GL columns.
- JE Number: References the linked transaction to a credit or debited amount.
- Type: The method that the transaction took place ie: bill, invoice, custom.
- Date: Specifies the Invoice or Bill date.
- Description: The message created on the invoice or bill.
- Account: The category the transaction is reconciled in.
- Debit Amount: An entry of amount owed. This is listed on the left-hand column.
- Credit Amount: An entry of a sum received. This is listed on the right-hand column.
3. Filter Options
Use the upper navigation of the General Ledger section to filter in on specific accounts, dimensions, types, or even specific date ranges. Select Update to populate.
In this case, Jane will navigate to the Account drop down deselect All and select Office Meals in the Account dropdown. Then they will select Custom from Date Range and enter 2017’s fourth quarter. They created a second tab and did the same thing for 2016’s fourth quarter.
4. Export Options
Export General Ledgers, or filtered versions, by selecting Export in the upper right hand corner.
You can export the GL the following ways:
- CSV: Detailed Journal Entry.
- Trial Balance: Simple export. It shows a summary of Accounts and their respective Debit or Credit amounts.
- Trial Balance (Tax Format): Credit and debits are merged and there's added columns for Account Number and Tax Return Line from Chart of Accounts.
- GL: Export includes JE Number, Date, Type, Description, Details, Line Description, Account, Debit Amount, Credit Amount, and Balance on Excel file.
- Custom JE: A type of Journal Entry that is manually created by the user.
Jane is now able to present an Office Meal budget for this year’s fourth quarter to the Lyons Den team.