A general ledger template is “Master Accounting” document may help to recording financial transactions with shorting, storage as well summarize the business’s financial transactions. Actually, it may serve as “Central repository” for accounting data, where all sub-ledgers’ transactions may transfer in this account, such as – Accounts payable and receivable, Cash transactions, assets (fixed), as well as purchasing accounts.
The general ledger may serve the purposes that accounting system appreciate manage their transactions. Usually, the ledger has several purpose is:
- The ledger will be helps the accounting for recording all the financial transactions correctly as well as accurately.
- You can move your transactions to the master account, which is makes easier for auditing and review the financial statement.
- It may be accommodating the require entries “Journal Entry”.
- This is source of financial reporting for each accounting period.
- This may be increase the reliability, uniqueness and timely reporting.
Usually, the outcomes from the general ledger may help to create the business’ financial statement. Practically, most of the transactions are handles individually with sub-ledger, the general ledger may incorporate these transit data with sufficient method. Hence, it is also calls “Master Accounting Document”, where multiple sub-ledger records may easier to maintains.
What to include in general ledger template?
The General Ledger may have interpreted in the last stage of the accounting book of the final entry, that may hold a summary of transaction that has been classified derived from the journals. Whenever you are going to create a specific general ledger template, you have to keep understand the basic that much helpful for creation. The template should have a specifically defined structure which should be acceptable for holding accounting transactions. Typically following types of information you can include in the ledger template:
The account number can be unique, specific and well-designed for managing financial transaction of the business. Typically, every business having its own structure of account number. It may be configuration with some multiple combinations, such as – Some digitals from company code, First words from company name, department code, unique / sequence number etc.
Company Name: Orbit Textiles Ltd.
Transaction for Department: Manufacturing
Sequence numbers: 0XX
You can use the account number such as: OTLMNG012
Practically, the account names can be standards, as usually accounting system are use for transactions. Such as Cash a/c, Petty cash, etc. The account name is actually separate ledger name, which is used in general ledger as sub-ledger.
Herein this section of portion of the ledger, you can put the entry which are debits.
This portion of the ledger may use to enter the values which are require to set as credit.
The transaction number is unique identification number which can be create when any financial transaction is made or enter in the accounting system. Practically, it can be either manual or system generated(Automatic). But automatic transaction number is much reliable due to it will be verify and generate by machine system.
This transaction number is actually much important for the transactions that related, or needs to take reference for any other ledger or even or accounting. This identification number is one of the key that through account team can track and review the transaction.
As you can see in the picture, there are two identical sides – Debit and credit.
In the general ledger, there are actually two sides having a require totals. One is credit side and second id debit side. Either you can also calculate direct method – where ending total deduct from the opening balance – the results will be same.
At the bottom of the general ledger, you have to also describe the ending balance to make the picture clearer. Even the figure of the general ledger should be update regularly. However, the transactions may be record in the journals should be moved to this ledger at specific or regular intervals.
Free General Ledger template excel
- This template may be help you to keep track your all business’s financial records on specific period of time.
- The template is handy and pretty useful for containing all the necessary information related to financial transactions which is needs to posted from sub-ledger to master ledger.
- Layout of this template is much pretty, you can print it without any issue. Even the layout is also professional looks for accounting requirements.
- The design is pre-defined, hence you have to just enter the values, account number, description and done.
- As you can see, the template is much sophisticated style, design is really premium, and still it is simple.
- This ledger may be having a range of functions & features, which enable the business to simply maintain their accounts.
- Practically, the general ledger can manage multiple sub-ledgers and bulk transactions, even it will be managing them in order and evade out the burden of calculations.
Printable General Ledger template
Using this general ledger template, you can manage your financial records without any issue. The template is actually create with Excel sheet. Hence it will be easier for you to modify and calculate the figures. Practically, all the amounts will be automatically calculating with this template, even you have to just enter the values, account numbers and account names.
The general Ledger Accounts & template may include –
- Assets: Accounts Receivable, Inventory, Lands, equipment and machinery, Cash, Investment etc…
- Liability: Accounts Payable, Expenses payable (Accrued), General Payable, Customer deposits etc.
There are actually some multiple reasons that you should use the general ledger with your accounting system.
One of the important reason is – when you expecting to create a financial statement. The general ledger is one of the important input, that may help you to create it.
The second most important – the business should have to pay taxes, the general ledger is a document which may help to manage the figures and details that you can use to pay taxes.
And ultimately last thing is – the ledger is single sheet dashboard where you can see all your financial transactions.
Simple General Ledger template
If you are expecting the bigger picture of your business’ financial statement or status that show existing condition. You can use the general ledger where all the financial transactions be possible to record with single account.
The key concept of this ledger account –
It to moved sub-ledger figures…
To master ledger for getting clear and accurate figures.
Typically, it is double entry accounting same as some other accounts.