A general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses. In modern accounting software or ERP, the general ledger works as a central repository for accounting data transferred from all subledgers or modules like accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization. The collection of all accounts is known as the general ledger. Each account is known as a ledger account. In a manual or non-computerized system this may be a large book.
A Ledger is the actual account head to which you identify a transaction and must be used in all Accounting Vouchers.
Ex: Purchase, payments, sales, receipts, etc, all these accounts heads are ledger accounts.
All Ledgers have to be classified into Groups. Classification of Ledgers to the appropriate groups is very important. These Groups and Ledgers are classified to Profit & Loss or Balance Sheet. The creation and usage of groups in Account-Care has been explained earlier.
- How to Create New Ledger?
- How to Edit Ledger?
- How to Delete Ledger?
How to Create New Ledger?
1. In the Master Information menu, select Ledger.
2. Click Add (+ Button).
3. Select Group.
4. Type Ledger name.
5. Click Save.
6. If the ledger is Account Payables or Account Receivables then fill extra information.
7. Select Extra.
8. Type Address, Phone Number, Email Address and Credit Limit.
9. Click Save.
How to Edit Ledger?
1. Click on the Ledger which you want to edit.
2. Click Edit.
3. Change Group.
4. Type Update Ledger Name.
5. Click Save.
6. Select Extra.
7. Type Update Address, Update Phone Number, Update Email Address and Update Credit Limit.
11. Click Save.
How to Delete Ledger?
1. Click Delete button on the Ledger which you want to Delete.
2. Click Delete.