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Accounting is classified by underlying business processes, called “accounting cycles”. These processes include revenue and receipts, purchases and payments, payroll, fixed assets, financing, and general ledger....
On my previous post [How to set-up General Ledger and Opening Entries], you have just seen how easy it is to add an account to the...
General Ledger is the basic structure of the accounting system. It is the place where accounts can be examined and adjusted. At the end of each...
Closing of the accounting books refers to a process that starts with posting entries to the general ledger and results in a post-closing trial balance. The...
Further simplification of the general ledger is brought about by the use of subsidiary ledgers. In particular, for those businesses that sell goods on credit and...