Learn how to “Prepare and use QuickBooks General Ledger Basic” . A General Ledger report in QuickBooks Online shows a list of transactions from all accounts for a specific date range. Examples of these accounts include the asset accounts such as Cash, Accounts Receivable, Equity and Undeposited Funds.
Problem: Using QuickBooks ensures that most of your accounting and finance related work gets done without much of the manual work. The features that control these functions are one of the most intricately coded systems.
Their workflow is amazingly easier once the user learns how to go about them. The AskForAccounting help-team is going to help you out in preparing QuickBooks General Ledger. Please follow the guidelines properly for a smooth and safe process.
How to Prepare QuickBooks General Ledger Basic Entry:
Follow the method given below to learn how to make a General Ledger Entry:
🔹 Access the Company menu on your QuickBooks. Select Make General Journal Entries from the drop-down.
🔹 A pop-up calendar will come on the screen when you click on Pick the appropriate date from here.
🔹 Go to the field named Entry No and fill in the value for the Journal Entry.
🔹 The value should not exist already. The entries are numbered in consecutive orders.
🔹 Go to the Drop-down and click You will have to initiate a debit soon, so pick up the account which is suitable for your need.
🔹 Go to the debit column and fill in the value for the transactions. Now, debit should be used for payment and the credit for the indication of deposits.
🔹 Hit the Memo field enter the memo if you have any.
🔹 Go to the next column- Name and pick the Vendor, customer, employee, or the firm’s name. This applies to these two: Accounts Receivable and Accounts Payable.
🔹 Get into a new transaction for the account which is about receiving the transaction’s credit.
🔹 Fill in the same entry for credit as the ones you filled in the previous transaction. Follow on with the processes and fill in all the information you are prompted to.
🔹 Finally, the transactions register gets to the zero balance, hit save & close.
🔹 If the balance is not showing up as Zero, go through the debits and credits and ensure that the value comes down to Zero. One credit and one debit will be required for every transaction that shows the amount that is identical.
🔹 Once you have hit Save & Close, your general ledger is prepared and launched. Check that you are able to make General Ledger.
The Use of QuickBooks General Ledger Basic:
General Ledger is a fast and better utility. It is used in these actions:
- General Ledger can be maintained by the use of Journal Entries which are created by the General Journal comprised of transactions.
- Miscellaneous Entries are possible through General Ledger.
- The accounts that cannot be adjusted using the basic account manager, can be adjusted by using General Ledger.
- Many more similar features.
You could create a general ledger entry if you followed the procedure defined above. This process is the one and only process which enables you to build a Ledger without much hassle and if you want to print general ledger report in QuickBooks also. However, if you need technical assistance in performing the operation, or if you still couldn’t get the hang of it, we recommend you to go get in touch with our AskForAccounting Tech Support Team. They have some amazing QuickBooks experts at their QuickBooks help desk who can help you out with any issue.