What is General Ledger Template?
A general ledger template is a record of the income and spending that influence the bottom line of your business. A general ledger template may assist you in recording and monitoring your financial data to verify that your debits and credits are consistent with your budget.
A general ledger template may help you manage debit and credit transactions and compare assets and liabilities, giving you insight into your company’s financial health. A general ledger is a consolidated record that contains all information about your company’s financial position, such as obligations, assets, owner’s equity, costs, and income. Credits and debits must be equal to balance your general ledger.
The general ledger incorporates data from sub-ledgers such as accounts receivable, accounts payable, fixed assets, cash management, and buying to assist you in determining if your company’s assets are adequate to meet operational expenditures or if revenue must be increased to cover expenses.
Some Important Elements for General Ledger
A general ledger template should include the following elements to guarantee that your organization accounts for all of its debts and expenditures:
- Account Name: The account name associated with the line-item credit or debit amount.
- Account Number: The one-of-a-kind account number assigned to the line-item credit or debit figure.
- Debit: The total credits less the entire debits equal the balance.
- Credit: The growth in liability, equity, and income for each transaction line item, as well as the decrease in costs, assets, or dividends.
- Debit: The rise or reduction in assets or liabilities for each transaction line item, also known as a DR.
- Item Date: The date on which the line-item debit or credit figure was recorded in the general ledger.
- Item Specifics: A breakdown of the line-item debit or credit amount.
- Post reference: The location or sub-ledger name where each transaction was logged, is also known as a post reference or journal reference.
- Report Date: The date on which the general ledger was generated or modified.
The File Contains
- YTD BUDGET SUMMARY SHEET
- MONTHLY EXPENSES SUMMARY SHEET
- ITEMIZED EXPENSES SHEET
- CHARITABLE & SPONSORSHIPS SHEET
General Ledger with Budget Comparison Template in Excel (Download.xlsx)