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Accounting is the method in which financial information is gathered, processed and summarized into financial statements and reports.
- A journal is a place to record the transactions of a business. Journals are used to record the day-to-day transactions.
- While a journal records transactions as they happen, a ledger groups transactions according to their type, based on the accounts they affect. The general ledger is a collection of all balance sheet, income, and expense accounts used to keep a business's accounting records. At the end of an acocunting period, all journal entries are summarized and transferred to the general ledger accounts. This procedure is called "posting".
- A trial balance is prepared at the end of an accounting period by adding up all the account balances in your general ledger. The sum of the debit balances should equal the sum of the credit balances. If total debits do not equal total credits, you must track down the errors.
- Finally, income/financial statements are generated from the information in your trial balance.
Features & Functionalities
Generating Financial Statement
Journal and Ledger