In this video, we will walk through Accounts, more commonly known as the General Ledger.
Overview
The General Ledger (G/L) serves as the backbone of any financial system, providing a comprehensive record of all financial transactions within an organization. It consolidates data from various accounts, allowing for accurate financial reporting and analysis. Understanding the G/L is crucial for finance and accounting professionals, as it enables them to track financial performance, ensure compliance, and make informed decisions.
Accounts List Tabs
List- The List tab serves as your firm's chart of accounts, providing a centralized view of all firm accounts. From here you can easily add or import accounts, search and filer the list, review key account details and balances, and manage individual accounts.
Settings- The Settings tab is where you map your accounts. This mapping controls how system-generated journal entries post to the general ledger, ensuring transactions flow to the correct accounts automatically.
Once these mappings are set up, they typically should not be changed. Adjusting account mappings can impact how transactions post to the General Ledger and may affect your financial reporting. If changes are ever needed, we strong recommend consulting your CPA or accounting professional first to make sure everything stays accurate and in balance.
History- The History tab provides an audit trail of all changes made within the Accounts page.
View an Account
To access the General Ledger and view accounts, follow these steps:
Navigate to the Accounts page from the left-hand menu.
Stay in the List tab.
Click on the eye icon on the right side of an account to view its details.
This will allow you to see specific information such as account balances, transaction history, and settings.
Navigate through various tabs in the account.
Ledger Tab: Shows a complete history of debits and credits from various account activity across the system.
Transactions Tab: Offers a detailed view of each transaction, showing both debits and credits for a complete picture of account activity.
View a Transaction
To view transactions related to the currently selected account and see both debited and credited account items associated with the transaction:
Navigate to the Accounts page from the left-hand menu.
Stay on the List tab.
Click on the eye icon on the right side of an account to view its details.
Click on the Transactions tab.
Click on the eye icon on the right side of a transaction to open the detailed view with exact amounts being debited and credited to each individual account.
Or click the transaction name link to open the transaction record.
To view all transactions across the firm:
Navigate to the Transactions page from the left-hand menu.
Add an Account
Adding and configuring accounts in the General Ledger is a fundamental task that ensures accurate financial tracking and reporting. Here’s how to effectively manage this process:
Navigate to the Accounts page from the left-hand menu.
Stay in the List tab.
Click the Add Account button.
Enter the account details.
Click Save.
Create a Manual Journal Entry
Journal entires are used to manually move money between accounts. Here’s how to create journal entries:
Navigate to the Journal Entries page from the left-hand menu.
Stay in the List tab.
Click the Add Journal Entry button.
Enter the journal entry details.
Optional: Click Add Journal Entry Line to add journal entry line items.
Click Save.
Create a Recurring Journal Entry
Recurring journal entries are used to automate the posting of regular transactions, such as monthly rent or payroll. The system will automatically post the entry according to the schedule you define. Here’s how to manage these entries:
Navigate to the Journal Entries page from the left-hand menu.
Click on the Recurring tab.
Click the Add Recurring Journal Entry button.
Enter the recurring journal entry details.
Optional: Click Add Journal Entry Line to add journal entry line items.
Click Save.
Edit a Recurring Journal Entry
Editing a recurring journal entry will apply changes to future automated entries only. To edit future recurring entries:
Navigate to the Journal Entries page from the left-hand menu.
Click on the Recurring tab.
Click on the pencil icon to the right side of an entry.
Update the recurring journal entry details.
Click Save.
You can also make changes to a single entry without impacting the rest of the automated entries in the recurring journal entry. To make a one-time edit to a single journal entry generated by a recurring entry:
Navigate to the Journal Entries page from the left-hand menu.
Stay on the List tab.
Click on the pencil icon to the right side of a specific transaction.
Update the journal entry details.
Click Save.
