QuickBooks Online General Ledger is a report that helps to manage the financial transactions of the organization. Generally, it is a record-keeping system to handle, save, and brief out an organization’s finance-related transactions. However, the ledger report includes a description of a debit balance and a credit balance column. Although both these columns should be equivalent at the end of every month. In this blog, you will also learn it’s advantages, and how to make and print QB Online General Ledger. However, if you need instant technical support, then feel free to contact our highly-qualified QuickBooks Support specialists.
What Are The Categories Of QB Online General Ledger?
There are five basic categories of QB online general ledger such as:
Assets help in gaining the economic value that a business owns. As it will be very useful in the coming future. It consists of money, inventory, property, equipment, trademarks, and patents, etc.
Liabilities are the duties that are in debt to another business or individual. It generally includes employee payroll, bank loan debts, lines of credit, and mortgages or leases, etc.
3. Holders’ equity
Equity is the difference between the assets and the liabilities of the business. However, it is not a good sign for the business. The business with more liabilities than assets results in negative equity. It is a sign of unprofitability. Equity contains common stock or stock options for the stockholders.
Typically, revenue is the income of a business resulting from the sale of a product or service. It contains sales, interest, royalties, or fees collected from its client.
Generally, expenses are calculated as a cost of doing business paid in exchange for a good or service. Examples of expenses are rent and utilities. The general ledger front-page depicts the Chart of Accounts. The documentation of one account within the general ledger is called an account ledger.
What Are Its Templates Types?
There are four types of QB general ledger templates such as:
- Double-Entry Bookkeeping- PDF widespread Ledger Template comes from it.
- Office Template Online- Word fashionable Ledger Template comes from it.
- At your Business- Excel popular Ledger Template comes from it.
- Excel Templates- Excel popular Ledger Template comes from it.
Why It Is Helpful?
Although, the QB online general ledger handles the financial condition of your business. Here is a list of some advantages of a general ledger report in QB Online like:
1. Promote Accuracy
QB General ledger assists you in tracking the financial status of your organization. It also helps you in promoting the accuracy of the bookkeeping software. These reports help you in verifying the updated data.
2. Monitor Expenses
Always monitor your financial expenses on a weekly or monthly basis. The QB Online General Ledger ensures that all the needed entries are updated. Hence you can verify that the entries are made into their specific accounts and not into any other accounts.
3. Evaluate Organization Transactions
The transaction for personal deposit funds can be evaluated by the QB Online General Ledger. However, it also provides an easy interface to differentiate between personal and other funds.
How Do I Find It?
Hence, if you want to see where the QB online general ledger is located then you have to follow these steps such as:
- First of all, click on Reports >> Select All >> For my accountant.
- Choose the General Ledger option >> Date Range.
- Then you have to select between Cash or Accrual basis.
- Click on Run Report to make the report.
How To Create A QuickBooks Online General Ledger?
If you want to make general ledger then you have to apply these steps such as:
- Firstly, go to the Accounting tab and then click on the Chart of Account.
- Then click on New option.
- Select the Account Type, Detail Type, and type a starting balance.
- Once it is completed, then click on Save.
- And after that close it.
How To Print QuickBooks Online General Ledger?
A Ledger can be printed in two ways. That is on a monthly basis and on a year-to-date basis. It can be followed as:
1. Print on a monthly basis
- First of all, visit Print Reports >>Transaction Reports >> General Ledger.
- Type the month and year in the transaction field.
- Ignore the account range fields blank to print the entire General Ledger.
- To print for an account range, then type the starting and finishing account numbers.
- The report will include the transaction entered within a particular month.
- Click on the Print option.
- Then Print to Printer.
2. Print on a year-to-date basis
- Firstly, navigate to Print Reports >> Transaction Reports >> Cumulative General Ledger.
- Now type a starting and ending date.
- To start printing, click on Print.
- You can also Preview on the device or Print to Printer.
In The End
At last, we can say that QuickBooks Online General Ledger is a record-keeping system used to manage, store, and brief out the organization’s financial transactions. By following the above steps, you can easily search, make, and print the QB online general ledger reports. For any queries, dial our QuickBooks Payroll Phone Number.