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General Ledger Accounting Software General Ledger Accounting Software
Choosing General Ledger Accounting Software can be a Quite a Task. Let Us Help.

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Ledger Accounting System

Choose The Right Ledger Accounting System.

The heart of your business is the ledger accounting system. These are the 'books' of your business. Every transaction from the start of your business to the end, if there is one, will go through the ledger accounting system. There are sub-ledgers too that cover specific items such as cash or accounts receivable. but they will interact and go through the general ledger accounting system. The ledger accounting system is tied to your opening balance and your financial reports.

Your profit and loss statement and your balance sheet are derived from the ledger accounting system and all of your entries. The ledger accounting system should be in perfect order, this will find any errors or discrepancies if the IRS decides to examine you and your business. There must be two entries in the ledger accounting system. A debit on the left side and a credit on the right side. This is called double entry bookkeeping system. The double entry will assist you in finding errors, because for every debit there should be a credit entry. Here is an example. You purchase an item for $100, e.g. office supplies. On the left side you spent $100 and this is recorded on the left hand column of the edger accounting system you have implemented. On the right side, the credit side, you own $100 worth of office supplies.

They balance as they always should. Before the double entry ledger accounting system only one entry was made. This made it difficult to discover the error. When you are supposed to have two entries and you see there is only one entry for an item, you have now discovered an error. A ledger accounting system is not glamorous but without an accurate one, you will not know how your business is doing, therefore, you will not be in business long.

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