0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How do you post a refund?
As a credit in your check book. For use in the future as needed.
What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
Copy data from the journal to the ledger?
Post
The posting reference should always be recorded in the journals post reference column before amounts are recorded in the ledger?
I always did the ledger first and then went from ledger to journal.
How do you post a refund?
As a credit in your check book. For use in the future as needed.
What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
Copy data from the journal to the ledger?
Post
What are the multiple ledgers in tally?
Multi Ledger is a group of Ledgers. Tally provides the Multi Ledger option to post it to a different ledger using this Multi ledger concept. It is just a grouping concept.
The posting reference should always be recorded in the journals post reference column before amounts are recorded in the ledger?
I always did the ledger first and then went from ledger to journal.
What will be content of trial balance?
The contents of a trial balance will be your assets, liabilities, and equity accounts and all your ledger (temporary accounts). This is to check for accuracy in your ledger accounts and that your financial statements "balance out'. After you do your "trial balance" you then close your books for the year, closing all temporary accounts which include expenses and revenue (income). Once this is complete you prepare a Post-Closing Trial Balance (post-closing meaning "after closing"). This is to double check that all ledger accounts are closed properly and that your financial statements balance.
What is the contents of trial balance?
The contents of a trial balance will be your assets, liabilities, and equity accounts and all your ledger (temporary accounts). This is to check for accuracy in your ledger accounts and that your financial statements "balance out'. After you do your "trial balance" you then close your books for the year, closing all temporary accounts which include expenses and revenue (income). Once this is complete you prepare a Post-Closing Trial Balance (post-closing meaning "after closing"). This is to double check that all ledger accounts are closed properly and that your financial statements balance.Read more: What_will_be_content_of_trial_balance
What entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
The post reference notation used in the ledger is the account number?
false
What is the procedure of finalisation of accounts?
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year.
A ledger that is summarized in a single general ledger account?
There is no "ledger" that summarizes your ledger.The General Ledger used by companies is a list of all accounts the company has, assets, liabilities, owners equity. A summary of these accounts is created using your "trial balance", "adjusted trial balance" and finally, the "post-closing trial balance".Not only does the trial balance summarize all the accounts in the general ledger, it also insures that the accounts "balance". Once adjustments are made (i.e. payments made, payments received, income earned, prepaid expenses used, etc.) then an adjusted trial balance is created. Now the next step is, if you want to find the amount of Retained Earning for the period (what the company made after all expenses are paid) closing entries are entered into the ledger and a post closing trial balance is created along with the income statement, statement of retained earnings, statement of owners equity and many times the balance sheet.
