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The General Fund Enterprise Business System (GFEBS) reduces or eliminates waste, improves accountability, and reduces the cost of business ownership.
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What is a benefit of the GFEBS program for the General Ledger Process?
The General Fund Enterprise Business System (GFEBS) reduces or eliminates waste, improves accountability, and reduces the cost of business ownership.
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
The principal ledger that contains all the balance sheet and income statement accounts is the general ledger?
general ledger
What is the purpose of the general ledger?
what is the purpose of the ledger?
The process of transferring journal entries to a ledger is known as?
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is a general ledger also known as?
A nominal ledger
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
Should general ledger be capitalized if refering to it like General Ledger entries?
In general, "general ledger" should not be capitalized when used in a sentence unless it is part of a title or a heading. Therefore, you would typically write "general ledger entries" in lowercase. However, if you are referring to a specific system or software that uses "General Ledger" as part of its official name, then capitalization would be appropriate in that context.
When to capitalize General Ledger?
"General Ledger" should be capitalized when it refers to a specific accounting system or document, as it is a proper noun in that context. For example, you would write, "The General Ledger for the month of January is complete." However, when using the term generically to describe the concept of a ledger, it can be written in lowercase, such as "We need to update the general ledger."
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
Do subsidiary ledger systems need to be reconciled with the general ledger?
yes
