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General ledger accounts are very important for any organizations because these serve as financial summary of an organization.
It is necessary to maintain your accounts ledger because it helps you a lot to make other financial statements. In first step, you have to set up a ledger master file with some columns to note down details of all transactions. It is necessary to identify your total business assets by determining the values of properties of your business such as equipment, supplies and cash in hand etc. In order to calculate total profit of your business, you have to estimate total expenses of your business such as salaries of staff, total rent, marketing expenses and supplies. Liabilities are important part of business therefore you cannot ignore them because after having exact figure of liabilities you can easily calculate profit of your business. Estimate all income sources of your business to get an exact figure as net income of your business. After writing all figures under their particular heads, you can calculate total for each period. You can maintain weekly or monthly ledger according to the volume of your business but do not forget to transfer whole information to the master ledger account to get accurate figure of your assets, liabilities, income and expenses.
Basic purpose of general ledger is to find out current balance of important areas therefore it is necessary to properly maintain accounts ledger. Label one column at the top of the page with four important sections of the ledger such as assets, liabilities, expenses and income.

You have to estimate total value of your business assets to write them on the first row of the assets column. You can discriminate your liabilities into short term and long term categories according to the nature of your business. Well maintained accounts ledger will help you to prepare financial statements of your organization for each fiscal year. The first step of recording transactions is to journalize and second step is to post transactions in ledger. Usually accounts ledger is divided into four basic parts including assets, liabilities, income and expenses.
Take average of periodic expenses including insurance expense or any other monthly expense.
Assets are those supplies, properties and cash items that are owned by the organization while as liabilities include outstanding debt own by the company. Here we will […]Accounts Receivable Report Template Accounts receivable are very important for each and every organization therefore different companies prepare a special schedule to maintain their accounts receivable. Expenses are those costs that are necessary to incurred to complete business operations such as payment of rent, salary of employees, advertisement expense etc.
Accounting jobs are really rewarding jobs because fast-paced atmosphere and great demand of accounts receivable managers make it an ideal position for those who have capability to do this job.
It can be ideal position and […]Trial Balance Sheet Template Trial balance is the complete list of debit and credit balances from ledger accounts that is prepared by the businesses at a given date. Trail balance has two sides such as debit and credit sides that should be equal because equal sides make it sure that your ledger accounts are properly maintained under double entry system.

It is designed with balance sheet and cash flow statement because it helps a lot to get net profit of the whole accounting period.
It summarize income and expenses of the business therefore it is prepared periodically either annually, quarterly or […]Credit Memo Template The phrase credit memo may be new for folks however is a very common and important term in business.
A credit memo or note is a document that is written by a company to its customers in case when the company made some mistake.
The purpose of writing a credit memo is to notify the customers and therefore it should be simple, clear and concise. Each type of organization set its goals whether it is for-profit or non-profit organization. When you earn a regular salary and you have to support a whole of yours, you can’t just buy stuff without knowing if it’s necessary or if you can afford it or not. Time management is very important in this regard when you have to perform a wide list of responsibilities.
In time planner, responsibilities and tasks […]Net Present Value Calculator Template Although every business related person or an accountant knows what a net present value is but a common person can’t, who doesn’t deal with the finance related problems in his company.
If we describe net present value in simple words, it’s the difference between the present cash inflow and outflow.

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