The General Ledger - The Holy Grail:
This report is the primary report you must learn and review on a weekly basis. It is the Holy Grail of mastering your company’s finances. This is a very easy report to learn and understand. The General Ledger is simply a list of every transaction in your company by account and date. Any accounting software will generate this report. It is the report your accountant would review to determine if all of your accounting transactions are recorded accurately.
Reviewing this report doesn't take much time. For most small companies this will only take you about 10 minutes a week to review. If you take the time to do this weekly exercise, you will know everything that is going on in your business.
The report starts with your cash accounts and follows your chart of accounts order. It simply lists all the debits and credits in an account by chronological order and then seamlessly moves to the next account. Software like QuickBooks will allow you to click on a particular transaction and bring it back to the original transaction so you can see all of the detail of that transaction.
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