General Ledger Creation

Implementation Updated by Implementation

What is General Ledger?

A General Ledger represents the record-keeping system for a company's financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.

Overview

The general ledger holds account information that is needed to prepare the company's financial statements, and transaction data is segregated by type into accounts for assets, liabilities, owners' equity, revenues, and expenses.

Use Case-

Suppose there is a firm “XYZ Ltd”. They are a manufacturing unit and they have to purchase lots of raw material like cloth, yarn and consumables.

With this feature they can different heads of Purchases like Purchase Cloth, Purchase Yarn, Purchase Consumable etc.

 

Steps to be performed to create General Ledger

1.Go to Ledger Folder

2.Go to Masters and Click on General Ledger Creation

3.Add all the details i.e. (i)Short Text (ii)Long Text (iii)Select Ledger Group (iv)Opening Balance (If required) (v) Type debit/credit.

3.1.GST-> i)Tick None/Exempted/Non GST as per nature of Ledger ii)Select HSN/SAC. And click on save.

4.Edit-> User can edit information as required. Just click on edit and select ledger account from dropdown.

5.Import-> User can create bulk ledger account in single click via CSV option. Just download sample file from marked option in below screen shot. The pop up will open and user can tick the option required and click on download to get sample file.

5.1.CSV-> i)The 2nd row is reserved for sample data so, user do not need to fill data in second row and also there is no need to remove that 2nd row as the 2nd row data will not be saved in software. ii)If user is creating new ledger accounts then user will start feeding data from “Column B”.  iii)Fill Ledger name iv) In ledger group please enter 4 digit ledger group id code. User can get it from Ledger group master. v)User can enter opening and HSN/SAC as required.

5.2-> Now come to General ledger creation master and click on import option and the pop up will open. Upload csv file. The data will be saved.

User can edit bulk ledger via csv. Just need to enter General Ledger id in column A. and enter rest of data in other columns.

6.Report->Click on report to see the General Ledger List.

6.1.Here user can see all data for General Ledger. User can download and print the report. User can go back to General ledger creation page to add or edit general ledger.

How did we do?

GL Clearance

Ledger Group

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