A general ledger in QuickBooks Online is a report that includes a list of the transactions from all accounts from a specific date range. Cash Accounts Receivable, Equity, and Undeposited Funds are some common examples of these accounts. While running a general ledger report in the QuickBooks, you can choose from Cash or Accrual basis. You may also filter it by selecting the accounts you want to show in the report. You can harvest the benefits of this feature, regardless of which version of the QuickBooks Online you use. In this post, we will discuss some important aspects of the general ledger report in QuickBooks Online in simple ways.
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General Ledger In QuickBooks: Description
General Ledger in QuickBooks is a record-keeping system that can help you to sort, store, and summarize your company’s financial records. The ledger consists of the description of the transaction arranged in two columns, namely the debit balance column and a credit balance column. At the end of the reporting period (month), the debit and the credit account balance columns should be equal. The trial balance is designed to ensure that the entries made in the system are correct and there are no financial discrepancies. Moreover, the general ledger in QuickBooks has different categories to describe the health of your business in an intelligible manner.
Five Categories Of A QBO General Ledger
General Ledger is divided into five categories to depict the performance of your business. The categories are – Assets, Liabilities, Owner’s Equity, Revenue, and Expenses. Let’s see how tracking these categories of the general ledger in QuickBooks can help you to set up your financial statements:
Assets:
Assets are those resources for a business that has some economic value and are expected to provide a benefit in the future. Assets can be inventory, cash, patents, property, equipment and various others.
Liabilities:
Liabilities are the obligations that a business owe to other businesses or individuals. The various examples of the liabilities may include, debt from the bank, lines of credit, employee payroll, mortgages or leases, etc.
Owner’s Equity:
General ledger in QuickBooks also tracks the owner’s equity that denotes the difference between the value of the assets and the liabilities of the business. If a business has more liabilities as compared to the assets, it means that the business is not profitable at all.
Revenue:
Revenue is the money that a business gets in return for the goods or services. Revenue can be generated via sales, royalties, interests, or any payment that a business receives from its customers. Tracking revenue is important as it determines the pace of the business growth and also helps the businesses to set their future goals.
Expenses:
Expenses is another category in the general ledger in QuickBooks that tracks the sum of the amount paid in return for the goods or services. Rent or utilities are some common examples of business expenses.
How To Generate General Ledger Report In QuickBooks?
To find the general ledger in QuickBooks, and generate the report, follow the below-given steps carefully:
- Select Reports from the left pane and then choose All.
- Move down to the bottom of the screen and then select For My Accountant
- Next, you need to select General Ledger and proceed further
- Select the date range and choose between Cash or Accrual basis
- Select the Run Report option to get the task accomplished
These steps can help you in generating the general ledger report in QuickBooks Enterprise.
Read More: What Is The Process For Writing Off Bad Debt In QuickBooks?
Have Queries Related To QuickBooks General Ledger?
This post is a deliberate attempt to help QB users to get aware of the general ledger detail report. If you have any doubts or queries such as, how to export general ledger in QuickBooks or how to edit general ledger in QuickBooks, give us a call on our helpline number 1.800.579.9430. In a matter of seconds, you will be connected with one of our dedicated experts who will resolve all your queries related to the general ledger in QuickBooks.