Learn how general ledger strings work and how to add new general ledger codes to make accounting and bookkeeping easier. This can help with variance analysis and other common accounting tasks.
- [Narrator] Chart of accounts is a list…of all the accounts in a general ledger.…Each one is identified by a reference number.…The purpose is to organize the finances…of that entity by segregating asserts versus liabilities,…revenue and expenses, really just to give…interested parties a better understanding…of the financial health of the institution.…A strong chart of accounts lets us go through…and analyze information systematically,…so that we see where the organization is efficient,…and where it's perhaps inefficient.…
All of this relates to a concept that we call…general ledger strengths.…I'm in the zero three zero three Begin Excel exercise file.…Now, we've got our basic general ledger here,…and it shows different GL entries.…For example, this consolidated mailings entry…for a mailer, a purchase of a couple computers,…office equipment, we had a workplace injury,…it's advertising design, et cetera.…
But in addition to the entries you see here,…we'd want to be able to go through and categorize…each of these individual transactions with…
- List the most common tasks and approaches faced by accountants in their daily lives.
- Determine whether transactions can be exported from Quickbooks to Excel or not.
- Outline the structure that the SUMIF function uses.
- Explain how to measure EBITDA.
- Identify at what level the General Ledger tracks expenses.
- Break down how to construct a business valuation using a cash flow analysis.