Recording transactions in a ledger or general ledger is a day-to-day task for most accountants. Learn how to record these transactions and why the general ledger matters for firms.
- [Instructor] After you get comfortable with the linkages…in the general ledger, you'll want to think carefully…about the information that your firm needs to collect…in its GL.…Excel offers us the ability to categorize things neatly…and to add categories over time.…Let me show you what I'm talking about.…I'm in the 03_02_Begin Excel exercise folder.…Now, we're here on the year-to-date budget summary…and as you can see, the budget summary…links clearly to the other sheets.…
So the actual amount, for example,…is drawn from the monthly expenses summary,…which in turn is drawn from our itemized expenses.…Now, maybe we want to add a new code.…For example, currently our GL codes go from 1,000 to 10,000,…include advertising, office equipment,…all the way down to, as an example,…building codes and transportation.…We've also got two additional codes at the bottom,…charitables and sponsorships related to charity activities…for the firm.…
Maybe we're interested in adding in a new code…that's really a subcategory of advertising.…
- 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.