Bookkeeping services – General ledger bookkeeping
This page includes information about bookkeeping services related to general ledger. General ledger is the main book (collection of entries) where are stored all data about business transactions. It is summary of accounts (such as cash, sales, purchases).
In manual bookkeeping general ledger is so called T account. Debit column on the left and credit column on the right. In such form all accounts are collected. Usually general ledger includes beginning and ending balance, then for each transaction: date, amount, debit and credit account, description, reference to source document and other necessary data.
Records (data) in general ledger can be used for several purposes, for example to prepare trial balance, to analyze business. To get correct results, data in general ledger and other books must be recorded accurately and with responsibility. All discrepancies must be examined and corrected immediately. It is because if not corrected immediately, first error (discrepancy) may result next. And number of errors may grow to such amount that it will take very long time to find and correct. So it is very important to properly maintain general ledger.
Our Accounting Team during many years doing bookkeeping work has developed optimal method of general ledger maintenance.
General ledger maintenance services include:
- Recording of business transactions, classifying the transactions according to legislation, accounting standards and business needs;
- Maintenance of prepayments and accruals;
- Entering purchase, depreciation and disposal of fixed assets;
- Recording of payroll related transactions (including calculated and paid payroll, calculated and paid taxes);
- Ensuring correct accurate and completed entries (reviewing accounts of general ledger with aim to find and correct possible errors);
- Preparation of information necessary for business management;
- Preparation of financial reports, and analysis of recorded data;
- Reviewing and reporting of monthly income and expenses;
- Reconciliation of accounts;
- Closing of accounts and preparation of trial balance;
- In case of necessity explanation of positions of accounts;
- Ensuring keeping of all data and providing of copies in case of necessity.