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General Ledger (GL): Definition, Significance, Implementation

Nanonets

Welcome to our latest blog post, where we embark on a deep dive into the intricacies of the General Ledger (GL) — the bedrock of any business's financial system. We will start with the basics: What exactly is a General Ledger, and why is it paramount to your business's financial health?

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147 Cloud Accounting Software Apps: The Big List

Future Firm

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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What are GL Codes and how to assign them effectively?

Nanonets

In the world of business, keeping track of money matters is crucial, and that's where General Ledger Codes, or GL Codes, come into play. GL Codes are not just about keeping things neat; they're about making smarter financial decisions, simplifying tax time, and ensuring your business runs smoothly. What are GL Codes?

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Understanding Encumbrance Accounting: A Comprehensive Guide

Nanonets

The process of  encumbrance accounting  involves creating encumbrance journal entries after purchase requisitions and purchase orders. These encumbrances can be tracked manually or automatically through specialized systems like Oracle General Ledger.

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How to automate invoice coding: A practical AP guide

Nanonets

These codes, often called General Ledger (GL) codes, categorize expenses for accounting purposes. Think of it as giving each expense its own 'address' in your financial records. Detailed invoice coding enables accurate budget tracking, easier reporting, faster approvals, and better financial analysis.

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A Simple Accounting Policies and Procedures Template for 2023

Jetpack Workflow

First, explain the core accounting processes of the organization as well as the interactions within its accounting sub-processes. Second, detail the required accounting resources, such as accounting software and the minimum number of employees in the department.

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The Best Staff Accountant Job Description Template

Future Firm

Streamlining Finance Communications : A staff accountant can handle communications for your firm, promptly addressing queries from suppliers, customers, and employees. Assisting with Budgeting and Forecasting : Collaborate with a staff accountant to help with budgeting and forecasting processes. Why Join Us?