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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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What is Payroll Accounting & How to automate it?

Nanonets

Looking to automate payroll processes? Implementing the necessary procedures to maintain records and promote accuracy within your payroll function relies on creating an effective payroll accounting system. What is Payroll Accounting? Payroll accounting doesn’t just handle salaries and wages.

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A Comprehensive Guide to Sage 100 ERP in 2024

Nanonets

  Sage 100 Financials functionality lets you detect and identify unrecorded transactions needing follow-up.   With the Sage 100 Purchase Order module related to procurement , your business can track its purchases by line item,  including item number, quantity, unit cost, and extended cost.

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A Clean and Simple Bookkeeping Client Folder Template

Jetpack Workflow

In your client folders, make sure you have dedicated sub-folders where you track the following items so you can easily update the general ledger as you go: Chart of accounts Journal entries Trial balance Bank Statements and Reconciliations Each client folder should also have a dedicated section for bank statements.

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Understanding Encumbrance Accounting: A Comprehensive Guide

Nanonets

Encumbrances, also known as pre-expenditures, are reserved funds for future expenses such as payroll, monthly fees, and taxes. The process of  encumbrance accounting  involves creating encumbrance journal entries after purchase requisitions and purchase orders.

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Business transaction definition

Accounting Tools

This results in the payment of cash to employees and the recognition of expenses for compensation and payroll taxes. Related Course Accountants’ Guidebook Bookkeeping Guidebook Recordation of Business Transactions High-volume business transactions may be recorded in a special journal, such as the purchases journal or sales journal.

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Quality Bookkeeping: Your First Line of Defense Against Fraud

Bookkeeping Express

Quality bookkeeping ensures that appropriate source documents, such as invoices, receipts, purchase orders, or payment vouchers, support all transactions. Sequential numbering : Using sequential numbering for documents such as invoices, checks, and purchase orders helps to maintain a clear audit trail.