The quick answer is: certainly, there are several accounting templates available in Excel. Using Excel, search for the required term in the “Search All Templates” box and you should be able to locate a basic template that will meet your requirements. If not, you can always create your own custom template.
Profit and loss statement templates, company costs budget templates, budget planner templates, and other templates are all incorporated into Excel by default, for example. In addition to saving time, it will also help you to stay organized throughout the process. Due to our extensive knowledge of which columns belong where we can automatically convert your imported Excel spreadsheets into a neatly labeled and completely customized monday.com board in only a few clicks.
You may then tag and move objects around, assign responsibilities to team members based on the accounting statements you’ve imported, and modify the dashboard view to get a new perspective on the financial data you’ve imported. As a consequence, in a matter of minutes, your accounting management will shift from being sluggish and reactive to being very proactive and proactive.
The Importance of a General Ledger – A Financial Accounting Template System
A range of financial management functions may be performed with the help of the general ledger in the course of your business. When you combine everything into a single bucket, you get something like this. Each transfer of money must be documented with a journal entry, or at least with a single journal entry, in order for it to be included in the financial statements of the firm. An invoice or a canceled check demonstrating payment for a receipt may be accepted as the original document in certain cases.
These are the Top Five Reasons Why the General Ledger of Your Organization is So Important:
Submitting a large amount of financial information about your firm is required as part of the loan application process. It is possible to obtain the information you seek fast and accurately with the help of your general ledger.
When it comes to the books, a general ledger may assist you in achieving a trial balance more quickly. This will assist you in maintaining the integrity of your financial records.
Because all of your financial information is in one place, preparing for an IRS audit will be simple.
Detecting fraud and other issues with your books becomes simpler as a result of the fact that it is easy to read and comprehend the text. When preparing income reports for both external and internal use, administration, and exterior use, or for investment or client use, the general ledger contains all of the information needed to produce the reports.
Comparing and contrasting General Ledger with the General Journal –
When it comes to keeping track of their monetary activities, double-entry bookkeeping organizations rely on the general ledger or ledger accounts. An organization’s journal entry is the initial place a financial transaction is recorded, with the general ledger following closely after. Ensure that all of your accounts are in balance at the end of the period of time you have chosen in order for the accounting information to be correct. It is possible to build your financial statements from the information included in these papers by following the accounting equation.
The general ledger may be set up in a few easy steps, which are as follows:
Step 1: Create Accounts for General Ledger (GL).
As can be seen in the table above, there are five accounts in the general ledger template that must be taken into consideration. It consists of accounts for income and costs, as well as accounting for assets and obligations. There should be a table for each account, similar to the one shown above.
Step 2: To do this, complete the following steps:
From a publication known as the General Journal.
All financial transactions, including their details, must be transferred from the general ledger accounts to the general ledger accounts for them to be properly recorded.
Step 3: Count the number of sales that have occurred.
The general ledger account number of the journal transaction should be included in the “number” field of the journal transaction form. Cross-references are made feasible as a result of this fact.
Step 4: Making a payment using money that you don’t have
The right accounts should be debited or credited in the appropriate amounts.
Step 5: Retaining a feeling of balance
Keep an eye on the account’s debits and credits after you’ve entered all of the transactions to ensure that everything is in balance.
Your company’s financial transactions may be tracked down using the general ledger, which has columns for the name of each transaction, the amount of each transaction, and the current balance. Several accounting software programs are now available that make it simple to change journal entries from one account to another in the general ledger.