Even though using bookkeeping software will help with the daily use of accounting functions for a small business, it’s still important to have an understanding of the basic functions of accounting. Before understanding the relationships between general ledgers and the financial statements, it’s important to understand the functions of debits and credits. Understanding how debits and credits work is the first step into grasping the fundamentals of bookkeeping.

Accounting 101 – What is a General Ledger Account?

The general ledgers are an accumulation of all the company’s financial transaction totals. There are five basic general ledger (GL) categories.

• Accounting For Discontinued Operations

  Accounting for Discontinued Operations. Companies will need to sharpen their pencils soon when calculating income from continuing operations. This line item on the ...

• Xerox Accounting Scandals

• Sec Staff Accounting Bulletin

• Accounting Software Malaysia

  Sage Software Malaysia Home of UBS Accounting, UBS Payroll, UBS Inventory and Billing, Sage EasyPay and Sage Cover

• Top 5 Accounting Firm