In this blog we will discuss types of general ledger . And how to create general Ledger in precisetotal . General Ledger is a book in accounting which records all your financial transactions of that particular company . In Simple Words it keep tracks of all financial transaction of that company .In the simplest terms a general ledger is a complete record of all the financial transactions of your company throughout its life. The general ledger holds all of the information needed to prepare financial statements and includes assets, liabilities, equity, revenue and expenses. Ledger Provides you balance of that company at any time when you wanted . Before arrivals of software people used to spent hours in tally company accounts .
General Can have Many types of account . It can be ASSETS , LIABILITIES , INCOME , EXPENSES , CUSTOMER , SUPPLIER , BANK etc . You can create custom account group also in precisetotal
Now we will see how to create ledger in online accounting software precisetotal . It is free of cost cloud accounting software . Kindly first sign up for free to see how its work . for sign up you can go to this site . For Creating New Ledger Account you need to go first to create account . Then Select accounts name first then fill form to create general Ledger .
Lets say we want to create two ledger one for Customer Account name as xyz Customer Company and One for Supplier Account Name as xyz Supplier company
Steps 1: Go to Create Account Select Customer . Then type xyz Customer Company in Account name Section . Then Click on Save . You can edit Saved Account by clicking on search button it will open customer list . Just Select one customer then after selecting it .Update button is enabled you can now edit your account details
Step 2: Like above steps you can create supplier . Just Select Supplier from Account Name . Then Save to Saved Account