GL Verification

What is General Ledger?

General ledger (GL) is a set of numbered accounts of a company for its accounting record. It is also a part of system used by accountants to create the firm’s financial statement. Transactions are posted to the general ledger accounts, and the accountant generates a trial balance, a report listing all the accounts and each account’s balance. The trial balance is adjusted by posting additional entries, and the adjusted trial balance is used to generate the financial statements.

Benefits of Using GL Verification

This application helps you to identify imbalanced trial balance or variance in creditor/debtor ledger account balance and trial balance.

How GL Verification Works?

Example 1: On 06/12/2016, system found out that one of the cashbook payment transactions has variance that caused by imbalance debit/ credit balance (no posting record shown in expenses account).

How to fix this issue?

Step 1: Double click on the transaction that got variance and system will come out with a quick entry for user to do double entry posting.

Step 2: Select General Ledger Code (expenses account) and Description based on the original Description stated above.

Step 3: Save the transaction after finish keying in the entry.