#GENERALLEDGER SOFTWARE#
This record keeping used to be taken down in a book or diary however, these days, most businesses will use accounting software or some kind of system that adds data to a general ledger automatically, making life much easier. They hold information that is important for preparing a business’ financial statements. Accounts that are typically recorded in a general ledger include assets, liabilities, equity, expenses, and income or revenue. Generally speaking (pardon the pun), a general ledger, or GL, summarises all of the transactions that have occurred over a financial recording period for a business and keeps a record of the total for the financial accounts within a business. So, what exactly is a general ledger and how exactly is it used? What is it? It is used in the everyday operations of small businesses and keeps the business’ finances well-managed. The College acts as custodian, intermediary, and/or agent and has little or no discretion over the use of these resources.Getting down to the basics of accounting and bookkeeping, one of the most important and useful resources that is needed for scrupulous record keeping, is the general ledger. Software for institutional systems=PS, R25,Serverįuel purchased for College owned vehiclesįrequently Used GL Codes (PDF) Transferring FundsĪgency Funds (9xxxx) are accounts which hold assets as an accomodation on behalf of another organization external to the College. IT contracted recurring maintenance costs for Research fellowship monies to further their education.įinancial Aid Office requests notification of these payments. Payments to Gettysburg students for the pursuit computer/IT related/plant related items
#GENERALLEDGER PROFESSIONAL#
Payment for professional services/consulting
Majestic Theater account used for distributor feesĪthletic Department account used to record Majestic Theater account used for artist fees International training, conference and seminar fees (Airfare, taxi, transportation department use,ĭepartment use, tolls, hotel, meals, parking, etc)ĭomestic training, conference and seminar fees (Airfare, taxi, transportation department use, tolls, Mileage reimbursement for use of personal vehicle Sales, merchandise, and per diem activity.ĭomestic travel, lodging and meals related to Such as reimbursement, ticket sales, program Monies received in advance of when service provided. multiple year contracts)Įxpenses incurred, items received or used inĬurrent year but not to be paid for until next year. Revenue earned (services provided) in prior year.Įxpenses paid in current year, but increase, recurred, Monies deposited in current year, but represent
Summary List of General Ledger (G/L) Accounts and Descriptions Account The term of project or grant is usually for a limited period of time, such as one to three years. Represents a special grant received or a project that is being tracked separately, such as a construction project.
Part 5 - Class Codes Part 6 - Project/Grant ID: Institutional Bypass (generally reserved for revenue accts) instructional, Academic support, or student services Program #’s Represents an area in which a Department resides in a higher educational institution, i.e. Financial Services department or Midnight Madness Program Department #’s Represents a true operational entity, or an activity conducted by that entity i.e. Represents the funding source for where the money resides, i.e. travel, lodging, security fines, participation fees, etc.Įxpenses related to Payroll of the CollegeĮxpenses related to the business of the College Represents what types of expenditure you have incurred or type of revenue generated, i.e. Gettysburg College’s Chart of Accounts consists of many different funds, departments, programs, and projects that allow the College to track various financial activities within its general ledger.Īccount Number - Consists of 6 parts (In the following order) PartĮxample: 65000-11100-6000-000000 Part 1 - Account: GL Transfer and Journal Entry Form (PDF) General Ledger Chart of Accounts Structure Summary list of general ledger (G/L) accounts and descriptions.
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