Ledger Medial, located in Greenville, South Carolina, provides accounting and Tax Services to small businesses and their owners. However, our services extend far beyond that; we provide assistance to almost anyone needing tax or accounting help.
With our growing Ledger Live* family of apps, we have the ideal solutions for you! We’ll show you how to create a master trial balance, access consolidated account data and sync this info with ONESOURCE Income Tax and Tax Provision software.
General Ledger Manager
General ledger management (GLM) is the process companies use to control and report financial figures in their accounting books. It includes various systems designed for maintaining a company’s financial integrity, such as financial accounting, internal/external audits, or segregation of duties.
The general ledger is a double-entry accounting system that stores all transaction data necessary for producing financial statements such as an income statement, balance sheet and other key documents. To calculate net income for a company, this formula subtracts revenues from expenses to determine net income.
Tracking all accounting transactions that take place within a company can be daunting. To make things simpler, some businesses have hired general ledger specialists to manage their books. They manage the general ledger and guarantee all financial transactions are posted accurately; additionally, they reconcile accounts by comparing balances on the general ledger with financial statements such as bank statements.
Master Trial Balance
When it comes to monitoring your business’ financial health, a reliable general ledger like Ledger Medial is essential. It provides detailed accounting records for all transactions and account balances.
These records are essential for accountants to detect fraudulent or erroneous transactions. Furthermore, they offer a means of verifying the debit and credit balances in a company’s accounts.
In most cases, the initial step in preparing your company’s financial statements is to create an unadjusted trial balance (UTB). This report lists all accounts and their respective debit and credit balances at a given point in time.
A trial balance is a compilation of all debit and credit accounts with their totals, broken down by category (Asset, Liability, Income or Expense). It helps verify your business books are balanced but does not guarantee accuracy.
Trial Balance Reporting
Trial Balance Reporting is a report that summarizes all account balances for an extended period by an Accountant. It includes the opening and closing balances for accounts, as well as debit and credit balance sums per account.
The report provides a detailed account of transactions that occurred during a specified timeframe. You can sort or consolidate it based on various criteria to suit your needs.
This step in the bookkeeping process should always be performed after journal entries have been posted to each ledger account. This guarantees that debit entries equal credit entries and that the total amount of debits equals its corresponding credits.
Mismatched trial balances typically indicate one of three errors: omissions, principle errors and original entry mistakes.
Chart of Accounts
The Chart of Accounts is the cornerstone document in any company’s financial management. It displays all line items within a business’s general ledger, which tracks transaction activity related to nearly everything the firm owns, owes and earns. Ledger Medial provides Bookkeeping Services.
The accounts in a company’s chart of accounts form part of its balance sheet and income statement, two primary financial documents used by management to assess the health of their business. Furthermore, these statements serve as essential reporting components for tax purposes.
Companies can include as many lines in their chart of accounts as necessary to give managers a comprehensive overview of the financial health of their business. However, it’s essential that the chart remain straightforward.
The structure of accounts on a chart of accounts typically depends on how the business is financed. For instance, if it relies primarily on debt, then liability and expense accounts would be created to track interest payments.
