The book is a complete set of accounts that supports the elements contained in the basic financial statements. Is built by posting transactions recorded in book sales, purchase ledger, cash book and the book of magazines in general. The book can be supported by one or more books that provide further details on the ledger accounts.

The book is at the heart of the financial records of your business. These are the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions from the first day in the life of your business.

So you want to learn how to prepare a general ledger? If properly record your spending and loans to small businesses, the following guide will help you set up your general ledger sheets properly. (more…)