General Ledger in Cash Accounting Reporting:
Get a complete record of all financial transactions for your chapter. The ledger is the master set of accounts that summarize all transactions occurring within your chapter.
Transaction Type:
- Check - date, the check number, vendor, description, and amount
- Deposit -date, the deposit number, vendor, description, and amount
- Journal Entry- Automated ones and manually added ones, the journal entry Number, description, and Amount
- Funds Transfer - transfer amount (total amount transferred weekly from GB to the chapter bank account )
- Invoice - amount invoiced for a member
- Member - payment amount
- Payment - payment amount
Reporting Tab >Scroll all the way down to the Accounting Section >
General Ledger Cash Basis> Run.
Why pull a General Ledger report:
It helps in the compilation of the trial balance and finding out if your books balance. It enables you to spot unusual transactions, errors, and fraud. It shows you the revenue and expenses and helps you limit your spending.
7 Reasons You Need a General Ledger
- It provides an accurate record of all financial transactions
- It enables you to compile a trial balance, so your books balance
- It makes filing tax returns easy because all expenses and income are in one place
- It reports actual revenue and expenses so that you can stay on top of spending
- It helps you spot unusual accounting transactions immediately
- It’s easier to identify (and stop) fraud
- It aids in compiling key financial statements, which are crucial for evaluating your profitability, liquidity, and overall financial health. These include the cash flow statement, income statement, trial balance, and balance sheet.
Note: (Accrual – VS Cash) The main difference between cash and accrual accounting is the timing of when revenue and expenses are recognized in the books.
- Cash accounting records revenue when money is received (Actually Collected) and expenses (Actually Spent) when money is paid out.
- Accrual accounting records revenue when it is earned and expenses when they are incurred (Billed but not necessarily collected yet). If your chapter collected 100% of all charges assessed, that would mirror your accrual reports.