All financial transactions occurring in the day to day operations of a business are tracked by the business’ accounting department and recorded to provide the business owners an accurate assessment of the financial performance of the company. Transactions are recorded by the company in books called journals that are summarized on a monthly basis, and then the totals are posted to the company’s General Ledger. A General Ledger is a mandatory component of any business’ accounting system as it is a historical record summarizing all of the financial balances of a business.
Accountants by nature are wired to get very distraught over errors made in an accounting system. A key job responsibility of all accountants is locating and resolving errors. From unbalanced balance sheets to double entered vendor invoices, quite often being the hero in uncovering the error, isn’t all that it is cracked up to be. … Read More