@accounting_stuff: The General Ledger: Explained in (Almost) 2 Minutes! Every transaction a business records ends up in one place... the General Ledger. The General Ledger is the main accounting record used to store a complete history of a business's accounts and transactions. It sits at the heart of the accounting system, connecting Journal Entries, the Trial Balance and Financial Statements. In this video, I'll explain what the General Ledger is, how transactions are posted into ledger accounts, and why it's one of the most important tools in accounting. ▪ Journal Entries record transactions in chronological order ▪ The General Ledger organises those transactions by account ▪ The Trial Balance is prepared using balances from the General Ledger Using an example, I'll walk through three transactions step-by-step, showing exactly how Journal Entries are posted to the General Ledger and how account balances are updated over time. You'll also see how the General Ledger is used to prepare a Trial Balance. Which is the foundation for creating Financial Statements like the Income Statement, Balance Sheet and Cash Flow Statement. #Accounting #AccountingBasics #Bookkeeping #GeneralLedger #learnaccounting

Losty :

The general ledger actually does not contain the closing balances of ledger accounts. It individually records ALL, AND I MEAN ALL the transactions of a business in one place. The most interesting thing about the GL is that it obeys the accounting equation because every accounting transaction affects a debit and credit equally, so the difference/balance will always be zero

CK :

Can you explain sub ledger please

Black Beauty :

This was really good!! Thanks.

waza :

can you do bank reconciliation please

..gramz7 :

So Tally erp is a general ledger since it captures all information

_zxnvr :

accounting student hereee! thanks for the explanation sir, but could you also explain financial statements in detail? I wouldn’t mind watching a video that’s longer than 2 minutes. thanks in advance!

Tonny@ :

How about , when the balance has the negative balance for example petty cash has (xxxx) how we can treat it in trial balance

INFO :

I love u teacher. appreciate you

Lucky :

Is pewter city a pokemon reference 👀

Arrick Morris :

Great explanation. Would love a video explaining DEALER. The second transaction seemed a little simplified as it seems to have used a cash basis of accounting rather than an accrual basis but still did a great job explaining the concepts

TT-W-RR :

Instead of being purely linear in teaching accounting, start with the equation of a balance sheet at zero the show journals being entered without loss of the integrity of the equality or balancing of both sides of the equation. That way it removes the mystery of a balance sheet and eases learning and importance of accuracy.

maki :

Thank you so much!

Seal :

Simplified ❤️

Ishwor Dahal :

nice explanation

may007 :

used in ATM transaction and balance.

acheeeh :

so this tracks it and balance sheet? 😣 I am confused on how this one ties to the balance sheet

🩶 :

thank you

The_Class :

nice explanation

harru :

what is the DEALER you're using?

benj! ✝️ :

Miller jr✌💧💫. :

i have understand perfectly now

ermias Kiros :

🥰🥰🥰