A detailed general ledger is the master document listing all the accounts used by your business. Its purpose is to monitor your business’s financial activity. It contains account summaries with details of all incoming and outgoing transactions organized by date and account type and will show every transaction made by your business.

The main accounts in a detailed general ledger report can be divided into operating and non-operating revenues and expenses and depending on your industry may include:

  • Asset Accounts
  • Liability Accounts
  • Equity Accounts
  • Revenue Accounts
  • Expense Accounts

The accounts will be listed with their account numbers and transaction information, as well as by date.

Benefits of an Accurate, Up-To-Date General Ledger Report

Business man updating detailed general ledger reports with a calculator.A general ledger report can help you keep balanced books. Since it provides a broad view at a glance, an accurate and up-to-date general ledger report can make it easy to spot unusual transactions or errors quickly. Clearly showing revenue and expenses can help monitor business spending, make tax filing easier, and support compiling year-end financial statements with ease. Because it is a comprehensive summary of everything to do with accounting and bookkeeping in your business, it can be the source for all other financial reports that will help monitor your financial health.

Developing a detailed general ledger report can be a big undertaking. In Balance Bookkeeping Solutions can help with compiling, checking, and analyzing your business’s detailed general ledger report on an ongoing schedule as part of a customized solution for your business’s financial service needs. With a detailed general ledger report, you will have a clear picture of the financial health of your business, allowing you to make the right decisions for a profitable outcome while keeping costs low.