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| Name | General Ledger Reconciliation: Ensuring Accurate Financials |
| Video Uploader | Video From Karoline Sharber |
| Upload Date | This Video Uploaded At 14-03-2023 13:23:56 |
| Video Discription | Ensuring General Ledger Accuracy: Methods for Reconciliation and Checking Financial Statements. The video provides a general ledger overview, explaining what it is and how to ensure its accuracy. The general ledger is the master record of all financial transactions in a company, including assets, liabilities, revenue, and expenses. To reconcile the general ledger accurately, one must gather all relevant documents, check the beginning account balance, match each general ledger entry with its underlying transaction, ensure adjustments and reversals were made properly, investigate unusual transactions, and verify the ending balance of the account. In addition, the video also explains how to check financial statements, including investigating revenue and expenses account balances for the income statement and checking asset and liability account balances on the balance sheet. The process of reconciling accounts involves comparing line items on financial statements to their equivalent accounts in the general ledger. This account reconciliation process flow ensures that the company's financial statements accurately reflect the state of the business's finances. |
| Category | Howto & Style |
| Tags | lifehacks | lifehacksss | lifehacks101 | lifehackss | life hacks | tips and tricks | general ledger overview | what is general ledger | concept of general ledger | general ledger explained | general |
