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The complete collection of accounts (chart of accounts) of a company, transactions associated with these accounts, and account balances for a specified period of time. It is the combination of all journal entries (changes in the accounts) that have been recorded and posted in Financial Ledger. The account balances are then collected and used on company financial statements.
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| Chart of Account |
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Your Company's chart of Account is a complete list of all accounts names that will be used in the General Ledger. Each account is associated with an Account ID to help locate it when recording data. Accounts are used to classify transaction information for reporting purpose. Chart of Accounts can vary depending on the Business type.
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| Journal Entries |
Any event that has impact on Company's accounting records. Journal entries shows the effects of business transactions expressed in terms of debit and credit. Each journal entry will usually have transaction date, amount, Account no, reference and description. In General ledger system, journal entries can come from five source:
- Cash payment.
- General(miscellaneous entries).
- Purchases(accounts payable).
- Cash Receipts.
- Sales(accounts receivable).
The General ledger is a combination of all Journals and their entries.
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| Financial Statement |
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A financial statement gives a picture of how your business is doing. In one sense, the whole point of an accouting system is to produce accurate financial statement.
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