requiring accruals through a cut-off date after month-end. The most commonly used documents are: Expenditures, Revenues and Transfers - If you open these documents electronically, you can then use the keyboard shortcut “Control F” to find something in the electronic file, rather than printing the document and manually searching pages. Account reconciliation is the process of comparing general ledger accounts for the balance. general ledger: noun the principal and controlling ledger of a business enterprise containing individual or controlling accounts for all assets, liabilities, net worth items, revenue, and expenses.The following resources are available in Sapphire. Resources for more information about GL Accounts: An office supply purchase may be posted to the GL of 531100, or to a more specific category in that range. For example, the numbers in GL 531100 indicate the following: 5 indicates an expense transaction, 53 is operating supplies, 531 is general supplies and 5311 is office supplies. The 2nd, 3rd and 4th digits represent the major, minor and sub categories and the 5th/6th allow for a more detailed breakdown. A GL that starts with an 8 is a transfer of funds from one area of UNL to another - usually from one funding source to another – and occur infrequently. Revenue postings start with 4 expense postings start with 5. GLs are 6 digits long and each digit provides information. A general ledger is an accounting record that compiles every financial transaction of a firm to provide accurate entries for financial statements. In SAP, GLs are known as “cost elements.” The BCS budgeting system and Business Intelligence reports call them “commitment items.” GL, General Ledger, Cost Element, Commitment Item, Revenue Element, Account - at the University, all of these terms are names for the same thing – a general ledger account or GL. A “chart of accounts” is a complete listing of every account in an accounting system.įollowing is the numbering structure for a general ledger account number. Most commonly used GLs are revenues, expenses and transfers. General Ledger Accounts (GLs) are account numbers used to categorize types of financial transactions.
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