What is General Ledger?
General Ledger in simple language is the grouping of transactions of similar nature. An organization has multiple transactions in a day. Every transaction leads to two entries as per the double-entry system of bookkeeping. These entries are then posted in respective accounts called ledgers.
To get a general ledger of an account:
- Go to Accounting-> General Ledger
- Select Account and period for which you want to get General Ledger
What Are Financial Statements?
Financial statements are written records that convey the business activities and the financial performance of an entity. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. Financial statements include:
- Balance sheet
- Income statement
- Cash flow statement.
What are the financial reports in iSocietyManager?
Currently, from the Society Accounting perspective, iSocietyManager has below statements to gauge the financial health and accuracy of accounts.