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    The General Ledger System

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    Richelle Inocencio Balza
    The general ledger system (GLS) database contains key files including the general ledger master file based on the chart of accounts, general ledger history file for comparative reports, journal voucher file recording all transactions replacing the general journal, and journal voucher history file with past transactions. The financial reporting system captures transactions, records to ledgers, prepares trial balances and financial statements, and closes the period. It provides reports to users understanding accounting principles and conventions so statements have useful information.

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    The General Ledger System

    Uploaded by

    Richelle Inocencio Balza
    425 views9 pages
    The general ledger system (GLS) database contains key files including the general ledger master file based on the chart of accounts, general ledger history file for comparative reports, journal voucher file recording all transactions replacing the general journal, and journal voucher history file with past transactions. The financial reporting system captures transactions, records to ledgers, prepares trial balances and financial statements, and closes the period. It provides reports to users understanding accounting principles and conventions so statements have useful information.

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    The general ledger system (GLS) database contains key files including the general ledger master file based on the chart of accounts, general ledger history file for comparative reports, journal voucher file recording all transactions replacing the general journal, and journal voucher history file with past transactions. The financial reporting system captures transactions, records to ledgers, prepares trial balances and financial statements, and closes the period. It provides reports to users understanding accounting principles and conventions so statements have useful information.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    425 views9 pages

    The General Ledger System

    Uploaded by

    Richelle Inocencio Balza
    The general ledger system (GLS) database contains key files including the general ledger master file based on the chart of accounts, general ledger history file for comparative reports, journal voucher file recording all transactions replacing the general journal, and journal voucher history file with past transactions. The financial reporting system captures transactions, records to ledgers, prepares trial balances and financial statements, and closes the period. It provides reports to users understanding accounting principles and conventions so statements have useful information.

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    © All Rights Reserved
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    GLS

    FRS

    GLS
    MRS

    THE GENERAL
    LEDGER SYSTEM

    The Journal
    Voucher

    GENERAL LEDGER

    The GLS
    Database
    The general ledger master file is the
    principle file in the GLS database. This file is
    based on the organizations published chart
    of accounts.

    The general ledger history file has the


    same format as the GL master. Its primary
    purpose is to provide historical financial data
    for comparative financial reports.

    The GLS
    Database
    The journal voucher file is the total collection
    of the journal vouchers processed in the current
    period. This file provides a record of all general
    ledger transactions and replaces the traditional
    general journal.
    The journal voucher history file contains
    journal vouchers for past periods. This historical
    information supports managements
    stewardship responsibility to account for
    resource utilization.

    The GLS
    Database
    The responsibility center file contains the
    revenues, expenditures, and other resource
    utilization data for each responsibility center in
    the organization.
    The budget master file contains budgeted
    amounts for revenues, expenditures, and other
    resources for responsibility centers.

    THE FINANCIAL
    REPORTING SYSTEM
    It is assumed that users of financial
    reports understand the conventions
    and accounting principles that are
    applied and that the statements have
    information content that is useful.
    Users with

    d
    e
    t
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    c
    i
    t
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    i
    h
    p
    So
    n
    o
    i
    t
    a
    m
    r
    o
    f
    n
    I
    s
    u
    o
    e
    n
    e
    Homog
    Needs

    Financial Reporting
    Procedures
    1. Capture the transaction.
    The journal voucher file is the total
    of the journal vouchers processed
    2. Record in specialcollection
    journal.
    in the current period. This file provides a
    3. Post to subsidiary
    ledger.
    record
    of all general ledger transactions and
    replaces the traditional general journal.
    4. Post to general ledger.
    5. Prepare the unadjusted
    trial
    balance.
    The journal voucher history file contains
    6. Make adjusting entries.
    journal vouchers for past periods. This
    historical information supports
    7. Journalize and post
    adjusting entries.
    managements stewardship responsibility to
    8. Prepare the adjusted
    accounttrial
    for resource
    balance.
    utilization.
    9. Prepare the financial statements.
    10. Journalize and post the closing entries.
    11. Prepare the post-closing trial balance.

    The journal voucher file is


    the total collection of the
    journal vouchers processed
    in the current period. This
    file provides a record of all
    general ledger transactions
    and replaces the traditional
    general journal.

    The general ledger master


    file is the principle file in the
    GLS database. This file is
    based on the organizations
    published chart of accounts.

    The journal voucher


    history file contains journal
    vouchers
    forledger
    past periods.
    The
    general
    history
    This
    historical
    information
    file
    has
    the same
    format as
    supports
    managements
    the
    GL master.
    Its primary
    stewardship
    responsibility
    to
    purpose
    is to provide
    historical
    accountdata
    for resource
    financial
    for comparative
    utilization.
    financial
    reports.

    End.

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