One of two primary accounting methods, along with single entry, double-entry accounting relies on a two-sided accounting entry to maintain financial information. Balance: A running balance is kept for each account.Debit and credit columns: Each journal entry is posted as either a debit or a credit.Description: A description of the transaction.Journal entry: Information about each entry posted to an account and the entry date.While in the past, the GL may have been recorded in a spreadsheet, it is likely that now it will be embedded in your accounting software.Ī general ledger has four main components The general ledger will form the basis of a double-entry accounting system. It will typically include assets, liabilities, equity, expenses, and income or revenue. The College acts as custodian, intermediary, and/or agent and has little or no discretion over the use of these resources.‘Keeping the books’ or ‘maintaining the ledger’ may be common phrases in financial circles, but what does it involve, what is a ledger, and why is it important to a business? What Is a General Ledger?Ī general ledger (GL) is the means by which a business keeps a record of its total financial accounts.
#Generalledger software
Software for institutional systems=PS, R25,Serverįuel purchased for College owned vehiclesįrequently Used GL Codes (PDF) Transferring FundsĪgency Funds (9xxxx) are accounts which hold assets as an accomodation on behalf of another organization external to the College. IT contracted recurring maintenance costs for Research fellowship monies to further their education.įinancial Aid Office requests notification of these payments. Payments to Gettysburg students for the pursuit computer/IT related/plant related items
#Generalledger professional
Payment for professional services/consulting Majestic Theater account used for distributor feesĪthletic Department account used to record Majestic Theater account used for artist fees
International training, conference and seminar fees (Airfare, taxi, transportation department use,ĭepartment use, tolls, hotel, meals, parking, etc)ĭomestic training, conference and seminar fees (Airfare, taxi, transportation department use, tolls, Mileage reimbursement for use of personal vehicle Sales, merchandise, and per diem activity.ĭomestic travel, lodging and meals related to Such as reimbursement, ticket sales, program Monies received in advance of when service provided. multiple year contracts)Įxpenses incurred, items received or used inĬurrent year but not to be paid for until next year. Revenue earned (services provided) in prior year.Įxpenses paid in current year, but increase, recurred, Monies deposited in current year, but represent Summary List of General Ledger (G/L) Accounts and Descriptions Account The term of project or grant is usually for a limited period of time, such as one to three years. Represents a special grant received or a project that is being tracked separately, such as a construction project. Part 5 - Class Codes Part 6 - Project/Grant ID: Institutional Bypass (generally reserved for revenue accts) instructional, Academic support, or student services Program #’s Represents an area in which a Department resides in a higher educational institution, i.e. Financial Services department or Midnight Madness Program Department #’s Represents a true operational entity, or an activity conducted by that entity i.e.
Represents the funding source for where the money resides, i.e. travel, lodging, security fines, participation fees, etc.Įxpenses related to Payroll of the CollegeĮxpenses related to the business of the College Represents what types of expenditure you have incurred or type of revenue generated, i.e. Gettysburg College’s Chart of Accounts consists of many different funds, departments, programs, and projects that allow the College to track various financial activities within its general ledger.Īccount Number - Consists of 6 parts (In the following order) PartĮxample: 65000-11100-6000-000000 Part 1 - Account: GL Transfer and Journal Entry Form (PDF) General Ledger Chart of Accounts Structure
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