What is a general ledger

[@TheFinanceStoryteller]

Enjoyed the video? Then subscribe to the channel, and watch my video on how to prepare closing entries at the end of the accounting year: kzbin.info/www/bejne/eYnMfH-ql5ynp6s

[@delayed6371]

Man, I’ve been using SAP for about 2 yearsin TAX, and did not understand the ledgers. Now that I am in fixed assets, it got even harder. This video helped me understand everything now and I can calm down. Thank you so much

[@TheFinanceStoryteller]

Wow. Great to hear! It's good to know that my videos have real-life impact. 🙂

[@paulwhite1040]

Started on a course 2 weeks ago... Ledgers have bended my brain so I came here to see if it helped

[@sergiocampos7613]

A Very useful video indeed! I am attending Penn Foster College in their Accounting program and this explains it thoroughly, thanks 🙏

[@TheFinanceStoryteller]

Glad it was helpful, Sergio!!! Hope you will find many more useful videos on my channel, for example in my Accounting 101 playlist kzbin.info/www/bejne/mGqWfHWjmL2UpKs or the intermediate accounting playlist kzbin.info/www/bejne/onPZn4adfqyJpLc Please subscribe, and share the channel with your fellow students!!! 🙂

[@mcbc4]

This was so clear! I wish I was able to watch this, 10-15 years ago!

[@TheFinanceStoryteller]

“The best time to plant a tree was 20 years ago. The second best time is now.” - Chinese Proverb ;-)

[@Zane-It]

I found out that many tribes in the old west were sold used ledgers books with actual data written in them as a trade item. I had no idea what a ledger book was, so I looked it up and found this video.

[@TheFinanceStoryteller]

Thanks for sharing that! I was not yet aware of that historical fact.

[@Zane-It]

@@TheFinanceStoryteller yeah they would draw pictures of the many wars they fought in them as a form of record keeping.

[@Huzaifa-or9sn]

Plz don't stop posting videos , u can help me a lot in my acca journey as i am a beginner❤ Also in this video , i think the example of putting info of cash and other accounts to general ledger was somewhat missing or not highlighted ❤

[@TheFinanceStoryteller]

I will try my best to keep posting, it's been on and off a bit in the past few months due to other commitments. Thanks for the feedback on the video. Have you checked out the other videos in the Accounting 101 playlist: kzbin.info/www/bejne/mGqWfHWjmL2UpKs&pp=gAQBiAQB

[@lediiiii6468]

Thank you soo much I'm writing about this tom... I feel relieved 😌

[@TheFinanceStoryteller]

You're so welcome, Naledi!

[@janetdsouza1518]

Thanks a ton ! I understood things clearly now.

[@TheFinanceStoryteller]

Wonderful to hear that, Janet! :-) Happy to help.

[@heatherwoods296]

this was awesome thankyou for making everything so clear and concise and easy to understand :)

[@TheFinanceStoryteller]

You're very welcome, Heather! 😊 Thank you for watching and commenting.

[@DCWilliam24]

Just what I was looking for. Thanks!

[@TheFinanceStoryteller]

Great! Very happy to hear that. :-)

[@johnnymooney7652]

Thank you so much! Great video!

[@TheFinanceStoryteller]

You're very welcome! Great to hear that. Please subscribe, and spread the word!

[@andonii46]

Thanks a lot for the video! I have one question: Why a company would have several G/L Accounts?

[@TheFinanceStoryteller]

You want to record transactions at a meaningful level of detail. For the income statement, you need one or more revenue accounts, and many different expense accounts. Same story for the balance sheet: various GL accounts for different types of assets, liabilities and equity. Have a look at the related video on debits and credits for some examples: kzbin.info/www/bejne/mGqWfHWjmL2UpKs&pp=gAQBiAQB

[@zaracheung4913]

Is that a thing called books of original entry? Is it related to general ledger? Thankq

[@TheFinanceStoryteller]

Hello Zara! I think "books of original entry" are the same as what I call "subledgers" in this video. Here's a description I found in a search: "Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced."

[@zaracheung4913]

Thanks! And were there vids abt depreciation, allowance for doubtful accounts, valuation of inventory? 🙏

[@TheFinanceStoryteller]

@@zaracheung4913 Of course! :-) Depreciation explained kzbin.info/www/bejne/bIS8aaZnlLR4qNE Accumulated depreciation kzbin.info/www/bejne/n4DHdomLiJeSnMU Bad debt kzbin.info/www/bejne/p2i6maWVdpmXqKc Asset impairment kzbin.info/www/bejne/ooiwdZeqfatnkLc FIFO vs LIFO inventory valuation kzbin.info/www/bejne/jJrGnJquocadha8 Enjoy! Let me know what you think!!!

[@aruva8995]

Great explanation.thank you

[@TheFinanceStoryteller]

Glad it was helpful!

[@mrG2x]

Great video bro

[@TheFinanceStoryteller]

Thanks bro!

[@mrG2x]

@@TheFinanceStoryteller thank you

[@WhatTheUmair]

Thank you for making it easy :)

[@TheFinanceStoryteller]

You're welcome! I enjoyed researching and writing this video. I consider it part of a series on fundamental concepts like the accounting equation, trial balance, etc. Enjoy!

[@bonnieljaysantiago5530]

Can i use this for may reporting in accounting general ledger grade 12

[@TheFinanceStoryteller]

Hello! Yes, I would guess so, as long as you mention/quote the source.

[@nrgaurprometheus]

Great video! really helps in understanding the concepts with clear picture. Is it possible for you to make video on creating excel sheet models for Sub Ledgers and General Ledger - How they work internally when transactions are posted etc. Thanks in advance!

[@TheFinanceStoryteller]

Thank you, Navendu! Happy to hear the video was helpful. Regarding Excel sheet models for sub and general ledger: that's not really my area of expertise, so I cannot help with that.

[@kaurie1234]

Does our general ledger consist of transactions recorded that have occurred and been PAID for or only transactions that have occurred?

[@TheFinanceStoryteller]

Occurred for sure, can be paid or not yet paid.

[@konstancyja82]

Great one, once again!!!

[@MrWickedSalsa]

Great !! So easy to understand. Can you please also create videos for: - accruals - journal entries ? :D I would really appreciate it :D

[@TheFinanceStoryteller]

Thank you! Lovely to hear that. Here's the link to my video on accruals kzbin.info/www/bejne/onPZn4adfqyJpLc and my video on debits and credits explained kzbin.info/www/bejne/pF7PdJdpib90bq8

[@TheFinanceStoryteller]

Added a new video with a complete guide of adjusting entries in accounting this week: kzbin.info/www/bejne/a2imhIdslLenjc0

[@princejag]

Can you make a video on complicated "rectification of errors."

[@TheFinanceStoryteller]

Thank you for the suggestion, Jagadeesh! That is a topic that seems to get a lot of search traffic. Let me investigate what I can say about it.

[@crelys]

Good video

[@TheFinanceStoryteller]

Thank you!!! :-)

[@floridshaeeb3451]

Are nominal ledger and general ledger same thing?

[@TheFinanceStoryteller]

Hello Salman! I am not familiar with the term "nominal ledger", so can't help you there....

[@floridshaeeb3451]

@@TheFinanceStoryteller control account?

[@TheFinanceStoryteller]

Have a look at this video: kzbin.info/www/bejne/bZCmc6COmK94aLs

[@PeterNdonye-n8p]

Can you provide examples like do one complete example for a perfect understanding

[@TheFinanceStoryteller]

Thank you for the suggestion, I have added it to my list of potential video topics. In the meantime, my video on how to post five types of adjusting entries might be useful for you: kzbin.info/www/bejne/a2imhIdslLenjc0

[@maggiecameron9902]

Can you show can me a bankaccount and ledger please

[@TheFinanceStoryteller]

I don't have a "dedicated" video on that, but the first part of my video on suspense accounts covers some of it: kzbin.info/www/bejne/bZCmc6COmK94aLs

[@umesh940]

Great! Keep on working hard. Let me know if I can help anyhow by contributing anything out of love.

[@TheFinanceStoryteller]

Thank you very much. I am always on the lookout for new topics that I can cover, please send me a list of finance and accounting topics that you would find helpful. I am trying to provide account details, but that comment seems to get automatically deleted right after posting. Can you contact me through Linked In, or the address for business inquiries in the "About" tab of the channel?

[@mrG2x]

🔥🔥🔥

[@princejag]

riveting.

[@TheFinanceStoryteller]

Thank you very much! :-)

[@TheFinanceStoryteller]

@Nawaf Saeed Please tell your friends, colleagues, fellow students, etc. :-)

[@konstancyja82]

@Nawaf Saeed Cant agree more, its like making a study in half time....

[@ngunitv]

General ledger acounting/ngunitv

[@mustakes]

⭐️⭐️⭐️⭐️⭐️⭐️

[@TheFinanceStoryteller]

Thank you!!!

[@Roblox_gameanya]

I’m a ninth grader

[@clayoquotwild3142]

thank

[@willgordon5737]

You jumped to HR, PATROLL, CASH LEDGERS what is that? This video confused me further down thumbs down to this video

[@TheFinanceStoryteller]

Hello Will! My apologies if that part went too fast. Payroll is the system where you keep track of employee contracts, payslips, etc. The cash ledger is where you keep track of the movements in your bank account(s) and/or the physical cash in the till. Each of these (and other) subledgers serves a specific purpose. The general ledger pulls everything together so that you can look at your overall financials. Before you put a thumbs down to a video, feel free to ask clarifying questions!

[@loganyang619]

KZbinr is a German?

[@TheFinanceStoryteller]

Very close, Logan! I am Dutch actually. 😊 My German friends often tease me that Dutch sounds like German, but with somebody having a throat disease. 😂