Further Details Transaction Ledger Categories Ledger simple example of reconciliatio Payroll start with a simple reporting period of 1 month Assignment 1: Setting up the GENERAL LEDGER for a Business General Ledger is a collection of SUB LEDGERS The General Ledger consists of Transactions and Categories What are Transactions They are Recordings of MONEY IN and MONEY, Reconciled to CATAGORIES of Business Expenses, within a TIME FRAME Create a business Create some Category Specifics Date of Transaction INCOME Expenses Balance June 1, 2020 $13.435.32 matance stan/end of reporting period Grass Mowing June 15, 2020 $200.00 25 Main Street Truck 4: oil change Vehicle Repair June 17, 2021 $60.00 Flower Planting 45 Ryan Street June 19, 2021 5340.00 Equipment Purchase Buy a new lawn mower June 22, 2021 $945.45 summary 5540.00 $1,005.45 $165.45 you should arrange your ENTRIES so that the total of the expenses MINUS the total of your INCOME is the same the difference between start of month and end of month money Balance start/end of reporting period June 1, 2020 $22,345.00 - $2.909.68 To practice recording business transactions in a General Ledger that you will make for some real or imagined business that you are organizing the General Ledger around. In future assignments, we will keep building up on this. The core concept we need to learn about in this course is the concept of a TRANSACTION: A transaction is a recording in the General Ledger of: MONEY IN or MONEY OUT tied to a DATE of occurrence: transaction date and it is coded in the system to a Business INCOME or EXPENSE CATEGORY. (IN LARGE CORPORATE ENVIRONMENTS, YOU HEAR THE TERMS: REVENUE CENTERS AND COST CENTERS OFTEN EXPRESSED AS CODE NUMBERS If you become a professional accountant, you will spend most of your time at work coming up with cost centres and revenue centres and assigning costs and income to those categories