How to Set Up Bookkeeping Ledger


How To Set Up Bookkeeping Ledger

Bookkeeping is a vital part of running a business. If you don t keep up with it daily, you may find yourself in a world of debt that will be hard to get out of.

Basic Checking Account Ledger

Vary basic and easy to keep up with for a beginner business. The only feature not noted on most ledgers and registers is the Date Posted. This is important when making deposits noting the Date Posted reminds you that, if this is blank after a few days, you need to investigate why the deposit hasn't been posted to your account.

BASIC CHECKING ACCOUNT LEDGER

ITEM

DATE ENTERED

DESCRIPTION

DEBIT

CREDIT

BALANCE

DATE POSTED

STARTING BALANCE

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Account Transaction Ledger

When using multiple accounts, Account Ledgers are names or given an account number. For example, ACCOUNT RECIEVABLES is an account of which all incoming transactions enter into the bank of this account and no outgoing transactions are performed. ACCOUNT PAYABLES is used only for paying bills, purchases, etc., and only conducts transactions that are outgoing. CAPTIAL ACCOUNT is generally an savings account use to hold funds temporary until they are needed. Funds are transferred from the ACCOUNT RECIEVABLES to the CAPITAL ACCOUNT. When the funds are needed the funds are then transferred from the CAPITAL ACCOUNT to the ACCOUNT PAYABLE ACCOUNT. By placing the funds in a saving account protects them from being withdrawn either by accident or by fraudulent means. The key difference of this ledger is the TRANSACTION column that gives the direction of the fund movement from one account to another.

ACCOUNT TRANSACTION LEDGER

ITEM

DATE ENTERED

DESCRIPTION

TRANSACTION TYPE

DEBIT

CREDIT

BALANCE

DATE POSTED

STARTING BALANCE

$ -

 

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$ -

 

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