Getting a complete view of your business finances, and how every number relates to the next, can be really important for you as a business owner. Vencru’s free general ledger template enables you to achieve just that.
A general ledger provides a complete record of all the transactions made in your business. It contains all details of your company’s assets, liabilities, income, and expenses throughout the life of the business.
Business transactions are first recorded in reports called ‘sub-ledgers’. These sub-ledgers, which include sales ledgers, purchase ledgers, and cash ledgers, are used to record more specific transactions such as sales. The general ledger is usually prepared using these sub-ledgers.
The final balance in a general ledger is the difference between debits and credits over the period covered. This balance gives you a better idea of the position of your business and helps you make better decisions to increase income and reduce expenses.
A general ledger gives you the whole picture of your business in one report, and lets you know where all the numbers fit. This complete view helps you understand whether your income aligns with your assets, whether you’re investing in the right places, and how you could earn more with what you have.
By filling a general ledger, your financial records are accurate, updated, and insightful. Also, you’re free from confusion and stress when it’s time to pay taxes or make any changes to your business offering.
Filling out a general ledger is much easier with Vencru’s free downloadable general ledger template. Here’s a simple set of steps to create a general ledger for your business:
Need more resources for your bookkeeping? Vencru has all the templates you need to keep your records in check, and they’re free to use.
Even better, Vencru’s reliable bookkeeping platform helps you save time by generating these reports automatically for you. Vencru keeps all records up to date and gives you more insight into the numbers, so you never have to worry about time-wasting calculations and you’re equipped to make the best decisions for your clients and for your business.