The accounting industry provides internal or external business functions for accurately recording and reporting financial information. General ledger accountants fulfills the function of handling the company’s basic financial information. General ledger accounting can cover a wide variety of tasks; most of these tasks deal with handling the information contained in the company’s accounting ledger. General ledger accountants may work directly for employees or at public accounting firms where they complete similar accounting functions.
An important part of the general ledger accountant’s duties is the preparation and posting of various journal entries. These entries made relate to payroll, operational information, accruals or deferrals in a variety of other information depending on the company’s financial information. Adjustments entries may need to be made for correcting errors or make adjustments to the company’s accounts payable or accounts receivables department. Adjusting journal entries may also be posted during quarter or annual adjustment periods.
General ledger accountants often prepare reconciliations for various general ledger accounts. Bank accounts, prepaid expense accounts, tax accounts, fixed asset accounts or various other general ledger accounts may be included in the reconciliation process. These account reconciliations ensure that all information posted into the general ledger is accurate, timely and valid for the company’s financial information process. Account reconciliation are usually an important part of the accounting process that helps determine the overall accuracy of the company’s general ledger.
Assist with Tax Information
Companies may collect and report various tax amounts depending on their business operations. Sales and use, property, tangible or intangible, payroll and income tax are just a few of the important business taxes companies must include in their general ledger. General ledger accountants may review these various taxes and pay them according to state or local guidelines. Verification that current tax rates for being assessed on business sales or operations is another important part of the general ledger accountant’s duties.
Close Month End
General ledger accountants usually play an important part when closing monthly accounting periods for a company. These accountants ensure that all information is entered into the company’s accounting ledger accurately and make corrections as needed. These review processes ensure the information relates to the specific time period for the current accounting period that all information has been accurately recorded prior to preparation of financial statements. General ledger accountants may also review the financial statements prepared from the accounting ledger ensure it is accurate prior to a manager review or being released to the general public.