et ekphe An accounting ledger is a must in the business world. No company can ever survive or become successful without the a financial ledger to record all of the business’ transactions. It is considered as the backbone of the financial system any business because it is where all account data from different legers are stored. In the present, general ledger samples have evolved from physical books into digital Excel spreadsheets. Featured in this article are downloadable Excel ledger samples for different business purposes. We’ve also included tips on how you can effectively make an Excel ledger below.
FREE 10+ Excel Ledger Samples & Templates in MS Excel
1. Formal Sales Ledger Template
2. Daily Sales and Purchase Ledger
3. Stock Transfer Ledger Template
4. Stock Transfer Ledger Example
5. Simple Transfer Ledger Template
6. Sales Ledger Overdue Report Template
7. Sample Sales Ledger in Excel
8. Consumer Ledger Template
9. Repayment Ledger Template
10. General Ledger Journal Process
11. Treasurer Ledger Template
12. General Ledger Template
What Is an Excel Ledger?
A ledger is a document mainly used to record bookkeeping entries, as well as a balance sheet and income statement transactions. Unlike journal entries where you record transactions by date, a general ledger is a central location where account data is stored. Ledgers used to be recorded in actual books. In the present, ledgers get saved in Excel format, which makes the recording process easy and convenient. What you see in the traditional ledger book is basically the same as that of an Excel ledger. The only difference is that Excel ledgers are saved in computer files allowing for safer storage and retrieval of bookkeeping records.
Excel ledgers record accounts receivable, accounts payable, investment details, debit/credit, accrued expenses, inventory, etc. It is the main document used for generating key financial statements such as balance sheet samples, income statement samples, and cash flow statements. Excel ledgers are also used as a daily ledger, employee payroll ledger, project ledger, etc.
How To Make an Excel Ledger
There’s a lot of simple self-employment ledger or double-entry journal templates in Excel that you can download online for free. Getting a hold of Excel ledger samples is pretty easy nowadays because of the availability of online templates. And to make your ledger making journey even better, here are some tips that you’ll find useful.
1. Use an Excel Template That Is Compatible with Your Computer Software
Indeed, you can easily download Excel templates online for free. But you can’t just choose the templates randomly because it may not work. The Excel template you download should be compatible with that of your computer’s software. If it’s not, then there may be restrictions on what you can do with the template, or you may not be able to open it at all.
2. Customize the Template as Needed
Downloadable Excel templates, like bookkeeping templates for self-employed, may tend to be generic. They sometimes lack the information that you’ll need for your work. So you shouldn’t use it as it is. It is best to customize the template by adding all the necessary tabs, columns, rows, sample charts, and graphs before you enter data. This way, you can easily ad quickly enter data into your ledger spreadsheet without stopping to add certain parts. It makes the task quicker.
3. Apply Excel Formulas Correctly
What makes Excel spreadsheet samples an excellent tool for accounting is that you can program specific cells with the appropriate formula to make the calculations for you automatically. It allows accurate computation results at all times. However, the accuracy of the computation will still depend on the data entered. A single mistake will affect the entire ledger, which requires you to start over.
4. Ensure That Data Entered Is Accurate
Having errors is possible if data is entered manually. Human mistakes are normal, but it doesn’t really mean that they’re acceptable. So you’ll need to be extra careful with everything you put in the ledger. Th accuracy of the ledger’s contents relies solely on the accuracy of the data added.
5. Always Check Your Work
And to ensure that your work is indeed accurate, you’ll need to check it a lot of times. Checking is time-consuming, but it will all be worth it if your work is error-free. Nothing beats an organized and error-free general ledger, so you should never take it for granted.
What are the types of ledgers?
Ledgers are grouped based on format and purpose. The two types of ledgers based on format are digital and physical ledgers. The latter is made up of papers and actual accounting books, while the former are those saved in computer files. The other group has three types, namely general, debtors, and creditors. General ledgers help organize and summarize individual transactions in a journal. The debtor ledger is where you will find information on how much money a customer owes to the business. Lastly, the creditor ledger provides information on how much money the business owes from other companies or suppliers.
What is meant by original entry and final entry?
Journals and ledgers go together. Journals are referred to as the book of original entry simply because it is where financial report information comes from. Once all financial transactions get posted in the journal, they will be transferred to the general ledger. From there, key financial statements are made. That is why we refer to ledgers as the book of final entry.
All the lines and numbers that you see in an Excel ledger will surely make you feel intimidated. Who wouldn’t? Just imagine the work needed if you make a single mistake. The best thing that you can do is to practice and familiarize Excel ledger formats. It’s possible with the use of the downloadable samples we’ve provided above. Make sure to check them out!
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