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General Ledger Template And Free Download

What is a General Ledger Template?

A General Ledger template (GL) in modern electronic usage, is an Enterprise Resource Planning (ERP) tool or software that allows the company to use it for the integrated application of management operations. This software serves as the main storage of all accounting data in digital form from subsidiary ledgers like – accounts receivable and payable, cash and cash equivalents, fixed assets, income, expenses, equity and other accounts relevant to the company.

The General Ledger in accounting terms, is a listing of all accounts that are found in the Statement of Financial Position (Balance Sheet) and the Statement of Comprehensive Income (Income Statement) as revised by the International Accounting Standards Board (IASB). This change in account name was made to enhance the presentation of financial information for both in-house and third party users. The General Ledger is also known as the Book of Final Entry, where all accounts are recorded by the use of account names listed in the company’s Chart of Accounts.

Postings in the GL should consider the equality of the debits and credits. It is a must that all entries affecting day to day company-related transactions be recorded. The bookkeeping entry rule sees to it that there is a corresponding entry for debit and credit whenever a transaction is recorded. Both accounts are always equal and balanced, thus adhering to the accounting equation that:

Assets = Liabilities + Equity

The accounting equation is the conceptualized truth in the creation of the Statement of Financial Position. The GL may look fairly simple; however, the realities of a company’s complex business structure may also tend to complicate the workings of its financial recording structure.

How To Create A General Ledger Template In Excel 2010

Whatever business that you’re in, it is important for you to keep track of the operations of the business to know how you are doing. It is oftentimes a numbers game and can be real messy if you use the paper trail in tracking down all income and expenses. The Microsoft Excel Ledgers are customized to fill in these needs. The templates are ready so data entry can be done right away and would be easy to correct and review later on. The basic procedures on how to go about using the templates follow:

1. Go to Microsoft Excel, open up “Tab” and click on the “New” icon. Then click on “Ledgers” when the template window appears, and click again the “Arrows” button. Excel does not have an icon for its ledger templates on its Available Templates window, but they have these as part and parcel of their product offerings;

2. Upon seeing the different business ledger forms, select the one that is suitable for your requirements. After a few minutes, the downloaded file will appear on the Excel Window;

3. Review the account names used in the template. There may be a need for you to replace them with your own account name, as indicated in your Chart of Accounts;

4. The GL number codes found on the first cell on the left, correspond to the assigned number of the accounts. You will change them using the code numbers assigned to your Chart of Accounts;

5. Click on the “enter” key to drag down the cell below the current one. Then change the GL code in accordance with your own account codes.

6. The next procedure would be to move to the right portion cell of the GL code. There may be a need for you to change the categories as indicated: to company departments like Marketing, Operations and Human Resources among others; or product lines of the company that matches the GL codes.

7. The “enter” icon is clicked to move the cell where it matches the GL code to its left. Continue to click on the “enter” icon to match the category in the column for every GL code.

8. Working along the grid would mean posting transactions for each GL code. Money payments for purchases of equipments and inventory may be posted as well as the budget that has been previously set up for this expense. The money remaining after the purchases have been made would also be indicated in the grid.

9. The process would depend entirely on the template that are used and may be auto completed for the user. There is need to complete each GL row depending on the number of transactions that you need to record.

10. Check on the topmost position of the GL where you need to write down the name of the company, the type of ledger that is prepared, and the period covered of the financial statement. Lastly click on “File” and select “Save as” to save it under your file name. Click “file” to save the work.

Where To Download Free General Ledger Excel Template

- Microsoft Office . The latest version of Microsoft Office 365 that includes programs like Excel, Word, PowerPoint and more can be subscribed free for one month. The features are available for five (5) PC’s or Macs6 and up to five (5) mobile devices.

- Microsoft Office. The software can be easily downloaded from the Microsoft Office site which consist of four in one GL template. The features include budgets, monthly expense itemization, as well as a template for charitable organizations. This software can be easily modified and be used with Excel 2007 and higher.

- Spreadsheetzone. com, a site where you can upload the templates by industry, functional area and application types. Aside from the GL template, the more popular ones include templates for Capital Budgeting, Cash Flow Projections and Sales and Inventory management.

- The site of Prime Time FreeWare  that caters to free software download online: Excel Sheet Navigation and Management Software 7.0; Excel Compare 3.0.2; Excel Sheets Copier; Excel Sheets Separator 10.1.2; Excel Recovery Toolbox, and Microsft Excel Viewer.

- MyExceltemplates.org They have a couple of free downloadable templates that include those for General Ledger, Job Sheets, Income Statement, Balance Sheet, Invoice, Production Scheduling, among many others.

Their excel sheet navigation software can switch, copy, rename, or delete open sheets in MS Excel files version 2000 and higher. Their downloadable GL’s are from publisher David Business System Ltd., Peak Info Systems Inc., and Time and Motion Solutions.

{ 3 comments… add one }

  • Eseoghene Boyo October 1, 2013, 4:08 am

    Thank you very much for this online assistance.

  • ranga April 10, 2014, 11:18 am

    Good one, thank you… nice tutorial… we can see more information on youtube video. http://www.youtube.com/watch?v=9IUPmGJPvWA

  • Sheila August 23, 2014, 5:05 pm

    Thanks I have been looking for this free template all day.

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