How To Find, Make & Print QuickBooks General Ledger Report

Financial accounting is the most crucial part of any business. It involves balancing the sheets, checking the Profit and Loss accounts, cash-flow statements, and many more. While managing such tasks, it is obvious that one has to avoid any kind of mistake. This is where the role of  QuickBooks General Ledger comes into play.

So, when you make and receive a payment or do any transaction, it is important to create a journal entry. After that, all tasks will be added to the general ledger in QuickBooks. In this informative post, we will tell you all about General Ledger QuickBooks Online and how to find and print it.

What is a QuickBooks General Ledger?

A QuickBooks General Ledger is a comprehensive accounting report that records all financial transactions of a business within a time period. It works like a central data record where you can organise and store data from different accounts, such as income, assets, expenses, and liabilities. Each of the transaction records, including payments, bills, or journal entries, ultimately appears in the general ledger. 

The purpose of the general ledger in accounting is to maintain accurate financial records and ensure that credit and debit entries remain balanced. The Ledger Components include- Account Name, Transaction Date, Description, Debit Entry, Credit Entry, and Running Balance. Some key aspects of the General Ledger include: 

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QuickBooks General Ledger: Important Terminologies 

Let’s review some key terms before jumping into QuickBooks general ledger in more depth.

1. Accounts Receivable: This section includes a record of the company’s sales and receipts, including the client invoices that have not been paid.
2. Accounts Payable: It consists of the company’s purchase records as well as those invoices that the organisation has to pay.
3. Payroll: It comprises the employee’s remuneration record. Also, the checks are to be paid to the employees and payroll taxes.

How Important is the General Ledger in QuickBooks?

QuickBooks’ general ledger is very important as you can keep track of your spending in your company. You can also check that the entries of transactions are related to the right account.

1. You can distinguish business expenses from personal expenses.
2. It helps in managing business expenses, and you can pay them through personal funds.
3. You can track your company’s expenditures.
4. Maintains accurate records.

Steps to Find QuickBooks General Ledger 

Go through the steps to find the general ledger in QuickBooks:

• Firstly, sign in to QBs and select the Standard tab from the Report option.
• Then go to the Accountant section and choose General Ledger.
• After that, you need to choose a Date Range.
• Lastly, tap on Customise and see the Preferences.

How to Make a General Journal Entry in QuickBooks?

Creating a general journal entry in QuickBooks allows you to record manual transactions, including corrections, adjustments, or transfers between accounts. The steps slightly differ for QuickBooks Online and QuickBooks Desktop. 

Make a Journal Entry in QuickBooks Online

• Open QuickBooks Online→ Click on the New button at the top left corner. 
• Select Journal Entry under the Other column. 
• Enter the following details: 
  • Date: Enter the date of the transaction. 
  • Journal Number: QuickBooks will autofill this; however, you can edit it. 
• Fill these details in Account: 
  • Line 1: Select the amount you want to debit or credit from the account field. 
  • Amounts: Enter the amount in the Debit or Credit column. 
  • Line 2: Select a description in the Memo section to explain the reason for the entry. 
• Enter a short description for the entry under the Memo section. 
• Click on Save and Close.

Ensure that the total debit is equal to the total credits, as QuickBooks will not allow savings if the entry is not balanced. 

Make a Journal Entry at QuickBooks Desktop

• Visit the Company Menu→ select Make General Journal Entries. 
• Set a transaction date and a unique entry number. 
• Navigate to the Account column and select the amount you want to credit or debit. 
• Enter the amount in corresponded column. 
• Add a short description in the Memo column for future reference.
• Click Save and Close.

What Happens After General Journal Entry? 

When you have entered the journal entry, QuickBooks will automatically log the transaction to the corresponding accounts in the General Ledger. It is then added to your financial records and reflected on reports, including the General Ledger report, trial balance, and financial statements, keeping your accounting information up-to-date.

How to Print a General Ledger in QuickBooks?

In QuickBooks, printing a General Ledger allows you to review all the transactions, and you can also save this report as a PDF for record-keeping. In this way, you can save a digital copy of your financial records for reporting, review, or auditing purposes. 

• Visit the Reports menu. 
• Select the Accountant and Taxes. 
• Choose General Ledger. 
• Select the desired date range (e.g., “This Fiscal Year” or “Custom”). 
• Click Customise Report to add/remove columns, such as adding account numbers. 
• Next, click on the Print button at the top of the report.
• Select Report→ Select Print to PDF from the printer options to save the digital copy. 
• Click on Print and select the file location on your computer, and save the PDF. 

Once printed and saved, the report offers a detailed record of all transactions, including debit and credit entries, account names, and balances for the selected period.

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Tips to Optimise the Utility of QuickBooks General Ledger Efficiently

Managing the general ledger can make financial tracking and reporting much easier. Organising and reviewing entries regularly can assist you in maintaining accurate records and quickly identifying discrepancies in your accounts. The tips given below are beneficial in optimising the QuickBooks General Ledger more efficiently. 

• Review Ledger Monthly

Make a habit of reviewing your general ledger at least once a month. Reviewing your transactions, journal entries, and records helps you to detect data errors before they affect financial reports. 

• Filter Accounts for Clarity 

While reviewing the General Ledger report, use filters to view specific accounts or date ranges. This makes it easier to analyse particular transactions without going through unnecessary data. 

• Export Reports for Backups 

Exporting the General Ledger Report to Excel or PDF can serve as a reliable backup. It also allows you to share financial data with auditors, accountants, or stakeholders when needed. 

• Use Saved Reports 

If you frequently run the same report setting, save the customised report. This saves time and assists in generating consistent reports. 

• Add a Clear Description to Entries

Adding a clear description to your journal entries helps you to understand the purpose of each transaction in the future. 

• Audit the “Uncategorized” Accounts

Regularly check the transactions in “Uncategorized Income” or “Uncategorized Expense” to ensure everything is mapped in the correct chart.

How to Export the General Ledger Report? 

QuickBooks Desktop allows users to export the General Ledger report in different formats. This helps in formatting, storing, and analysing records easily. Exporting the reports helps businesses to maintain backups or send the ledger to accountants for auditing. 

Export the General Ledger to Excel 

Exporting the Ledger to Excel is helpful when you want to analyse transactions, apply formulas, or organise financial data. Steps to export the report to Excel: 

• Open QuickBooks Desktop and log in to your company files. 
• Click on the Reports menu. 
• Then, select Accountant & Taxes and then choose General Ledger. 
• Select the data range for export. 
• Navigate to the Excel button at the top of the Report window and click on it. 
• Choose Create New Worksheet→ Click Export.  
• The report will open in Microsoft Excel, where you need to save it. 

Export the General Ledger to PDF 

Saving the report as a PDF creates a printable version of your finance data. Steps for exporting to PDF include:

• Go to the Reports menu and open the General Ledger report. 
• Adjust the report period when necessary. 
• Click on the Print icon at the top of the report. 
• Select Microsoft Print to PDF or Save as PDF. 
• Select the location where you want to store the file and click Save. 

Once you are done with exporting the General Ledger in Excel or PDF format, you can share it with your accountant, which helps in ensuring financial accuracy and simplifying tax preparation.

Common Issues Users Face While Generating the General Ledger

Many users encounter errors while generating reports on the General Ledger in QuickBooks. This can lead to incorrect data display. The reasons include issues in report settings, filters, or incorrect account selections. Identifying these problems early can ensure that the ledger reflects complete financial information. 

• Report Not Showing Transactions 

Sometimes the general ledger may appear blank or may show fewer transaction records than expected. This happens when you apply the filters incorectly or your selected accounts do not contain transactions for the chosen period. 

• Incorrect Date Range 

When you select the wrong reporting period, the ledger fails to display the required transactions. Verify that your start and end dates match the financial period you want to follow. 

• Missing Account 

Certain accounts may not appear in the report if they are excluded or inactive through the filters. Include all the relevant accounts when customising the report. 

• Data Not Updated or Synced 

In some cases, recently entered transactions stop appearing immediately in the report due to delayed updates. Refreshing the report or saving pending transactions usually resolves such issues. 

• Incorrect Filters or Customisation Settings

Applying too many filters or incorrect customisation settings often hides the important transactions. Review the report customisation options to ensure no necessary details are excluded.

Conclusion

All in all, QuickBooks is a very useful tool for all businesses, especially small and medium-sized businesses. Now, it’s time to conclude this informative post on QuickBooks General Ledger. Here we told you about various things like how to create a general ledger, how to read a ledger, how to print it, edit it, etc. We hope that the information here is sufficient to serve you. If you have any queries, then you can ping us anytime. We are always ready to help you.