GENERAL LEDGER
(RECORD TO REPORT)
GENERAL LEDGER (RECORD TO REPORT)
General Ledger Accounting Solutions
The General Ledger (Record to Report) process is the backbone of financial management, serving as the centralized repository for all financial transactions. CKH Group’s General Ledger services are designed to relieve the burden of this crucial routine financial task. Our accountants streamline this process, ensuring accuracy, transparency, and compliance throughout the entire Record to Report lifecycle.
As a leading CPA firm based in Atlanta, we take pride in offering Business Process Outsourcing Services designed to:
- Give you access to quality talent and expertise
- Reduce risk or costly errors
- Provide cost-effective, timely, and efficient results
What Is General Ledger (Record to Report)?
A General Ledger serves as the organizational record-keeping system for a company’s financial data, where debit and credit account entries are summarized through a trial balance. It meticulously captures details of each financial transaction throughout the operational lifespan of a company, holding essential account information necessary for the preparation of financial statements.
The Services that CKH Group can provide include General Ledger Close, Close Reporting Pack, Month-end Reporting, Year-end Reporting, Tax Packs, Return to Provision (RTP), and Bridging US GAAP to local GAAP.
General Ledger and Double-Entry Bookkeeping
A general ledger is an essential tool for businesses employing the double-entry bookkeeping method. In this method, each financial transaction impacts at least two sub-ledger accounts, with every entry involving both a debit and a credit transaction. This method operates based on the fundamental principle that the sum of debits and credits must always equal zero.
The fundamental accounting equation, Assets−Liabilities=Stockholders’ Equity, underlies double-entry accounting, and this formula is reflected in the balance sheet, which provides a detailed account-level view of a company’s financial status, including short-term asset accounts like cash and accounts receivable.
What is the Record to Report process (R2R Process)?
The R2R cycle is comprised of two essential phases: Record and Report.
Record Phase: In the Record phase, the process begins with the accurate and timely recording of all financial transactions, ranging from journal entries and receipts to payroll and supplier payments. This phase also involves a regular closing cycle, performed on a monthly, quarterly, or annual basis, where the accounting team reviews, records, and reconciles all account information.
Report Phase: In the Report phase, the accounting team utilizes the organized data from the Record phase to generate essential financial reports. These reports, including balance sheets, income statements, and cash flow statements, provide a comprehensive overview of a business’s financial health and performance. The integration of these reports in a financial statement package serves as a basis for management reviews, supporting strategic decision-making and offering stakeholders in-depth insights into the business’s operations and success.
What is General Ledger Reconciliation?
At the end of each fiscal period, a trial balance is computed by listing debit and credit accounts, separating those with debit and credit balances, and ensuring their totals match. However, the trial balance doesn’t guarantee error-free records, as unrecorded journal entries can go unnoticed while maintaining balance totals. To rectify such discrepancies, companies utilize a general ledger reconciliation process, with some incorporating blockchain technology in specific accounting and finance areas for faster and more cost-effective reconciliation.
I am so thankful for CKH Group’s staff. They are absolutely rocking it! They are so smart and such quick learners. CKH Group accountants have been doing things in the few short weeks that some haven’t done after even a year. I am so impressed with the time and effort they have put in to quickly learn our business. CKH Group has really nailed it with these employees. I am so appreciative, thank you!
Why Choose CKH Group?
CKH Group’s Outsourcing Solutions are designed to support businesses where they need it most, empowering them to focus on their core competencies instead.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful outsourcing partnership for you. Contact us today to explore how our outsourcing services can add value to your organization.
