Sage 50 General Ledger Report
General Ledger Report in Sage 50
The Sage 50 General Ledger Report offers a comprehensive outlook of all financial transactions for a certain period. This helps the users to analyze the financial health and activity within a certain business. The main aim of the General Ledger is to record every transaction: revenue, expenses, assets, and liabilities. Can also be used to allow accountants or business owners to review the complete entries and ensure accurate financial reporting. The GL Reports are important for financial audits as they help detail every account activity and balance. Now let us break down all that is included, the purpose, and how to use it effectively:
User Navigation
Options:
The Options button determines the data criteria for the reports the user wants to see or print. For this report, Sage 50 displays the following filter options:
- Dates: The user has many date choices for this report. One can select certain dates to choose a particular date range that needs to run the report for or a selected Period Range if the requirement is to select to run the report for a certain range of periods. Likewise, you can also select the standard date ranges such as This Month or This Week-To-Date. Select All if you want to see the report for the two open years.
NOTE: If you select a date range that contains purged transactions, the information on the report might need to be corrected. Purged transactions can only exist within closed years. Before the 2009 release, data from closed years was not retained for reporting. If you select a date range that also comprises years that were closed within a release of the product that was previous to 2009, the information on the report might need to be corrected.
- Sort by: This option is sorted by General Ledger account ID or description.
Summarize by: Any one of the following can be selected:
- Detail
- Summary by Day
- Summary by Journal
- Summary by Period
- Summary by Transaction
- Select a filter: Firstly, try to select a filter on the left. Next, define the options for that filter on the right. The options differ according to the filter selected.
Include Accounts with Zero Amounts: Checking this will comprise those accounts with zero balances.
- Hide Period Subtotals on Multi-Period Report: This option can suppress all subtotals for the report’s interim periods when it covers multiple accounting periods. By hiding the subtotals, the printed report can conserve space and avoid repetition: In addition to a Change line that shows the overall amount of account activity throughout the time, each listed account has only one beginning balance and one ending balance per period.
- Shorten Description: This option shortens the transaction description to the width of the column.
View Sage 50 General Ledger Report
The General Ledger report can be used to produce a summary or detailed view of the transactions for your accounts.
Note: To view details of those transactions that make up each of the values on the report, click the relevant line. It is possible to view the details of every transaction by clicking the relevant line.
- Go to Reports.
- Next, click General Ledger Report.
- Go to the Period drop-down menu, and select one of the following options:
This Month Used to produce the report for the current month.
This Quarter is Used to produce the report for the current quarter. For example, if the current month is June, the date range is 01/04/2016 to 30/06/2016.
This Year Used to produce the report for the current year.
This Financial Year This option is displayed when you enter your year-end date in financial settings. The report dates default to a 12-month period, according to the day and month entered by you for your Year End Date.
Note: This offers the report for the current year irrespective of the year set in Financial settings.
Last Month To produce the report for the previous month.
Last Quarter: To produce the report for the previous quarter. For example, if the current month is June, the date range is 01/01/2016 to 31/03/2016.
Last Year: To produce the report for the previous year.
Last Financial Year: This option is only displayed when you enter your Year End Date in financial settings. The report dates default to 12 months for the last financial year, based on the day and month you entered for your Year End Date.
Note: This offers the report for the previous year regardless of the year set in Financial settings.
Custom: Enter the date range for which you wish to run the report.
- If needed, click More and specify a Type and/or Category.
- To locate a certain transaction, enter the reference or the value of the transaction within the search box.
- Select either Export Summary or Export Detailed.
The summary comprises the account, opening balance, total debits and credits, and closing balance.
The details comprise a breakdown of the transactions recorded against any single account, for a date range of your choice. This displays the date, reference, type of transaction, and whether it is a debit or credit value.
- Select to export as CSV or PDF.
oCSV: According to your browser, the file is saved within the Downloads folder or when you are prompted to save the file.
oPDF: The PDF launches within a new window or tab.
Now, the General Ledger report has been successfully produced.
Conclusion!
The Sage 50 General Ledger Report helps the user to take a look at the financial transactions for a certain period. It is also necessary to keep a check on the financial health of a certain business. Was this article helpful? Do let us know in the space below and we would love to hear from you.
Frequenty Asked Questions (FAQ):
Q1: What is the General Ledger? What information does it show?
The General Ledger report helps display all the financial activity for a certain business. The General Ledger comprises a chart of accounts. These accounts are categories that show you where your money is going. For instance, you can see the money going in and out of your checking account(s); the sales that have been made, or the expenses that have been paid out.
Q2: What are Debits and Credits?
Debits and Credits display whether amounts to the accounts were increased or decreased. If the account was increased, then amounts were added to the account. When decreased, the amounts were taken out of the account. Debits and credits affect specific account types differently. For instance, if your checking account of the cash account type shows a debit amount, this means money has been added to the account.
Q3: I see a column called JRNL on the General Ledger. What is this?
This stands for Journal. These are the journals that represent the different types of activity for a company. For example, CRJ stands for Cash Receipts Journal. This is the money that has been received from the customers and will be posted to this journal. The other example is the CDJ, which stands for Cash Disbursements Journal. This displays any payments that you have made to a vendor or supplier. This chart lists the journals that can be displayed on the General Ledger.
