What GL Accountant is?
The general ledger is basically the end result of the company's accounting process, and is the source from which all the company's financial reporting is generated. Therefore, the general ledger accountant is responsible for ensuring that all business transactions have been properly accounted for and accurately and completely reflected on the company's books. A general accountant may also be referred to as a corporate accountant or management accountant.
What Does the General Ledger Accountant Do?
The role that the general ledger accountant plays, and the range of functions performed and level of responsibility assigned, will depend on the size and nature of the organization. In a larger organization, a general ledger accountant may specialize in certain areas of the overall accounting operation, while in a smaller organization, the position may involve a wider range of duties and responsibilities.
Day-To-Day Bookkeeping
The general ledger accountant may be directly involved in the day-to-day bookkeeping process, that is, he or she may be responsible for actually recording all the business transactions in terms of purchases and sales, cash receipts and disbursements, payroll, and other accounting entries. Or the general ledger accountant may have a supervisory role and be responsible for directing other accountants or clerks, and reviewing the bookkeeping.
Reviewing and Adjusting Accounts and Making Journal Entries
The general ledger accountant reviews accounts and makes any necessary adjusting entries. These may include amortization of prepaid charges such as insurance premiums, accruals of expenses incurred but not yet billed, such as materials and supplies received, utilities used, and employee benefits such as vacations. Journal entries are accounting entries made in the general journal, as opposed to the purchases and sales, or cash receipts and disbursements journals. Entries made to the general journal are then posted to the general ledger, and the individual account balances are updated. Journal entries include entries to record depreciation on fixed assets, such as the company's plant and equipment, entries to record the cost of sales based on purchases, manufactured products, and changes in inventory balances, and entries to record accrued or deferred income taxes, based on net taxable income or loss.
Duties
Some of the duties commonly performed by the general ledger accountant include:
The general ledger is basically the end result of the company's accounting process, and is the source from which all the company's financial reporting is generated. Therefore, the general ledger accountant is responsible for ensuring that all business transactions have been properly accounted for and accurately and completely reflected on the company's books. A general accountant may also be referred to as a corporate accountant or management accountant.
What Does the General Ledger Accountant Do?
The role that the general ledger accountant plays, and the range of functions performed and level of responsibility assigned, will depend on the size and nature of the organization. In a larger organization, a general ledger accountant may specialize in certain areas of the overall accounting operation, while in a smaller organization, the position may involve a wider range of duties and responsibilities.
Day-To-Day Bookkeeping
The general ledger accountant may be directly involved in the day-to-day bookkeeping process, that is, he or she may be responsible for actually recording all the business transactions in terms of purchases and sales, cash receipts and disbursements, payroll, and other accounting entries. Or the general ledger accountant may have a supervisory role and be responsible for directing other accountants or clerks, and reviewing the bookkeeping.
Reviewing and Adjusting Accounts and Making Journal Entries
The general ledger accountant reviews accounts and makes any necessary adjusting entries. These may include amortization of prepaid charges such as insurance premiums, accruals of expenses incurred but not yet billed, such as materials and supplies received, utilities used, and employee benefits such as vacations. Journal entries are accounting entries made in the general journal, as opposed to the purchases and sales, or cash receipts and disbursements journals. Entries made to the general journal are then posted to the general ledger, and the individual account balances are updated. Journal entries include entries to record depreciation on fixed assets, such as the company's plant and equipment, entries to record the cost of sales based on purchases, manufactured products, and changes in inventory balances, and entries to record accrued or deferred income taxes, based on net taxable income or loss.
Duties
Some of the duties commonly performed by the general ledger accountant include:
- Review of accounts receivable and accounts payable vouchers.
- Preparation and control over the monthly accounting closing schedule.
- Review of the purchases and sales journal and the cash receipts and disbursements journal.
- Supervision of the payroll process and review of the payroll register.
- Calculation and recording of depreciation, amortization and depletion.
- Determination of the cost of goods sold and inventory balances.
- Review of the trial balance.
- Account analyses and reconciliations.
- Bank reconciliations.
- Preparation of information required for internal management reports and outside reporting.
- Budget control and variance analysis.
- Compilation of information and preparation of schedules required by internal and independent auditors.
- Preparation of tax returns.
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