How to Learn General Ledger

General ledgers are an integral part of accounting and are included in any first year accounting class.

The general ledger is the core document of an accounting system. This means that understanding basic accounting is a key part of understanding a general ledger. The general ledger contains the accounts and balances (summaries) for all of a businesses's assets, liabilities, equity, revenue and expense accounts. Business owners do not need to know everything about putting together a general ledger. They only need to know how to read it. If you plan to become an accounting professional or a bookkeeper, you can learn about a general ledger in any standard first year accounting course.

Instructions

1. Enroll in a college accounting class. Search for colleges that offer accounting courses. Consider the price per credit, cost of books and supplies, location and the time required for the course. Check with your local librarian for college information sources or search online. Sign up for the select course and buy any necessary books and supplies. Set aside a minimum of six hours per week for a three-credit course. These courses usually meet three hours a week for six to eight weeks and require a minimum of three hours per week of work outside the classroom.

2. Take an open courseware class. These courses are not instructor-led and you will not receive college credit for the course. The upside however is that you will gain the knowledge at your own pace and the classes are free. Search for open courseware accounting courses online. Massachusetts Institute of Technology has one of the many open courseware programs that offer accounting classes. Go through the course following on-screen instructions at your own pace.

3. Sign up for an online tutorial from a reliable source. Review the credentials of the individual writing the course and assess the credibility of the source. Bean Counter has free, trustworthy, clearly written online accounting tutorials. Take the course at your own pace.

4. Get the financial software that best serves your business or personal financial needs. Enter your transactions where appropriate and the general ledger report will be available by simply generating it using the software. Ask a financial professional to explain any parts of report you do not understand.

References

• MIT Open Courseware: Sloan School of Management
• Bean Counter: Recommended Free Accounting and Bookkeeper Tutorials
• Bean Counter: So You Want to Learn Bookkeeping
• Sage: Simply Accounting First Step

Resources

• OCW Consortium: Open Courseware Websites Grouped by Language