Posting and the General Ledger
Posting summarizes transactions of similar nature in the related accounts and allows determination of the balances leading to the final numbers reported in the financial statements.
Why this course
Posting is a major step in the accounting cycle. During this step, the details of the journal entry that originally captured the transaction or event is transferred to the general ledger. The amounts are posted to the specific related account, allowing transactions of similar nature to be grouped according to debits and credits to the account. The balance of an account is determined in the general ledger. The balance determined during this step is not a final balance and may still be subject to adjustments.
What you will learn
The course explains the significance of general ledger posting in the accounting cycle and what it does for efficiency and accuracy. There are two general ledger formats used in manual accounting systems that are described and discussed in the course, including their structure and components. The course also discusses the steps in the posting process and the steps that are performed to determine the account balances at the end of a reporting period.