From the course: Excel for Accountants

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GL strings

GL strings - Microsoft Excel Tutorial

From the course: Excel for Accountants

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GL strings

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- [Instructor] Chart of accounts is a list of all the accounts in a general ledger. Each one is identified by a reference number. The purpose is to organize the finances of that entity by segregating assets versus liabilities, revenue and expenses, really just to give interested parties a better understanding of the financial health of the institution. A strong chart of accounts lets us go through and analyze information systematically so that we see where the organization is efficient and where it's perhaps inefficient. All of this relates to a concept that we call general ledger strings. I'm in the 03_ 03_Begin Excel exercise file. Now we've got our basic general ledger here, and it shows different GL entries. For example, this consolidated mailings, entry for a mailer, purchase of a couple of computers, office equipment, we had a workplace injury, we had some advertising design, et cetera. But in addition to the entries that you see here, we'd want to be able to go through and…

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