Keeping a General Ledger of Transactions

In payroll terms, a general ledger is the fundamental accounting record businesses use to record all financial transactions, including employee wages, taxes, and deductions.

As the main accounting record, the general ledger becomes the permanent history of all financial transactions made since the founding of the company and serves as the basis for key financial statements such as the Income Statement and Balance Sheet.

Each pay period, many businesses key the payroll information from their general ledger into accounting software such as QuickBooks®, in order to merge it with other financial information. However, posting payroll information to your accounting software by hand can be both tedious and prone to costly errors.

Paychex helps make that handoff quick and easy with our online General Ledger Reporting Service, which prepares your general ledger data to be imported to your accounting software in three easy steps: simply select your files, download them, and save them to your desktop.