What is the Standard general ledger account?

A chart of accounts (and technical guidance) established to support the consistent recording of financial events as well as the preparation of standard external reports required by the Office of Management and Budget (OMB) and the Department of the Treasury.

Which agency issues and maintains the United States Government Standard general ledger?

Bureau of the Fiscal Service is responsible for recruiting and maintaining agency support for the Board and the IRC. In addition, Bureau of the Fiscal Service maintains the USSGL TFM Supplement, assists in the identification and resolution of issues, and requirements affecting the USSGL TFM Supplement.

How the GL accounts are arranged?

A general ledger account is an account or record used to sort, store and summarize a company’s transactions. These accounts are arranged in the general ledger (and in the chart of accounts) with the balance sheet accounts appearing first followed by the income statement accounts.

What are general ledger entries?

General ledger transactions are a summary of transactions made as journal entries to sub-ledger accounts. The trial balance is a report that lists every general ledger account and its balance, making adjustments easier to check and errors easier to locate.

What is the difference between budgetary and proprietary accounting?

Proprietary – traditional accounting classifications (assets, liabilities, revenues and expenses) Budgetary – accounts to track resources and execution of federal funds.

What are tie points in accounting?

Tie-points represent inherent links between the budgetary and proprietary types of accounting transactions where the impact on certain budgetary accounts must equal the impact on certain related proprietary accounts. When tie-points are not in balance, this indicates potential posting logic issues.

What are types of ledger?

There are three main types of accounting ledgers to be aware of:

  • General ledger.
  • Sales ledger.
  • Purchase ledger.