From the course: Microsoft Dynamics 365 Fundamentals (ERP) (MB-920) Exam Tips

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General ledgers

General ledgers - Dynamics 365 Tutorial

From the course: Microsoft Dynamics 365 Fundamentals (ERP) (MB-920) Exam Tips

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General ledgers

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- [Instructor] Next, we're going to talk about general ledgers in Dynamics 365. You may have to think back to your high school accounting class for some of these terms. We will not be filling out any ledgers here, but just reviewing the types of ledgers and what each is used for. We'll start off with the chart of accounts. The chart of accounts lists all the financial accounts in the general ledger. Each account has a number and its own ledger, which ties back to the general ledger. Included, at least for Dynamics 365, within the chart of accounts is balance sheets. A balance sheet is a financial statement that lists the assets, liabilities, and owner's equity at a specific point in time. And finally, we have income statements, or you may hear these referred to as profit and loss statements. An income statement is a financial statement that lists the revenues and expenses for a specific time period. Moving on to…

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