General Ledger in HCM | Accounting and Finance

This videos explains General Ledger in detail and how it works in HCM context. How wage, Salary and Tax that are processed in HCM are then recorded or captured under what accounts in General Ledger.
It also explains the basic accounting concepts such as Credits and Debits, Dual Entry, Journal, Ledger and Accounting equation.

A chart of accounts is a list of financial accounts set up, usually by an accountant, for an organization, and available for use by the bookkeeper for recording transactions in the organization's general ledger.
These are chart of accounts that each organization will always have regardless of it's size:
Asset
Expense
Liability
Revenue
Equity

It also explains some accounting equations :

Balance Sheet:
Asset = Liability + Equity

Income Statement
Income = Revenue - Expenses

Accounting Equation
Dividend + Expense + Asset = Liability + Equity + Revenue
If you are interested in HCM training videos across modules such as Core HR, Payroll, TLM, Benefits, Performance Management, Compensation Management, Recruitment then visit https://peoplesoftconcept.blogspot.com/

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Видео General Ledger in HCM | Accounting and Finance канала HCM Simplified