You can learn how to set up and export a General Ledger and for more detailed recommendations for mappings, please see below.
General ledger mapping account types: a reference guide
If you want to integrate your accounts in Fingercheck to your accounting software’s general ledger, you’ll need to know how to map the accounts properly. The four main accounts in a general ledger should be:
Bank Account: The bank accounts used for the transactions of your business.
Expense: This account includes items you pay for to fund basic operations (generally on a monthly basis). Costs include payroll, employer taxes, and employer-paid benefits.
Liability: Liabilities are debts you owe and costs that must be paid to keep the company running. Costs include employee taxes, employee-paid benefits, and loans.
Workers Comp: The workers compensation insurance expenses you incur.
Recommendations
Fingercheck Account/Code | Account Type | Example |
Direct Deposit, Net Checks | Bank Account | Bank transactions |
Wages and salaries | Expense | Employee earnings |
Employer taxes | Expense | Taxes that the employer pays |
Employee taxes | Liability | Taxes that the employee pays, withheld by the employer and paid on the employee's behalf |
Benefit expenses (employer) | Expense | Premium payments paid by the employer |
Benefit deductions (employee) | Expense | The employer withholds premium payments from the employee's pay and uses them to offset the full cost of benefits. |
Deductions and garnishments | Liability | Child support payments, withheld by the employer and paid on the employee's behalf |
Reimbursements | Expense | Mileage reimbursement, paid directly to the employee |
Workers Comp (employer) | Expense | Premium payments paid by the employer |
Disability or Paid Family Leave (if applicable by state) | Expense | The employer withholds premium payments from the employee's pay and uses them to cover the full cost of benefits. |
Watch to learn how to set up a general ledger: