A primer for beginners on how to use ledgers properly

The most crucial administrative function of business lies in correct bookkeeping. Use this easy guide on how to use a ledger to keep track of your numbers.

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A primer for beginners on how to use ledgers properly

Resources

Key quotes:

  • "To start, Ethereum is a transaction system that anyone can use to send and receive internet money called Ether, among other things."
  • "Accounts and Keys:If you want to send or receive Ether or Tokens on Ethereum, you will need an account."
  • "Ethereum accounts and contracts have what is called a public address that looks like this (a string of characters A-F, 0–9 in what is called “Hexadecimal” or “HEX” format): 0x88d221E36A68B19dd8aD1a5d4c21bE41a6d47b57 You will use these addresses to send, receive Ether and Tokens or use services (like ENS) on Ethereum."
  • "Accounts, not smart-contracts, have something called a private key, this is the key that allows anyone who has it to send Ether, Tokens and services to and from its public address."
  • "Anyone who has the private key can access to all of the funds, Ether, tokens and assets stored at it’s public address."
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Key quotes:

  • "(I’ll let you figure out what “currencies” means on your own time.) Because there can be only one block officially chosen, each ledger keeper has to work for the right to be that one."
  • "Analogically, the ledger keepers don’t “solve” the sudoku by actually figuring it out like you or I would."
  • "The important things to understand are that a “block” is a list of transactions, and when confirmed they’re added to a “blockchain” that forms a concrete ledger that firms up over an hour or so."
  • "Specifically, the transactions entered into the blockchain don’t necessarily just contain financial information, but can actually consist of executable code."
  • "When deployed to the network these applications are called Smart Contracts."
  • "(Guards are put around who can execute these functions, which are tied to the relevant accounts.) Smart Contracts form a transparent and cost-effective way to store money and the state of the agreements around that money."
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Transcript: Hi everyone today we're talking about the general ledger and I'm your instructor brandy the ledger is the next step in our accounting cycle you've already watched a video about how to get transactions into a journal by making journal entries now we're going to take those journal entries and put them into the ledger and what the ledger is is a chronological listing of all the transactions in one account so we'll have a ledger account for cash we'll have a ledger account for accounts payable we'll have a ledger account for revenue and so on in a previous video you looked at these examples and how they got into the journal and we made these journal entries now let's put these journal entries into the general ledger so this is what our general journal is going to look like for each account we're going to have a listing of all the transactions within that individual account and we're going to keep a running total of the account balance so at any point we can make the financial statements from the general ledger balances let's see how we put our transactions from the journal entries into the general ledger... See more →

Key quotes:

  • "Businesses have identities recorded on government ledgers to track their existence and their status under tax law."
  • "Oliver Williamson, the 2009 Nobel laureate in economics, argued that people produce and exchange in markets, firms, or governments depending on the relative transactions costs of each institution."
  • "But the value of the firm comes from the way that nexus is ordered and structured — the firm is in fact a ledger of contracts and capital."
  • "It is a new way to maintain a ledger — that is, coordinate economic activity — distinct from firms and governments."
  • "Institutional cryptoeconomics is interested in the rules that govern ledgers, the social, political, and economic institutions that have developed to service those ledgers, and how the invention of the blockchain changes the patterns of ledgers throughout society."
  • "A cryptobank structured algorithmically by smart contracts would have the same transparency properties as the bank with a public blockchain ledger but with other features that might completely neglect the need for regulators."
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