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What is a General Ledger?

September 2, 2021 admin Comments Off on What is a General Ledger?

Accounting and bookkeeping are complex practices that require the ability to keep track of countless transactions. There’s always money coming in and going out of a business. To ensure it’s all accounted for properly, businesses maintain a general ledger. This document represents the records of accounting information, to organize and summarize all financial transactions. It provides all data for financial statements of the organization.
Every company that uses the double-entry accounting method has a general ledger. It’s a fundamental part of bookkeeping and a valuable tool in auditing a company’s general financial records. A well-kept general ledger provides clear and accurate …read more […]