general ledger
general ledger
English Definitions:
general ledger (noun)
the ledger that contains all of the financial accounts of a business; contains offsetting debit and credit accounts (including control accounts)
general ledger (Noun)
The central accounting record of a company or organization consisting of the accounts that support the value items shown in the major financial statements.
General ledger
Contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses. In modern accounting softwares or ERP, the general ledger works as a central repository for accounting data transferred from all subledgers or modules like accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. The general ledger is the backbone of any accounting system which holds financial and non-financial data for an organization. The statement of financial position and the statement of income and comprehensive income are both derived from the general ledger. Each account in the general ledger consists of one or more pages. The general ledger is where posting to the accounts occurs. Posting is the process of recording amounts as credits, and amounts as debits, in the pages of the general ledger. Additional columns to the right hold a running activity total. The listing of the account names is called the chart of accounts. The extraction of account balances is called a trial balance. The purpose of the trial balance is, at a preliminary stage of the financial statement preparation process, to ensure the equality of the total debits and credits.
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"general ledger." Kamus.net. STANDS4 LLC, 2024. Web. 24 Apr. 2024. <https://www.kamus.net/english/general+ledger>.
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