What is a general ledger system?

Answer A general ledger system is a form of double book accounting. A company's overall finances are entered into one general ledger. Specific financial information is entered into a number of subsidiary ... Read More »

Top Q&A For: What is a general ledger system

Difference Between a General Journal & General Ledger in Accounting?

Accountants use different tools when recording and reporting a company's financial transactions. Two of the most common tools are the general journal and general ledger. Most -- if not all -- compa... Read More »

What is the definition of a general ledger?

The general ledger contains the summary of all financial transactions needed to prepare end-of-period financial statements. This ledger provides the basis for preparation of the company income stat... Read More »

What is a general ledger used for?

A general ledger is one of the two principal ways of organizing business transactions. The first is a journal, which lists accounts by time. The second is the general ledger, which organizes inform... Read More »

What is a general ledger transaction?

Accountants track revenue, expenses, profit, assets, liabilities and equity changes in the daily flow of business. All tracking entries are made in a general ledger (GL) book and called GL transact... Read More »