What is a general ledger transaction?

Answer 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 »

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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 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 the purpose of the general ledger?

The purpose of the general ledger is to record all financial transactions for a company or person and total them on a net basis (plus accounts less minus accounts) for a certain time frame accordin... Read More »

What is a general ledger reconciliation?

The primary purpose of a general ledger reconciliation is to ensure the accuracy of the basic data input into the company's books. The general ledger is the full collection of all accounts included... Read More »