What is a General Ledger
A general ledger, or GL, is a means for keeping record of a company's total financial accounts. Accounts typically recorded in a GL include: assets, liabilities, equity, expenses, and income or revenue.
A general ledger is an accounting record that compiles all financial transactions for a business. It is a master document that is used to produce other accounting records, in particular, financial statements like the balance sheet, income statements, and cash flow statements.
It is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing a specific type of asset, liability, equity, revenue or expense.
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