General Ledger Definition
The general ledger is used with double-entry accounting systems to document financial transactions. Information about transactions is categorized into accounts. The accounts are used to build financial statements.
The general ledger serves as a place to record your business’s transactions. The general ledger includes a date, name, description, and balance for each account. The main accounts used in a general ledger are assets, liabilities, owner’s equity, revenue, and expenses. You need a general ledger to generate financial statements.
A Closer Look at General Ledger