What Is a General Ledger?

Business & Management
#1

A general ledger is a financial data record-keeping system that includes debit and credit account records that are confirmed by a trial balance. It keeps track of all financial transactions that occur during the life of a running firm and stores account information that is required to generate financial statements. Transaction data is separated into accounts for assets, liabilities, owners’ equity, income, and costs according on the kind of transaction.