General Ledger

A general ledger is an overview of all company accounts and transactions during a given period. It is the central record of a company's financial transactions, summarizing all accounts for assets, liabilities, equity, revenue, and expenses.

In a general ledger, accounting consultants or the person responsible within the company enter the accounting entries based on the account in the list of accounts to which they have been recorded. The general ledger is therefore organized according to the chart of accounts and structured in numerical account order.

he general ledger is commonly used for various types of account reconciliations, as it provides a very clear and comprehensible overview of the accounts. This is also where one often turns if any errors are suspected or discovered in the ongoing bookkeeping.