What is a general ledger? The general ledger is nothing but a ledger in accounting. The following is the complete definition, function, and how to create a general ledger. Read more on the ActivelyShare Blog.
As a layman, maybe not many know what a general ledger is.
The general ledger is a very important component in accounting because it contains the records of all financial transactions.
To know more about general ledgers in the world of accounting, let’s look at the following review.
What is General Ledger?
The function of the general ledger is to help achieve this goal by compiling journal entries and enabling accounting calculations.
The general ledger also provides information regarding the records of every financial transaction that occurs during the company’s operations.
In addition, it also has company account information that accountants need to make company financial statements.
- Types Of Costs, Definition, Functions And Classifications
- Production Costs: Definition, How To Calculate, Examples and Elements
- Break Even Point (BEP) Definition, Analysis, How To Calculate, Examples
- Basic Accounting: Formulas, Concepts, And Examples Of Their Equations
- Cash And Cash Equivalent, What Is It And The Difference Between The Two?