What is general ledger?

The general ledger collects every posted movement for each account, and gives the balance of any account at any date. Entries are first recorded in the journal in the order they happen, then posted to their accounts in the ledger. In modern systems both happen at once.

Accounting

General ledger

The general ledger collects every posted movement for each account, and gives the balance of any account at any date.

Explained

Entries are first recorded in the journal in the order they happen, then posted to their accounts in the ledger. In modern systems both happen at once.

Related terms

Chart of accountsA chart of accounts is the organised list of every account a business records its transactions in, arranged by type: assets, liabilities, equity, revenue and expenses.
Trial balanceA trial balance lists the balance of every account at a date, with total debits equal to total credits.

All terms