general ledger (GL)

A general ledger (GL) is a chronological accounting record a business uses to keep track of financial transactions.

A general ledger (GL) is a chronological accounting record a business uses to keep track of financial transactions. Transactions are categorized and summarized into accounts. An account is a unique record for each type of asset, liability, equity, revenue and expense. The number and type of accounts that make up the general ledger is determined by the chart of accounts (COA).

The general ledger is the primary component of most financial accounting software applications. It can be thought of as an electronic database that provides the data required to build financial reports. General ledger is at the core of any enterprise resource planning (ERP) financial management system, which encompasses the functions that are required to maintain one or more sets of books, generate financial reports, manage cash and fixed assets and execute payment and receivable transactions.

This was first published in March 2012

Continue Reading About general ledger (GL)

Glossary

'general ledger (GL)' is part of the:

View All Definitions

Dig deeper on General Ledger, Accounts Receivable and Accounts Payable Software

Pro+

Features

Enjoy the benefits of Pro+ membership, learn more and join.

0 comments

Oldest 

Forgot Password?

No problem! Submit your e-mail address below. We'll send you an email containing your password.

Your password has been sent to:

File Extensions and File Formats

Powered by:

SearchManufacturingERP

SearchSAP

SearchOracle

SearchBusinessAnalytics

SearchContentManagement

SearchDataManagement

SearchCRM

Close