General ledger meaning and purpose
A general ledger contains all the financial statement accounts of a business. It contains offsetting debit and credit accounts. Certain accounts in the general ledger, termed control accounts, summarize the details booked on separate subsidiary ledgers.
More about general ledgers and why they are important
A general ledger keeps records of every company financial transaction and stores account information that is needed to prepare the company’s financial statements, such as assets, liabilities, owners’ equity, revenues, and expenses.
