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In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
Depending on the company's bookkeeping procedures, all journals may be totaled and the totals posted to the relevant ledger each month. At the end of the accounting period, the company's financial statements are generated from summary totals in the ledgers. [2] Ledgers include: [3] Sales ledger (debtors ledger): records accounts receivable ...
This ledger consists of the records of the financial transactions made by customers to the business. Purchase ledger is the record of the company's purchasing transactions; it goes hand in hand with the Accounts Payable account. General ledger, representing the original five, main accounts: assets, liabilities, equity, income, and expenses.
Example of General Ledger and purchase journal in a Belgian accounting program Accounting software is a computer program that maintains account books on computers, including recording transactions and account balances .
The first digit might, for example, signify the type of account (asset, liability, etc.). In accounting software, using the account number may be a more rapid way to post to an account, and allows accounts to be presented in numeric order rather than alphabetic order.
In accounting software, journal entries are usually entered using a separate module from accounts payable, which typically has its own subledger, that indirectly affects the general ledger. As a result, journal entries directly change the account balances on the general ledger.
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