The general ledger is used differently depending on the account in question, but the balance sheet is the best-known use of it, so we’ll start with that as an example.

Subsidiary Ledger Vs. General Ledger. Accounting is a detailed process for recording and reporting a company's financial information. Businesses often use several different ledgers and journals to ...

The company then uses the general ledger to compile T Accounts, which show the balance of each account. From here, the company will compile financial statements: the income statement, the balance ...

The general ledger is a vast historical data archive of your company’s financial activities, including revenue, expenses, adjustments, account balances, and often much more. The detailed transactions ...

A general ledger is an all-encompassing record of a company’s financial transactions, recording every dollar, dime and penny that comes in and out. For the chief financial officer, it’s ...

The entries are copied over into the general ledger, usually monthly, to keep the company's books straight. The journal serves other purposes, such as tracking inventory, wages, and other costs.