A general ledger stores and organizes the data that are itemized in a firm’s financial statements. A general ledger represents the record-keeping system for a company’s financial data ...

According to AlixPartners, four general ledger cash accounts that were being maintained on the older STARS7 system were lumped together in the transfer to the new system where they were placed ...

To help reduce financial errors and prevent fraud, many businesses perform a monthly bank reconciliation, comparing the business's bank account statement to the company's general ledger.

During the process, the owner or the accountant compares the general ledger balance to the bank statement balance. Reconciliation allows the auditor to find accounting and bank errors. At the end ...