What is the General Ledger Used For? The general ledger summarizes the many credit and debit accounts of the business. In effect, it’s a measure of shareholder equity because it accounts for both ...

A general ledger provides a complete record of financial transactions for a business. Learn how it works and why it is important in our guide.

Prepaying expenses can also lead to significant savings. One good example is a prepaid college plan or 529 plan. A prepaid tuition plan allows you to buy units of tuition in advance.

How to Credit & Debit Your Advertising Expenses. When your business incurs an advertising expense, proper accounting in your general ledger is essential for accurate tax reporting.

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 ...

The general ledger tracks five prominent accounting items: assets, liabilities, owner’s capital, revenues, and expenses. Transactions that first appear in the journals are subsequently posted in ...