General Ledger
🏦 Banking
Quick Definition
A general ledger is a complete record of all financial transactions over the life of a company, organized by accounts.
Examples
- 1Recording daily sales and expenses in a retail business.
- 2Tracking all transactions related to asset purchases, liabilities, and equity for a corporation.
- 3Consolidating financial data from various departments for a comprehensive monthly financial report.
- 4Auditing a company's financial records by reviewing the general ledger entries.
Tags
accountingfinancebookkeepingtransactionsfinancial-reporting
Related Terms
Other terms you might find helpful
Balance Sheet
A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.
Financial Statements
Financial statements are formal records of the financial activities and position of a business, person, or other entity, providing an overview of a financial situation over a specific period.
Quick Info
Category:Banking
Difficulty:intermediate
Last Updated:6/19/2025