General Ledger
Jump to navigation
Jump to search
The General Ledger is an auditable record of financial transactions.
Definitions:
- Ledger Accounts represent reporting values.
- Ledger Transactions record funds flowing in/out of Ledger Accounts.
- Chart of Accounts is a hierarchy that is used to classify individual Ledger Accounts for reporting purposes.
- Source Transactions are applied to the General Ledger by Posting to The Ledger. The sum of posted Ledger Transactions in a single set always sum to zero.
- Journals are adjustments to 2 or more Ledger Accounts by adding Ledger Transactions that sum to zero.