General Ledger: Difference between revisions
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* [[Ledger Accounts]] represent reporting values. | * [[Ledger Accounts]] represent reporting values. | ||
* [[Ledger Transactions]] record funds flowing in/out of [[Ledger Accounts]]. | * [[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. | |||
Latest revision as of 19:52, 3 March 2017
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.