General Ledger

A general ledger is a centralized record that tracks all of a company's financial transactions. It organizes and summarizes income, expenses, assets, liabilities, and equity, providing a comprehensive view of the organization’s financial health. Think of it as the master database where every financial activity is recorded under specific accounts, allowing for accurate reporting and analysis. The ledger helps ensure financial accuracy, supports audits, and aids in preparing financial statements, making it an essential tool for managing and understanding a company's finances systematically.