What Is General Ledger?

Posted by Ana Orwel on Tuesday, April 28, 2009

What is general ledger? The general ledger or nominal ledger is the main records of all the transactions of a company that uses a double entry bookkeeping. A general ledger incorporates the accounts of entities like liabilities, fixed assets, current assets, revenue, expense, losses and gains. The most important financial statements of a company are supported by a collection of accounts (the general ledger). The general ledger is built by recording the transactions on sales daybook, cash daybook, purchase daybook, general journals daybook and sales daybook. The general ledger is supported by a group of subsidiary ledgers.

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