ERP glossary · Accounts
What is General ledger?
Definition
The general ledger is the master record of all of a company's accounts, where every sale, purchase, payment and adjustment is posted.
Financial statements such as the trial balance, profit and loss account and balance sheet are drawn from it.
General ledger in IndustryX
In IndustryX, invoices, bills, receipts and payments post to the ledgers as they are entered, so books are current without a separate data entry step.
Related terms
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