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General Ledger

The master record of every financial transaction, organised by account.

Area
Accounting
Abbreviation
GL
Also known as
nominal ledger, GL
In this area
51 terms of 257

The general ledger is the central book of account. Every transaction — a sale, a receipt, a payroll run, a stock write-off — lands in it as balanced debits and credits against specific accounts.

All financial statements are built from the ledger, which is why sub-ledgers such as inventory, payables and receivables must reconcile to it. When they do not, the ledger is right by definition and something upstream is wrong.

See it in AWRA OpsHub

Accounting Automation

Related terms

Chart of Accounts

COA

The structured list of accounts transactions can be posted to.

Journal Entry

A single balanced record of debits and credits posted to the ledger.

Trial Balance

A listing of all account balances used to check the ledger is in balance.

Double-Entry Bookkeeping

Recording every transaction as equal and opposite debits and credits.

More in Accounting

Accounts Payable (AP) Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Balance Sheet Bank Reconciliation

General Ledger is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 257 glossary terms describe things the platform actually does.

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