What is a General Ledger?
The general ledger, sometimes referred to as the ‘nominal ledger’ is the main accounting record of a business. It is a group of accounts that makes up the Trial Balance and ultimately supports the value of items shown in the business’ financial statements.
All financial transactions are accounted for in the general ledger which provides a trail which enables the user to trace the origin of a transaction and verify its accuracy and correct posting.
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