General Ledger

Business, Legal & Accounting Glossary

Definition: General Ledger

Quick Summary of General Ledger

General Ledger (GL) is a complete record of the financial transactions over the life of a company.

Full Definition of General Ledger

general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarising each type of asset, liability, equity, revenue and expense.

A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.

The general ledger holds account information that is needed to prepare the company’s financial statements, and transaction data is segregated by type into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

Synonyms For General Ledger

big book, ledger, great book, wisdom book, general ledger, account book, journal, register, record

Cite Term

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Page URL
Modern Language Association (MLA):
General Ledger. Payroll & Accounting Heaven Ltd. September 16, 2021
Chicago Manual of Style (CMS):
General Ledger. Payroll & Accounting Heaven Ltd. (accessed: September 16, 2021).
American Psychological Association (APA):
General Ledger. Retrieved September 16, 2021, from website:

Definition Sources

Definitions for General Ledger are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 11th January, 2020 | 6 Views.