Accounting glossary
What is general ledger?
The master record of every account and every entry — the book all statements are computed from. If a number on any report cannot be traced to ledger entries, it is not accounting; it is decoration.
Example
A single sale produces several ledger lines: accounts receivable debited $1,563.20, sales credited $1,520.00, GST/HST payable credited $18.00, PST payable credited $25.20.
Read together they explain the sale completely — and each one names the document that created it, so the trail runs both ways.
In SeroBooks
A drillable GL: account → entries → the source document, in two clicks. General ledger →