General Ledger
The general ledger is the foundation of a company's financial information system. It contains all the accounts necessary to prepare financial statements and records all of a company's business transactions through double-entry bookkeeping.
Each account in the general ledger represents a different aspect of the company's business activity, from assets and liabilities to revenues, expenses, gains, and losses. The meticulous organization within the general ledger allows accountants to compile critical financial reports, such as the balance sheet and income statement, which offer insights into the company's financial status and profitability.
Additionally, the general ledger plays a crucial role in the audit process, serving as a primary source of information for auditors to verify a business's financial health and compliance. The accuracy of the general ledger is paramount, as it impacts the reliability of financial statements and the decision-making process of management, investors, and creditors.
All your bookkeeping tools and accounting data — under one roof with Botkeeper Infinite! Take control of your firm's bookkeeping for just $69/entity per month, with month-to-month billing available!