General ledger7/10/2023 ![]() The document holds crucial information needed to prepare financial statements at the end of the year. These specific changes in accounts from financial activity, are collected into one document called the general ledger.īy definition, the general ledger is the main record-keeping system of a company’s financial transactions. In bookkeeping every financial transaction, whether it’s a sale of merchandise, purchase of equipment, or capital investment, affects the accounts of a business.
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