Reporting and Operations

Recording Other Transactions

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Originally Posted: March 30, 2009
Updated: 
May 24, 2017
Author: 
Size of Organization: 
Small

The general ledger is the journal where all transactions are posted throughout the year and balances are maintained. To create a comprehensive and easily used general ledger, a chart of accounts is developed. The account numbers noted in the chart of accounts are the basis for sorting the information in the general ledger. Journal entries are the means for recording all activity in the general ledger.