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What is a GL?

A general ledger (GL) is a company's set of numbered accounts, providing a complete record of financial transactions over the life of the company. It also holds account information that is needed to prepare financial statements and includes accounts for assets, liabilities, owners' equity, revenues and expenses. Each account is a unique record, summarising each type of accounting element:

  • Asset

  • Liability

  • Equity

  • Revenue

  • Expense