General Ledger

A general ledger is used in accounting to document all business activities. Transactional information is categorized into assets, liabilities, income, expenses, and owner's equity in a general ledger. The accountant creates the trial balance once each sub-ledger has been closed out. The company's financial statements, including its balance sheet, income statement, statement of cash flows, and other financial reports, are then made using the information from the trial balance.