What is a General Ledger Account?
A general ledger account is a record in a company's financial accounting system that tracks all the financial transactions related to a specific category or account type, such as assets, liabilities, equities, revenue and expenses.
The account is used to sort, store and summarize a company's transactions. It provides a complete and accurate record of all financial transactions and their respective balances for a specific account.
The general ledger is critical part of company's accounting system and is used to prepare financial statements, such as balance sheet and income statement, which provide an overview of the company's financial position and performance.
Swift Accounting is an online accounting system that helps to keep track all financial transactions and provides financial reports in real-time.
Accurate and up-to-date financial system and ledger provides an overview of the company's financial position and position, and helps in business decision making. It is also essential to ensure business to be in compliance with regulatory.