Creating a General Ledger (G/L)
In this chapter, you learn how to create G/L accounts, use line items, and open item management in G/L accounts.
At the end of this chapter, you will be able to:
- Explain what a general ledger is
- Describe what a master record is
- Create G/L account master records
- Use a template to copy a G/L account
Business transactions are sorted and stored in G/L accounts that apply the double entry principle—dual control (debit and credit). Transactions posted to G/L accounts are classified into assets, liabilities, income, and expenditures, from which financial statements are drawn.
All financial transactions ...