CHAPTER 5

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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

General Ledger

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 ...

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