Double-entry bookkeeping is the concept that every accounting transaction impacts a company’s finances in two ways. The general ledger is the record of the two sides of each transaction.

How a General Ledger Functions With Double-Entry Accounting . A general ledger is used by businesses that employ the double-entry bookkeeping method, which means that each financial transaction ...

Double-entry accounting is a bookkeeping system that requires two entries — one debit and one credit — for every transaction. Your books are balanced when debits and credits zero each other out.

Although no one knows when double-entry accounting first emerged, but Italian mathematician and Franciscan friar Luca Pacioli wrote the first codified system describing the technique in the late ...

Recap: At-a-glance GL terminology. General ledger (GL): A document that records every financial transaction made over the course of a business's lifespan. Double-entry bookkeeping: A type of ...

The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...

The rise of double-entry accounting, introduced in the 15th century and made famous by the Medici family, was a significant milestone in the history of ledger systems and has had a lasting impact ...

Because bookkeeping is based on double-entry accounting, each transaction affects two accounts — one gets debited and the other is credited. These debits and credits had to be manually recorded ...