Businesses that employ double-entry bookkeeping use a general ledger to compile their financial information. Investors can review them as well as the supporting documents.

General Ledger Purchase Example. The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, ...

The double-entry accounting system, also known as the general ledger, dates back to the 1300s in Genoa, Italy. The system is still commonly used today. Image source: Getty Images ...

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 ...

Example of a Nonprofit's General Ledger. ... Because general ledgers use double-entry bookkeeping methods, each transaction recorded includes a debit to one account and a credit to the other.

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.

Double Entry Bookkeeping in Excel If this is a new company, the first transaction will likely be the equity invested in the company. As an example, let's say an entrepreneur named Jane decides to ...

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 ...