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general ledger account

 

Definitions from the Web

General Ledger Account


Description:

A general ledger account is a financial record that tracks and summarizes all transactions related to a specific category or type of asset, liability, revenue, or expense within an organization.

Senses:

  1. Sense:

    Noun - A standard account used in the general ledger to organize and classify financial transactions.
    Example sentence: In order to maintain accurate financial records, each transaction must be recorded in the appropriate general ledger account.
  2. Sense:

    Noun - An account representing an individual's personal financial transactions.
    Example sentence: John reviewed his general ledger account to ensure all his expenses were accounted for.

Usages:

  1. Usage:

    Popular - General ledger accounts are widely used by businesses and organizations to systematically record and monitor their financial activities.
    Example sentence: A well-organized general ledger account structure is crucial for efficient financial management.
  2. Usage:

    Local - General ledger accounts may be customized and structured differently based on specific industry requirements or local regulations.
    Example sentence: The local government implemented a specialized general ledger account system to accommodate the unique needs of their municipality.

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