General Ledger
Definition
The general ledger is the complete record of all accounts and their balances. It is built from all the journal entries the business has recorded.
Example
After posting journal entries for the month, the general ledger shows the balance in every account — Checking, Accounts Receivable, Rent Expense, and so on.
Why It Matters
The general ledger is the source of the trial balance and financial statements. If it is wrong, everything built from it is wrong.