The general ledger is the official record of the accounting period. It includes beginning balances for each account, all transactions impacting those accounts during the accounting period, and each account’s ending balance. Without the ledger, business owners couldn’t generate reports, prepare financial statements, or analyze the results of their day-to-day operations. Organizations typically complete the accounting cycle at the end of each fiscal period (usually at the end of the month). At year-end, the accounting cycle may take longer to complete as management and outside accountants spend extra time checking the completeness......

Read More