The General, or nominal, Ledger is the primary accounting record of a business. It will include accounts for such items as assets and liabilities, revenue and expense, gains and losses. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of your company.

The two primary financial documents of any company are their balance sheet and the profit and loss statement, and both of these are drawn directly from the company’s general ledger. The general ledger accrues the balances that make up the line items on these reports, and the changes are reflected in the profit and loss statement as well.

A well maintained ledger is essential in times of audits, and being able to understand your finances can help save time and money. SLH & Co. | Bookkeeper Surrey can help to maintain ledgers that will create the General Ledger and create an accounting system that will allow you to easily understand the state of your companies finances.