For example, basic accounts include assets, net assets, revenue, expenses and liabilities. These categories may be subdivided in the general ledger to provide more detailed information.

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 purchase and sales ...

Examples of a general ledger The general ledger is used differently depending on the account in question, but the balance sheet is the best-known use of it, so we’ll start with that as an example.

Keeping a general ledger is foundational to your business’s financial success. It tells you how much money you have at any given moment, where your cash is flowing and what your key expenses are.

As an example, let's say The Ford Motor Company has a general ledger balance that shows a total accounts payable balance of $106 million. However, management wants to see which suppliers are owed ...