Keeping Track of Your Business

In this section, we will discuss the ins and outs of accounts payable, accounts receivable, the journal, the general ledger, and cash management.
In double-entry accounting, these are forms used for the accounts on separate sheets, in a book or binder and are called the general ledger. This is considered a permanent, classified record for each business account.
The general ledger is usually the main record of accounting that a business uses. It can include assets and liabilities as well as gains and losses, along with the revenue and expense items that caused the gains and losses.