What is General Ledger?

What is General Ledger, www.askhareesh.com
General Ledger is one of the core modules in oracle apps. The Oracle General Ledger is the central repository of accounting information. The main purpose of a general ledger system is to record financial activity of a company and to produce financial and management reports to help people inside and outside the organization make decisions.

Here are the major functions of General Ledger:
  • General Ledger is a central repository of all your financial transactions.
  • All sub-ledger data (AR, AP, INV, WIP, etc.) eventually flows into General Ledger.
  • At the end of each month, quarter, year one has to close your current period and open the next period on your transaction calendar.
  • Financial reporting occurs out of your General Ledger.
  • All financial statements are generated out of General Ledger.
  • Journal Import” is a “one stop” interface for any data that comes into GL from external sources (e.g: Sub Ledgers, external accounting systems, legacy data, etc.)
  • You can recognize revenue in several currencies in a single installation of General Ledger.