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 ...

Compare Bank Statement to General Ledger Compare the adjusted bank statement balance per your reconciliation to the adjusted cash balance per the general ledger. Discrepancies should not exist.

Businesses that employ double-entry bookkeeping use a general ledger to compile their financial information. Investors can review them as well as the supporting documents.

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.

A debit ticket is an accounting entry that indicates a sum of money that the business owes. It reduces the balance of the general ledger.