What is a general ledger?
A general ledger (GL) is the central accounting record that captures all financial transactions of a company across the chart of accounts. The GL is the source of truth from which financial statements are derived and is the primary record audited by external accountants.
Modern general ledgers are maintained in accounting software (QuickBooks, Xero, NetSuite, Microsoft Dynamics, Sage, Logo, Mikro). A well-maintained GL with proper chart of accounts, reconciliations and audit trails substantially reduces fundraising friction and audit costs.