This article explains the General Ledger report in Qoyod, which displays account activity and balances based on entries recorded in the General Journal, along with the structure of the ledger and its sides.
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Reports › General Ledger
What is the General Ledger
The General Ledger shows account activity and balances based on the General Journal. Each account has one or more pages, and entries are posted from the General Journal by recording debit sides of the journal entry on the debit column and credit sides on the credit column. The General Ledger is a control account for sub-accounts and covers a single fiscal period.
Structure of the General Ledger
The General Ledger consists of a table with three sides:
- Debit side: shows amounts that came into the account. For example, in the Inventory account: the value of goods received.
- Credit side: shows amounts that left the account. For example, in the Inventory account: the value of goods issued.
- Net activity: shows the net amounts remaining in the account. Calculated at the bottom of the page after the balancing equation is applied.
Accounting Terms
- Debtor: the party that took the debt from the creditor.
- Creditor: the party entitled to an amount to be paid by the other party (the debtor). It can be a person, organization, company, or government entity.
- Account balance: the net difference between total debit amounts and total credit amounts on the account.
View Net Activity for the Fiscal Year
When you click “View Net Activity for the Fiscal Year” on the closing balance date, the following appears:
- Opening balance.
- Balance since the beginning of the year.
