Key Terms
- General Ledger: The general Ledger (GL) is a company’s permanent financial record.
- Posting: Posting is the process of recording the appropriate part of the journal entry into the affected ledger account.
- Zero balance in ledger: After all the entries are posted in the ledger, the balance is adjusted based on the debit and credit of each transaction. Sometimes, the ledger account may not have any debit or credit balance after the adjustment. This is called a zero balance in a ledger account.