What does GL stand for in accounting?

In accounting, GL stands for General Ledger. To elaborate, the General Ledger is a comprehensive record of a company's financial transactions. It serves as the central repository for all accounting data, summarizing the financial activities of the organization. The General Ledger is crucial for preparing financial statements and ensuring the accuracy of financial reporting. It includes accounts for assets, liabilities, equity, revenues, and expenses, providing a detailed view of the company's financial health.