The central task of general ledger accounting is providing a comprehensive overview of external accounting and accounts. By recording all business transactions, including primary postings and settlements from internal accounting, in a system that is fully integrated with all the other operational areas of a company, you ensure accuracy and completeness for accounting data.
General Ledger Accounting serves as a complete record of all business transactions providing a centralized, up-to-date reference for the rendering of accounts. Actual individual transactions are reviewed with real-time processing, displaying the original documents, line items, and transaction figures at various levels (such as account information, journals, totals, transaction figures, and balance sheets).
This process describes all required period end-closing steps, related to performing local period-end closing and steps that are identical for local and parallel ledger.