What is a general ledger?

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Community Answers

This basic question will allow the interviewer to gauge your level of experience and knowledge in payroll. It will also show the interviewer your ability to explain a payroll-related term in a way that anyone can understand. People can clearly explain concepts they genuinely understand, after all! Your response should be straightforward and to the point. If you want to add a little pizazz into your answer, you can provide an example of your professional experience working with general ledgers.

"A general ledger or G/L is used by businesses to track financial transactions by assets, liabilities, equity, revenue, and expenses. In my current position, I work with general ledgers daily. For instance, I (give an example of a time when your knowledge of G/L use benefitted your employer)."

"While completing my Payroll certification, I learned that a general ledger is the main accounting record for a company or organization. It ties into the profit and loss and accounts for all expenses or monies earned across the board. It is an essential financial tool for a business and a Payroll Specialist."

A general ledger is a recordkeeping system used to sort, store, and summarize a company's financial transactions. It is important for the general ledger to match with payroll records. So in my roll, I am often working with the Accounting Manager to review and audit any differences that we find between the systems. We also work together to make sure items are coded properly in payroll so that they feed into the correct categories in the general ledger.

Anonymous Answer

"The general ledger is the foundation of a company's double-entry accounting system.

General ledger accounts encompass all the transaction data needed to produce the income statement, balance sheet, and other financial reports."