Your complete financial record
The General Ledger is the master record of all financial transactions in your business. Every invoice, expense, payment, and transfer you record in Officaid flows into the General Ledger, organised by account. It's the foundation that all other financial reports are built on.
While most business owners use summarised reports like the Profit & Loss or Balance Sheet for day-to-day decisions, the General Ledger provides the detailed transaction-level data when you need to investigate a specific amount or verify your records.
Why the General Ledger Matters
Business owners and accountants use this report to:
- Trace specific transactions by drilling down into any account to see every individual entry
- Verify accuracy by checking that debits and credits balance across all accounts
- Prepare for audits by providing a complete record of all financial activity
- Investigate discrepancies by finding exactly where a number came from
- Support tax filing by giving your accountant detailed records organised by account
Accessing the Report
To view your General Ledger, navigate to Finance → Reports and select General Ledger.
At the top of the report, you can select your date range:
- 2025 or 2024 for quick access to full-year data
- Custom to select any date range you need
Use the Download button in the top right corner to export the report for your records or to share with your accountant.
Understanding the Report Structure
The General Ledger displays all accounts in your system, organised into five categories:
- Assets includes bank accounts, accounts receivable, fixed assets, and accumulated depreciation
- Liabilities includes accounts payable, sales tax payable, and loans
- Equity includes owner's equity and historical adjustments
- Income includes sales revenue, interest income, and other income sources
- Expense includes all expense categories like salaries, rent, office supplies, and loan interest
Each account row displays the following columns:
- Account is the name of the account. Click it to view all transactions in that account.
- Account Type shows which category the account belongs to (Bank, Assets, Liabilities, Equity, Income, or Expense).
- Debit/Withdrawal shows the total amount debited or withdrawn from the account during the period.
- Credit/Deposit shows the total amount credited or deposited to the account during the period.
- Net Movement shows the difference between debits and credits, indicating how the account balance changed during the period.
Reading the Totals
At the end of each category, a total row summarises all accounts in that category:
- Total Amount Assets shows the combined movement across all asset accounts
- Total Amount Liabilities shows the combined movement across all liability accounts
- Total Amount Equity shows the combined movement across all equity accounts
- Total Amount Income shows the combined movement across all income accounts
- Total Amount Expense shows the combined movement across all expense accounts
At the bottom of the report, the Grand Total row shows the total debits, total credits, and the overall net movement. When your books are correct, this displays 0.00 (Balanced), confirming that total debits equal total credits.
Viewing Transaction Details
When you click on an account name, you'll see a detailed breakdown of every transaction in that account for the selected period. The transaction view shows:
- Date is when the transaction occurred
- Reference is the transaction reference number (e.g., EXP-20250500014). Click it to open the original transaction.
- Vendor is the vendor or customer associated with the transaction, if applicable
- Description provides details about what the transaction was for
- Amount shows the transaction value
The Net Movement at the bottom of the transaction list confirms the total for that account, matching what you see on the main General Ledger report.
Understanding Debits and Credits
The General Ledger uses traditional accounting terminology:
- Debits increase asset and expense accounts, and decrease liability, equity, and income accounts
- Credits increase liability, equity, and income accounts, and decrease asset and expense accounts
For most business owners, the Net Movement column is easier to interpret. A positive Net Movement in an expense account means you spent more, while a negative Net Movement in an income account means you earned more (income is recorded as credits, so the net movement appears negative).
How to Use This Report
Investigating discrepancies: If a number on your Profit & Loss or Balance Sheet doesn't look right, use the General Ledger to trace it back to specific transactions.
Preparing for tax time: Export the General Ledger for your accountant. It provides the detailed records they need to prepare your tax return.
Checking account activity: Click into any account to see all transactions. This is useful for verifying that entries were recorded correctly.
Reviewing a specific period: Use the Custom date option to look at any time range, such as a specific month or quarter.
Frequently Asked Questions
The General Ledger shows all accounts with their debit and credit movements over a period. The Trial Balance shows all accounts with their closing balances at a specific point in time. The General Ledger is more detailed and shows activity, while the Trial Balance is a summary of where accounts stand.
A dash indicates there was no activity in that column for the selected period. For example, an expense account would typically show debits but no credits, so the Credit/Deposit column displays a dash.
A negative Net Movement means credits exceeded debits for that account during the period. For income accounts, this is normal because income is recorded as credits. For asset accounts, a negative movement means the account balance decreased.
What's Next?
Now that you understand the General Ledger, explore these related articles:
- Trial Balance to see account balances at a point in time
- Chart of Accounts to see how your accounts are structured
- What is Debit and Credit to understand accounting fundamentals