Double-entry bookkeeping · Concepts · European Finance Observatory

Roles that need it

Journal entryA journal entry records a transaction in the books with equal debits and credits, a date, accounts and a description. Manual journals posted at period end are a classic audit focus because they can bypass system controls.
General ledger (GL)The general ledger is the master record of all accounts of an entity, organised by the chart of accounts, from which the trial balance and financial statements are produced. Detailed transactions often sit in sub-ledgers that post summarised entries to it.
Trial balanceA trial balance lists the closing balance of every general ledger account at a date to check that total debits equal total credits. It is the starting point for preparing financial statements and for audit work.

Updated 31 Oct 2026.