General Ledger Purchase Example. The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ...

Keep a separate, dedicated event ledger of the entire settlement, in case you later need at-a-glance access to the transactions that resulted specifically from the divorce.

The general ledger is the centralized source that contains all of the financial accounts for a company. It contains debit and credit accounts, including the due to account and the due from account.

Adding them to the general ledger decreases its net balance. Therefore, a debit ticket represents a transaction in the general ledger that deducts money from the account.