What is General Ledger (G/L)?

In the construction industry, the General Ledger (G/L) serves as a central repository for all financial transactions related to a company's projects. It acts as a comprehensive record of all revenues, expenses, assets, and liabilities, providing a detailed overview of the financial health of the construction business. The G/L helps construction companies track and analyze their financial performance, identify trends, and make informed decisions to optimize profitability and efficiency.Additionally, the General Ledger in construction plays a crucial role in ensuring compliance with industry regulations and standards. By accurately recording and categorizing transactions, construction companies can generate financial reports that are essential for audits, tax filings, and financial planning. The G/L also facilitates the tracking of project-specific costs, allowing construction companies to monitor budget allocations