Definition
The complete record of all an HOA's financial transactions, organized by account — the backbone of its books.
The general ledger is the master record of every financial transaction the association makes, organized according to the chart of accounts. All financial reports — the balance sheet, income statement, and more — are built from it.
A well-maintained general ledger, with transactions coded correctly and reconciled to the bank, is the foundation of accurate reporting and a clean audit. Errors here ripple into every report.