The ledger is the second step of accounting. It is the principal book of accounts. This note has information about ledger.
The ledger account or simply an account is a summarized statement of the financial transactions particularly relating to a subject, which may be a person, an asset, an expense or an income. This note has information about ledger accounts and its posting.
The ledger accounts are balanced and closed after all transactions occurred during have been posted therein. Generally, the accounts are balanced and closed at the end of an accounting period. This note has information about balancing and closing of ledger accounts.