In an ERP system, the General Ledger (GL) automatically collects and records financial data from all the other modules. These modules include sales, procurement, inventory, and payroll. Every transaction is added to the GL using rules and account links, making sure everything is done correctly and in the right way. The GL then organizes these entries into debits and credits across various accounts (e.g. revenue, expenses, assets, liabilities). This means that businesses can generate up-to-date financial reports, track performance, and make sure they are following accounting standards, all from one place.
