What is it?
The General Ledger, or GL, is an accounting term used to describe an entity’s complete record of financial transactions. It holds all of the financial information required to prepare financial statements, aid budget managers and support strategic planning.
At Carleton University, the FOAPAL is an accounting string used to record entries into the GL and allows for segregation of financial activity into assets, liabilities, revenues, expenses and Fund balances.
Why is it important?
It is important to properly categorize the financial activity on the general ledger to generate financial statements that are meaningful to the University’s stakeholders, provide useful information to departmental, Fund and project managers and to support assessment of the University’s strategic goals.
Where do I find more information?
For more information on using the FOAPAL to record your financial transactions, see: FOAPAL