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General Ledger
Understanding Light's General Ledger
Light's general ledger is the central accounting system where all financial transactions are recorded.
Accounting Document Types and Lifecycle
All financial activity in Light flows through a unified accounting document system.
Viewing and Searching Journal Entries
Light provides flexible tools to search, filter, and view journal entries and all accounting documents.
Creating Manual Journal Entries
Manual journal entries allow you to record adjustments, accruals, and corrections directly in the GL.
Deferred Entries (Accruals and Deferrals)
Deferred entries allow you to spread costs or revenue over multiple periods using release templates.
Multi-Entity Ledger Management
For companies with multiple entities (subsidiaries, branches, operating divisions), Light maintains separate ledgers per entity.
Immutable Ledger and Audit Trail
Light's ledger is immutable by design—once transactions post, they cannot be changed. This ensures data integrity and creates a complete audit trail.
Closing Periods and Month-End Close
Accounting periods organize the GL by time. At period-end, you close the period to prevent new postings and prepare for financial reporting.
Year-End Closing Entries
Year-end close is the annual accounting process that closes all revenue and expense accounts and transfers net income to retained earnings.
FX Revaluations
Foreign exchange (FX) revaluation adjusts your GL account balances to reflect current exchange rates.
Intercompany Documents
Intercompany documents record transactions between entities in your corporate group.
Clearing, FX Gain/Loss, and CTA
Clearing (matching) transactions and recording foreign exchange impacts are critical accounting processes.