How the general ledger works

Wealtharu keeps real double-entry books behind the scenes. Every time money moves, it records two matching sides so your books always balance.

What the general ledger is

The general ledger is the record of every money event as balanced entries. Each event records a debit on one account and a matching credit on another, for the same amount. Because the two sides always match, the totals across all accounts come out even. That is what lets an accountant trust the numbers.

Your day-to-day records (rent charges, payments, expenses) still work exactly as before. The ledger sits underneath them and is built automatically. You do not post entries by hand.

What gets recorded

• A rent charge records what a tenant owes. It debits Rent receivable and credits Rental income.
• A payment records cash coming in. It debits Cash and credits Rent receivable. A card surcharge is recorded as its own income so the Cash figure matches what actually arrived.
• A refund reverses part of a payment. It puts the balance owing back.
• An approved expense debits the right expense account and credits Cash.

The chart of accounts

The chart of accounts is the list of buckets entries post to, like Cash, Rent receivable, Rental income, and one account per expense category. The expense accounts line up with the CRA T776 lines, so your tax package and your ledger agree.

Where to find it

Open General ledger from the Money area. You can see the trial balance and the full list of transactions with a running balance. See "Reading the trial balance" for how to read it, and "Export for your accountant" to hand it off.

Good to know

• You never edit a posted figure in place. A correction is recorded as a reversing entry plus a new entry, so the original is always kept. See "The audit trail" for more.
• This is tooling, not accounting advice. Have your accountant review the figures before you file.