Film Accounting Glossary
General ledger
What is the general ledger?
Also called GL, or ledger.
The general ledger is the complete record of every transaction a production has posted, organized by account, and the source from which the cost report is built.
Every check, journal entry, accrual, and petty cash reconciliation lands here. When a cost report number is questioned, the answer is always found by drilling from the report into the ledger detail behind it.
Example
The cost report says catering is $18,000 over. Drilling into the ledger shows 62 transactions, of which four are second-unit meals that belong to another account and one is a duplicated $3,900 invoice. The answer is always in the detail behind the report.
Figures are illustrative, chosen to show the mechanics rather than to quote market rates.
Where you'll see it
The complete transaction record the cost report is built from. Every question about a reported number ends here.
Common mistake
Arguing about a cost report figure without opening the ledger behind it. Every disputed number is resolved in the transaction detail, not in the summary.
Related questions
- What is in a production's general ledger?
- Every posted transaction organized by account: checks, payroll, journal entries, accruals, and petty cash reconciliations.
- How do you investigate a cost report variance?
- Drill from the reported line into the ledger detail and read the transactions. Miscoded, duplicated, and misallocated costs all show up there.