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Excerpt

A General Ledger Account (synonymous with Account and GL Account) is a unique identifier used to store specific accounting data in the General Ledger. A General Ledger is made up of multiple General Ledger Accounts that are each classified as either: 1) Balance Sheet - Asset, 2) Balance Sheet - Liability, 3) Balance Sheet - Equity, 4) Income Statement - Revenue, or 5) Income Statement - Expense.