General Ledger Software

General Ledger Software — Every Transaction, Automatically Recorded

iBill's general ledger captures every invoice, payment, expense, and refund with sequential entry numbers and full audit trail. The foundation of your accounting.

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What is a General Ledger?

The complete record of every financial transaction in your business — and iBill builds it automatically

The Complete Financial Record

A general ledger (GL) is the master record of all financial transactions in your business. Every dollar that flows in or out is recorded here with a date, amount, account classification, and description. It is the single source of truth for your financial data.

Journal Entries Flow into the GL

Every financial event creates a journal entry with balanced debits and credits. These entries are posted to the general ledger, where they accumulate by account. A payment creates a debit to your bank account and a credit to revenue — both sides always balance.

Foundation of Financial Reporting

Your balance sheet, income statement, and trial balance are all generated directly from the GL. Account balances on those reports are simply the sum of all journal entries posted to each account. Without a proper GL, financial statements cannot be produced.

iBill Automates It All

With iBill, you never manually post to the GL. Every payment, expense, refund, mileage log, and asset acquisition triggers an automatic journal entry. The GL is always current, always balanced, and always ready for reporting or CRA review.

Automated GL Posting Events

Every financial event triggers balanced journal entries — no manual posting required

Financial Event	Debit (DR)	Credit (CR)
Payment Recorded	1200 Bank	4000 Revenue + Tax
Advance Payment	1200 Bank	2400 Unearned Revenue
Refund Issued	4000 Revenue + Tax	1200 Bank
Expense Created	Expense + 2110 ITC + 2220 PST	1200 Bank
Mileage Logged	6600 Vehicle Expense	1200 Bank
Asset Acquired	1600 Capital Assets	1200 Bank
CCA Depreciation	6900 Depreciation	1610 Accum. Depreciation

Key GL Features

Everything you need to manage, search, and export your general ledger data

Searchable Transaction History

Find any entry by account, date, or reference number. Quickly locate specific transactions across thousands of GL entries with powerful search and filtering.

Filter by Account

View all entries for a specific GL account — bank, revenue, expenses, tax liabilities, or any other account in your chart of accounts. Isolate exactly what you need.

Drill-Down Views

Click any summary balance to see the underlying journal entries that compose it. Trace any account balance back to the individual transactions that created it.

Bank Reconciliation

Match GL entries to bank statement transactions. Identify discrepancies, auto-categorize recurring items, and keep your books aligned with your bank. Learn more.

Sequential Entry Numbers

Every journal entry receives a sequential, tamper-evident entry number. This numbering scheme creates a verifiable audit trail that satisfies CRA record-keeping requirements.

Export to CSV/Excel

Download your GL data in CSV or Excel format to share with your accountant, import into other systems, or create custom reports. Full transaction detail included in every export.

Your Complete Financial Record — Automated

Every payment, expense, and refund posted to your general ledger automatically. No manual entry, no missed transactions.

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Refund Management with Automatic Tax Reversals

Process full or partial refunds and the GL handles proportional tax calculations for CRA compliance

Full refunds reverse the entire payment and all associated taxes in the GL
Partial refunds calculate proportional tax reversals automatically (e.g., 50% refund = 50% GST, HST, PST, QST reversed)
Invoice status updates to "Refunded" or "Partially Refunded" with remaining balance tracked
Refund reason tracking for audit documentation
CRA-ready refund reports with detailed tax breakdowns exportable in CSV, Excel, or PDF

Partial Refund Example (50%)

Original Invoice$1,130.00

Refund Amount-$565.00

Remaining Balance$565.00

Proportional Tax Reversal

Subtotal Reversed$500.00

GST Reversed (5%)$25.00

QST Reversed (9.975%)$40.00

Total Tax Reversed$65.00

Select Payment

Choose the original payment to refund

Enter Amount

Full or partial with refund reason

Auto Calculate

Tax reversal computed proportionally

GL Updated

Ledger, status, and balances sync

Dual-Ledger Architecture

iBill maintains two synchronized ledger systems for maximum reliability and accuracy

Legacy Payment Ledger

Tracks every payment, refund, and credit in a simple single-entry format. Powers the Ledger Dashboard and generates data for CRA tax reports. Fast, reliable payment history.

GL Journal Entries

Full double-entry accounting with balanced debits and credits. Powers the Accounting Dashboard, balance sheet, income statement, and trial balance. Complete audit trail.

Automatic Cross-Checking

Both ledgers stay in sync automatically. iBill cross-checks 8 balances — AR, Revenue, Expenses, Bank, GST/HST, PST, QST, and ITC — to verify consistency between the two systems.

General Ledger FAQs

Does iBill maintain a general ledger automatically?

Yes. Every financial event — payments, expenses, refunds, asset acquisitions, and depreciation — automatically generates journal entries in your general ledger. No manual data entry required.

Can I search and filter GL entries?

Yes. You can search the general ledger by account, date range, reference number, or transaction type. Drill down from summary views to individual journal entries to trace any transaction.

How does the GL connect to financial statements?

Your financial statements (Balance Sheet, Income Statement, Trial Balance) are generated directly from the general ledger. Every account balance on your statements comes from the sum of GL entries in that account.

Is the GL audit-trail CRA ready?

Yes. Every journal entry has a sequential entry number, timestamp, description, and reference to the source transaction (invoice number, expense ID, etc.). This creates a complete, tamper-evident audit trail that satisfies CRA record-keeping requirements.

How are tax reversals calculated on refunds?

Tax reversals are calculated proportionally. For example, if you refund 50% of a $1,130 invoice that included $65 in taxes (GST + QST), exactly $32.50 in taxes will be reversed. The GL records the reversal as a debit to Revenue and Tax accounts and a credit to Bank, ensuring accurate CRA reporting.

Can I process partial refunds?

Yes. iBill supports both full and partial refunds. Partial refunds automatically calculate the proportional tax reversal (GST, HST, PST, QST) and update the invoice status to "Partially Refunded" with the remaining balance tracked in the GL.

What invoice statuses are used for refunds?

"Paid" for fully paid invoices, "Refunded" when a fully paid invoice is completely refunded, and "Partially Refunded" when a paid invoice has a partial refund. Each status change creates a corresponding GL journal entry for a complete audit trail.

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Every Dollar, Every Transaction — Automatically Tracked

Trusted by Canadian businesses using iBill's general ledger.