In Workday, what is the purpose of the General Ledger?

The General Ledger serves a fundamental role in financial accounting by providing a comprehensive and organized record of all financial transactions that occur within an organization. This includes tracking all the debits and credits for various accounts, which helps in the preparation of financial statements, including the balance sheet and income statement. By consolidating these transactions, the General Ledger ensures that the financial health of the organization can be accurately assessed and reported.

Having a complete and accurate General Ledger is essential for maintaining compliance with accounting standards and regulations, facilitating audits, and enabling informed decision-making based on financial data. Therefore, the purpose of the General Ledger is fundamentally centered around recording and managing financial information in a systematic way, which directly aligns with the selected answer.