What is the difference between a ledger and a group?

Question

Accepted Answer

A ledger is a book or record of financial transactions, while a group is a collection of similar ledger accounts.

A ledger is a detailed record of individual transactions, such as sales, purchases, and expenses.
A group is a collection of related ledger accounts, usually classified under a common category or type.
Ledgers provide a chronological record of transactions, while groups help in organizing and summarizing the ledger accounts.
For example, a ledger may contain individual entries for each sale made, while a group called 'Sales' may include all the ledger accounts related to sales, such as 'Sales Revenue' and 'Sales Returns'.

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