Ledger overview
Understand how Ledger organizes books, journal entries, close periods, reporting, VAT, and role-based accounting work.
Ledger is Infra One’s operational accounting workspace. Each book of account belongs to one entity and fixes its jurisdiction, currency, and decimal precision when it is created. Inside a book, your team can maintain the chart of accounts, record journal entries, close fiscal periods, and run financial reports.
Ledger must be enabled for your account. Organization membership provides Viewer access to the organization’s books; explicit book roles or organization-admin authority grant higher accounting actions. A missing Ledger page can therefore be an intentional access result.
How Ledger is organized
| Area | What it controls |
|---|---|
| Books | The accounting boundary for an entity, jurisdiction, currency, formats, and status. |
| Journal entries | Balanced debit and credit lines, references, notes, classifications, posting, reversal, and voiding. |
| Recurring entries | Reusable schedules for journal activity that repeats. |
| Accounts | The chart of accounts, including each account’s debit- or credit-normal balance. |
| Subledgers and transaction categories | Additional structure for classifying and reviewing activity. |
| Periods and checklists | Fiscal-period readiness, close work, reopening, and locking. |
| Reports | Account ledger, Transaction history, financial statements, saved runs, templates, and KPI drivers. |
| VAT | VAT return configuration, account-to-box mappings, returns, and—where separately enabled for an eligible UK management company—HMRC workflows. |
Entries and balances
A journal entry can be Draft, Posted, Reversed, or Void. Draft entries remain editable and can be posted. A posted entry is part of the ledger and can be reversed or voided when your role and the fiscal period permit it. Reversed and void entries are terminal records rather than deleted history.
Ledger reports use two intentional balance conventions:
- Account ledger follows the selected account’s natural balance. Debits increase debit-normal accounts; credits increase credit-normal accounts.
- Transaction history uses debit-positive arithmetic across mixed accounts. When it is filtered to a credit-normal account, its displayed sign can differ from Account ledger without the underlying entry being different.
This distinction matters when reconciling revenue, liability, and equity accounts. Compare report purpose and balance convention before treating a sign difference as an error.
Closing a period
Fiscal periods progress through Future, Open, Soft closing, Soft closed, Hard closing, Hard closed, and Locked. Soft closed can return to Open for further work; Hard closed can return to Open only through an authorized emergency reopen. The intermediate Soft closing and Hard closing states do not reopen directly. Locked is final.
Entry creation and editing become more restrictive as the period advances. Ledger checks both the entry action and the period state, so permission to post entries does not override a closed or locked period.