Journals and ledgers are where business transactions are recorded in an accounting system. In essence, detail-level information for individual transactions is stored in one of several possible journals, while the information in the journals is then summarized and transferred (or posted) to a ledger. The posting process may take place quite frequently, or could be as infrequent as the end of each reporting period. The information in the ledger is the highest level of information aggregation, from which trial balances and financial statements are produced.
