Show latest credit ledger in admin

Expose a paginated global ledger timeline and load it automatically so operators can see recent credit activity without first locating a user.

admin-web/src/api/client.ts

@@ -173,6 +173,9 @@ export const adminApi = {
   user: (userId: string) =>
     request<UserDetail>(`/users/${encodeURIComponent(userId)}`),
 
+  latestLedger: (cursor?: string) =>
+    request<PageResult<LedgerEntry>>(`/credits/ledger${query({ cursor })}`),
+
   ledger: (userId: string, cursor?: string) =>
     request<PageResult<LedgerEntry>>(
       `/users/${encodeURIComponent(userId)}/ledger${query({ cursor })}`,

admin-web/src/api/types.ts

@@ -100,6 +100,7 @@ export type LedgerEntryType =
 
 export interface LedgerEntry {
   entryId: string;
+  userId: string;
   type: LedgerEntryType;
   amount: number;
   balanceAfter: number;

admin-web/src/pages/credits.ts

@@ -1,5 +1,12 @@
-import { adminApi } from "../api/client";
+import { adminApi, ApiError } from "../api/client";
-import { renderEmpty, renderError, renderLoading } from "../components/ui";
+import type { LedgerEntry } from "../api/types";
+import {
+  renderEmpty,
+  renderError,
+  renderLoading,
+  setButtonBusy,
+  showToast,
+} from "../components/ui";
 import {
   escapeHtml,
   formatDateTime,
@@ -14,7 +21,7 @@ export function renderCredits(container: HTMLElement): void {
       <div>
         <div class="eyebrow">积分账本</div>
         <h1>积分流水</h1>
-        <p>按内部用户 ID 查询不可变积分流水。</p>
+        <p>查看最新不可变积分流水，也可按完整内部用户 ID 查询。</p>
       </div>
     </div>
     <section class="panel">
@@ -22,11 +29,11 @@ export function renderCredits(container: HTMLElement): void {
         <label class="search-box">
           <span class="sr-only">内部用户 ID</span>
           <span aria-hidden="true">⌕</span>
-          <input name="userId" type="search" placeholder="输入完整用户 ID" autocomplete="off" maxlength="36" required />
+          <input name="userId" type="search" placeholder="输入完整用户 ID，留空查看全部" autocomplete="off" maxlength="36" />
         </label>
         <wa-button variant="brand" appearance="accent" type="submit">查询流水</wa-button>
       </form>
-      <div data-ledger-results>${renderEmpty("输入内部用户 ID 开始查询")}</div>
+      <div data-ledger-results>${renderEmpty("正在加载最新积分流水")}</div>
     </section>
   `;
 
@@ -34,45 +41,103 @@ export function renderCredits(container: HTMLElement): void {
   form?.addEventListener("submit", (event) => {
     event.preventDefault();
     const userId = new FormData(form).get("userId")?.toString().trim() ?? "";
-    if (userId) void loadLedger(container, userId);
+    void loadLedger(container, userId || undefined);
   });
+  void loadLedger(container);
 }
 
-async function loadLedger(container: HTMLElement, userId: string): Promise<void> {
+async function loadLedger(
+  container: HTMLElement,
+  userId?: string,
+): Promise<void> {
   const results = container.querySelector<HTMLElement>("[data-ledger-results]");
   if (!results) return;
   renderLoading(results, "加载积分流水");
   try {
-    const page = await adminApi.ledger(userId);
+    const page = userId
+      ? await adminApi.ledger(userId)
+      : await adminApi.latestLedger();
     results.innerHTML =
       page.items.length === 0
-        ? renderEmpty("该用户暂无积分流水")
+        ? renderEmpty(userId ? "该用户暂无积分流水" : "暂无积分流水")
         : `
-          <div class="result-summary">用户 <span class="mono">${escapeHtml(userId)}</span> · ${formatNumber(page.items.length)} 条记录</div>
+          <div class="result-summary">${
+            userId
+              ? `用户 <span class="mono">${escapeHtml(userId)}</span>`
+              : "最新积分流水"
+          } · ${formatNumber(page.items.length)} 条记录</div>
           <div class="table-wrap">
             <table>
-              <caption class="sr-only">用户 ${escapeHtml(userId)} 的积分流水</caption>
+              <caption class="sr-only">${userId ? `用户 ${escapeHtml(userId)} 的` : "最新"}积分流水</caption>
-              <thead><tr><th scope="col">时间</th><th scope="col">流水号</th><th scope="col">类型</th><th scope="col">变动</th><th scope="col">结余</th><th scope="col">原因</th></tr></thead>
+              <thead><tr><th scope="col">时间</th><th scope="col">用户 ID</th><th scope="col">流水号</th><th scope="col">类型</th><th scope="col">变动</th><th scope="col">结余</th><th scope="col">原因</th></tr></thead>
-              <tbody>
+              <tbody data-ledger-body>${ledgerRows(page.items)}</tbody>
-                ${page.items
-                  .map(
-                    (entry) => `
-                      <tr>
-                        <td>${formatDateTime(entry.createdAt)}</td>
-                        <td class="mono">${escapeHtml(entry.entryId)}</td>
-                        <td>${statusLabel(entry.type)}</td>
-                        <td class="${entry.amount >= 0 ? "positive" : "negative"}">${formatSignedCredits(entry.amount)}</td>
-                        <td>${formatNumber(entry.balanceAfter)}</td>
-                        <td>${escapeHtml(entry.reasonCode)}</td>
-                      </tr>
-                    `,
-                  )
-                  .join("")}
-              </tbody>
             </table>
           </div>
+          ${
+            page.nextCursor
+              ? '<div class="pagination-actions"><wa-button variant="neutral" appearance="outlined" data-ledger-more>加载更多流水</wa-button></div>'
+              : ""
+          }
         `;
+    if (page.nextCursor) {
+      bindLedgerPagination(container, userId, page.nextCursor);
+    }
   } catch (error) {
     renderError(results, error, () => void loadLedger(container, userId));
   }
 }
+
+function ledgerRows(entries: LedgerEntry[]): string {
+  return entries
+    .map(
+      (entry) => `
+        <tr>
+          <td>${formatDateTime(entry.createdAt)}</td>
+          <td class="mono">${escapeHtml(entry.userId)}</td>
+          <td class="mono">${escapeHtml(entry.entryId)}</td>
+          <td>${statusLabel(entry.type)}</td>
+          <td class="${entry.amount >= 0 ? "positive" : "negative"}">${formatSignedCredits(entry.amount)}</td>
+          <td>${formatNumber(entry.balanceAfter)}</td>
+          <td>${escapeHtml(entry.reasonCode)}</td>
+        </tr>
+      `,
+    )
+    .join("");
+}
+
+function bindLedgerPagination(
+  container: HTMLElement,
+  userId: string | undefined,
+  initialCursor: string,
+): void {
+  const button =
+    container.querySelector<HTMLButtonElement>("[data-ledger-more]");
+  const body =
+    container.querySelector<HTMLTableSectionElement>("[data-ledger-body]");
+  if (!button || !body) return;
+  let cursor: string | undefined = initialCursor;
+
+  button.addEventListener("click", async () => {
+    if (!cursor) return;
+    setButtonBusy(button, true, "加载中…");
+    try {
+      const page = userId
+        ? await adminApi.ledger(userId, cursor)
+        : await adminApi.latestLedger(cursor);
+      body.insertAdjacentHTML("beforeend", ledgerRows(page.items));
+      cursor = page.nextCursor;
+      if (!cursor) {
+        button.closest(".pagination-actions")?.remove();
+      } else {
+        setButtonBusy(button, false);
+        button.focus();
+      }
+    } catch (error) {
+      showToast(
+        error instanceof ApiError ? error.message : "加载积分流水失败",
+        "error",
+      );
+      setButtonBusy(button, false);
+    }
+  });
+}

admin-web/src/test/client.test.ts

@@ -90,13 +90,17 @@ describe("adminApi", () => {
     });
     vi.stubGlobal("fetch", fetchMock);
 
+    await adminApi.latestLedger("latest+/=");
     await adminApi.ledger("user/with space", "ledger+/=");
     await adminApi.operators("operator+/=");
 
     expect(fetchMock.mock.calls[0]?.[0]).toBe(
-      "/v1/admin/users/user%2Fwith%20space/ledger?cursor=ledger%2B%2F%3D",
+      "/v1/admin/credits/ledger?cursor=latest%2B%2F%3D",
     );
     expect(fetchMock.mock.calls[1]?.[0]).toBe(
+      "/v1/admin/users/user%2Fwith%20space/ledger?cursor=ledger%2B%2F%3D",
+    );
+    expect(fetchMock.mock.calls[2]?.[0]).toBe(
       "/v1/admin/operators?cursor=operator%2B%2F%3D",
     );
   });

admin-web/src/test/pages.test.ts

@@ -7,6 +7,7 @@ import type {
   UserSummary,
 } from "../api/types";
 import { renderSecurity } from "../pages/security";
+import { renderCredits } from "../pages/credits";
 import { renderUsers } from "../pages/users";
 
 const userId = "11111111-1111-4111-8111-111111111111";
@@ -96,6 +97,7 @@ describe("用户页", () => {
         items: [
           {
             entryId: "ledger-1",
+            userId,
             type: "grant",
             amount: 100,
             balanceAfter: 100,
@@ -109,6 +111,7 @@ describe("用户页", () => {
         items: [
           {
             entryId: "ledger-2",
+            userId,
             type: "settle",
             amount: -18,
             balanceAfter: 82,
@@ -147,6 +150,55 @@ describe("用户页", () => {
   });
 });
 
+describe("积分流水页", () => {
+  it("进入页面自动显示最新流水并支持继续加载", async () => {
+    vi.spyOn(adminApi, "latestLedger")
+      .mockResolvedValueOnce({
+        items: [
+          {
+            entryId: "latest-ledger-1",
+            userId,
+            type: "settle",
+            amount: -18,
+            balanceAfter: 102,
+            reasonCode: "USAGE_SETTLE",
+            createdAt: "2026-08-19T09:00:00Z",
+          },
+        ],
+        nextCursor: "latest-next",
+      })
+      .mockResolvedValueOnce({
+        items: [
+          {
+            entryId: "latest-ledger-2",
+            userId: "22222222-2222-4222-8222-222222222222",
+            type: "grant",
+            amount: 100,
+            balanceAfter: 100,
+            reasonCode: "SIGNUP_TRIAL",
+            createdAt: "2026-08-19T08:00:00Z",
+          },
+        ],
+      });
+    const container = document.createElement("main");
+    document.body.append(container);
+
+    renderCredits(container);
+    await vi.waitFor(() => {
+      expect(container.querySelectorAll("[data-ledger-body] tr")).toHaveLength(1);
+    });
+    expect(container.textContent).toContain(userId);
+    expect(container.textContent).toContain("USAGE_SETTLE");
+
+    container.querySelector<HTMLButtonElement>("[data-ledger-more]")?.click();
+    await vi.waitFor(() => {
+      expect(adminApi.latestLedger).toHaveBeenNthCalledWith(2, "latest-next");
+      expect(container.querySelectorAll("[data-ledger-body] tr")).toHaveLength(2);
+    });
+    expect(container.querySelector("[data-ledger-more]")).toBeNull();
+  });
+});
+
 describe("安全中心", () => {
   it("按后端 nextCursor 加载更多管理员", async () => {
     const firstOperator = operator("operator-1", "owner");

docs/openapi.yaml

@@ -604,6 +604,25 @@ paths:
         "400": { description: Cursor is malformed }
         "403": { description: ANALYST role cannot access credit ledger records }
         "404": { description: User was not found }
+  /v1/admin/credits/ledger:
+    get:
+      security:
+        - adminMtls: []
+          adminSession: []
+      summary: Return the latest immutable credit ledger entries across users
+      parameters:
+        - name: cursor
+          in: query
+          schema: { type: string, maxLength: 256 }
+        - $ref: "#/components/parameters/Limit"
+      responses:
+        "200":
+          description: Latest credit ledger entries ordered by creation time and entry ID
+          content:
+            application/json:
+              schema: { $ref: "#/components/schemas/AdminLedgerPage" }
+        "400": { description: Cursor is malformed }
+        "403": { description: ANALYST role cannot access credit ledger records }
   /v1/admin/credits/grants:
     post:
       security:
@@ -1015,9 +1034,10 @@ components:
     AdminLedgerEntry:
       type: object
       additionalProperties: false
-      required: [entryId, type, amount, balanceAfter, reasonCode, createdAt]
+      required: [entryId, userId, type, amount, balanceAfter, reasonCode, createdAt]
       properties:
         entryId: { type: string, format: uuid }
+        userId: { type: string, format: uuid }
         type: { type: string, enum: [grant, reserve, settle, refund, adjustment] }
         amount: { type: integer, format: int64 }
         balanceAfter: { type: integer, format: int64, minimum: 0 }

src/main/kotlin/com/osglab/account/features/admin/routes/AdminRoutes.kt

@@ -237,6 +237,33 @@ fun Route.adminApiRoutes(
             }
         }
 
+        get("/credits/ledger") {
+            if (
+                call.requireRole(
+                    sessionService,
+                    setOf(AdminRole.SUPER_ADMIN, AdminRole.SUPPORT),
+                ) == null
+            ) return@get
+            val limit = call.pageLimit(maximum = 100, default = 100) ?: run {
+                call.respond(HttpStatusCode.BadRequest, AdminErrorResponse("VALIDATION_ERROR"))
+                return@get
+            }
+            try {
+                val page = usersService.latestLedger(
+                    limit = limit,
+                    cursor = call.request.queryParameters["cursor"],
+                )
+                call.respond(
+                    PageResponse(
+                        page.items.map(AdminUserLedgerEntryDto::toLedgerResponse),
+                        page.nextCursor,
+                    ),
+                )
+            } catch (_: IllegalArgumentException) {
+                call.respond(HttpStatusCode.BadRequest, AdminErrorResponse("VALIDATION_ERROR"))
+            }
+        }
+
         post("/credits/grants") {
             val principal = call.requireMutationPrincipal(config, sessionService) ?: return@post
             if (principal.role != AdminRole.SUPER_ADMIN) {
@@ -667,6 +694,7 @@ private fun AdminUserDetailDto.toUserDetailResponse(): AdminUserDetailResponse =
 private fun AdminUserLedgerEntryDto.toLedgerResponse(): AdminLedgerResponse =
     AdminLedgerResponse(
         entryId = id,
+        userId = userId,
         type = when (type) {
             "USAGE_RESERVE" -> "reserve"
             "USAGE_SETTLE" -> "settle"
@@ -864,6 +892,7 @@ private data class AdminUserDetailResponse(
 @Serializable
 private data class AdminLedgerResponse(
     val entryId: String,
+    val userId: String,
     val type: String,
     val amount: Long,
     val balanceAfter: Long,

src/main/kotlin/com/osglab/account/features/admin/users/models/AdminUserDtos.kt

@@ -26,6 +26,7 @@ data class AdminUserPageDto(
 @Serializable
 data class AdminUserLedgerEntryDto(
     val id: String,
+    val userId: String,
     val type: String,
     val amountDelta: Long,
     val balanceAfter: Long,

src/main/kotlin/com/osglab/account/features/admin/users/repositories/AdminUsersRepository.kt

@@ -47,6 +47,11 @@ interface AdminUsersRepository {
         limit: Int,
         cursor: AdminUserLedgerCursor?,
     ): List<AdminUserLedgerEntryDto>
+
+    suspend fun listLatestLedger(
+        limit: Int,
+        cursor: AdminUserLedgerCursor?,
+    ): List<AdminUserLedgerEntryDto>
 }
 
 class ExposedAdminUsersRepository(
@@ -173,6 +178,28 @@ class ExposedAdminUsersRepository(
             .limit(limit)
             .map { it.toUserLedgerRow().toDto() }
     }
+
+    override suspend fun listLatestLedger(
+        limit: Int,
+        cursor: AdminUserLedgerCursor?,
+    ): List<AdminUserLedgerEntryDto> = databaseFactory.query {
+        val query = AdminUsersCreditLedgerTable.selectAll()
+        if (cursor != null) {
+            query.where {
+                (AdminUsersCreditLedgerTable.createdAt less cursor.createdAt) or
+                    (
+                        (AdminUsersCreditLedgerTable.createdAt eq cursor.createdAt) and
+                            (AdminUsersCreditLedgerTable.id less cursor.ledgerEntryId.toString())
+                        )
+            }
+        }
+        query.orderBy(
+            AdminUsersCreditLedgerTable.createdAt to SortOrder.DESC,
+            AdminUsersCreditLedgerTable.id to SortOrder.DESC,
+        )
+            .limit(limit)
+            .map { it.toUserLedgerRow().toDto() }
+    }
 }
 
 private data class UserSupportRows(
@@ -324,6 +351,7 @@ private fun ResultRow.toUserLedgerRow() = UserLedgerRow(
 
 private fun UserLedgerRow.toDto() = AdminUserLedgerEntryDto(
     id = id.toString(),
+    userId = userId.toString(),
     type = type.name,
     amountDelta = amountDelta,
     balanceAfter = balanceAfter,

src/main/kotlin/com/osglab/account/features/admin/users/services/AdminUsersService.kt

@@ -1,6 +1,7 @@
 package com.osglab.account.features.admin.users.services
 
 import com.osglab.account.features.admin.users.models.AdminUserDetailDto
+import com.osglab.account.features.admin.users.models.AdminUserLedgerEntryDto
 import com.osglab.account.features.admin.users.models.AdminUserLedgerPageDto
 import com.osglab.account.features.admin.users.models.AdminUserPageDto
 import com.osglab.account.features.admin.users.repositories.AdminUserCursor
@@ -67,11 +68,27 @@ class AdminUsersService(
         userId: UUID,
         limit: Int = 50,
         cursor: String? = null,
+    ): AdminUserLedgerPageDto {
+        return ledgerPage(limit, cursor) { pageSize, decodedCursor ->
+            if (!repository.exists(userId)) throw AdminUserNotFoundException()
+            repository.listLedger(userId, pageSize, decodedCursor)
+        }
+    }
+
+    suspend fun latestLedger(
+        limit: Int = 100,
+        cursor: String? = null,
+    ): AdminUserLedgerPageDto =
+        ledgerPage(limit, cursor, repository::listLatestLedger)
+
+    private suspend fun ledgerPage(
+        limit: Int,
+        cursor: String?,
+        load: suspend (Int, AdminUserLedgerCursor?) -> List<AdminUserLedgerEntryDto>,
     ): AdminUserLedgerPageDto {
         require(limit in 1..100) { "Ledger page limit must be between 1 and 100" }
         val decodedCursor = cursor?.let(AdminUserLedgerCursorCodec::decode)
-        if (!repository.exists(userId)) throw AdminUserNotFoundException()
+        val results = load(limit + 1, decodedCursor)
-        val results = repository.listLedger(userId, limit + 1, decodedCursor)
         val hasMore = results.size > limit
         val items = results.take(limit)
         val nextCursor = if (hasMore) {

src/main/resources/db/migration/V13__credit_ledger_global_timeline.sql

@@ -0,0 +1,2 @@
+CREATE INDEX idx_credit_ledger_created
+    ON credit_ledger (created_at, id);

src/test/kotlin/com/osglab/account/config/DeploymentConsistencyTest.kt

@@ -84,10 +84,14 @@ class DeploymentConsistencyTest : FunSpec({
         val referralMigration = root.read(
             "src/main/resources/db/migration/V12__align_referral_rewards.sql",
         )
+        val ledgerTimelineMigration = root.read(
+            "src/main/resources/db/migration/V13__credit_ledger_global_timeline.sql",
+        )
         profileMigration shouldContain "encrypted_display_name MEDIUMTEXT NOT NULL"
         profileMigration shouldContain "REFERENCES accounts (id) ON DELETE CASCADE"
         referralMigration shouldContain "inviter_reward_credits = 1000"
         referralMigration shouldContain "invitee_reward_credits = 1000"
+        ledgerTimelineMigration shouldContain "ON credit_ledger (created_at, id)"
 
         listOf(
             root.read("src/main/resources/application.yaml"),
@@ -234,6 +238,7 @@ private val EXPECTED_PUBLIC_PATHS = setOf(
     "/v1/admin/users",
     "/v1/admin/users/{userId}",
     "/v1/admin/users/{userId}/ledger",
+    "/v1/admin/credits/ledger",
     "/v1/admin/credits/grants",
     "/v1/admin/operators/summary",
     "/v1/admin/operators",

src/test/kotlin/com/osglab/account/config/SmokeDeploymentTest.kt

@@ -51,7 +51,7 @@ class SmokeDeploymentTest : FunSpec({
 
     test("runtime grants cover every migrated table without mutable history privileges") {
         val grants = root.read("deploy/smoke/runtime-grants.sql")
-        val migrationTables = (1..12)
+        val migrationTables = (1..13)
             .flatMap { version ->
                 val migration = Files.list(root.resolve("src/main/resources/db/migration")).use { paths ->
                     paths.filter { it.fileName.toString().startsWith("V${version}__") }

src/test/kotlin/com/osglab/account/features/admin/routes/AdminRoutesTest.kt

@@ -12,6 +12,8 @@ import com.osglab.account.features.admin.services.AdminOperatorErrorCode
 import com.osglab.account.features.admin.services.AdminOperatorException
 import com.osglab.account.features.admin.services.AdminSessionService
 import com.osglab.account.features.admin.stats.services.AdminStatsService
+import com.osglab.account.features.admin.users.models.AdminUserLedgerEntryDto
+import com.osglab.account.features.admin.users.models.AdminUserLedgerPageDto
 import com.osglab.account.features.admin.users.services.AdminUsersService
 import com.osglab.account.features.credits.domain.CreditConflict
 import com.osglab.account.features.credits.domain.CreditNotFound
@@ -199,6 +201,40 @@ class AdminRoutesTest {
         response.bodyAsText() shouldContain """"code":"INSUFFICIENT_PERMISSION""""
     }
 
+    @Test
+    fun `support can load latest credit ledger across users`() = testApplication {
+        val usersService = mockk<AdminUsersService>()
+        coEvery { usersService.latestLedger(100, null) } returns AdminUserLedgerPageDto(
+            items = listOf(
+                AdminUserLedgerEntryDto(
+                    id = "ffffffff-ffff-ffff-ffff-ffffffffffff",
+                    userId = "11111111-1111-4111-8111-111111111111",
+                    type = "USAGE_SETTLE",
+                    amountDelta = -18,
+                    balanceAfter = 102,
+                    referenceId = null,
+                    createdAt = "2026-08-19T09:00:00Z",
+                ),
+            ),
+            nextCursor = null,
+        )
+        application {
+            installAdminTestRoutes(
+                sessionService = sessionFixture(AdminRole.SUPPORT),
+                usersService = usersService,
+            )
+        }
+
+        val response = client.get("/v1/admin/credits/ledger") {
+            header("X-OSG-mTLS-Verified", "SUCCESS")
+            header(HttpHeaders.Cookie, "osg_admin_session=session-token")
+        }
+
+        assertEquals(HttpStatusCode.OK, response.status)
+        response.bodyAsText() shouldContain """"userId":"11111111-1111-4111-8111-111111111111""""
+        response.bodyAsText() shouldContain """"reasonCode":"USAGE_SETTLE""""
+    }
+
     @Test
     fun `operator creation maps normalized username conflict to 409`() = testApplication {
         val sessionService = sessionFixture(AdminRole.SUPER_ADMIN)
@@ -256,6 +292,7 @@ private fun io.ktor.server.application.Application.installAdminTestRoutes(
     grantService: AdminGrantService = mockk(relaxed = true),
     operatorService: AdminOperatorService = mockk(relaxed = true),
     auditService: AdminAuditService = mockk(relaxed = true),
+    usersService: AdminUsersService = mockk(relaxed = true),
 ) {
     install(ContentNegotiation) {
         json(Json { explicitNulls = false })
@@ -276,7 +313,7 @@ private fun io.ktor.server.application.Application.installAdminTestRoutes(
             authService = authService,
             sessionService = sessionService,
             statsService = mockk<AdminStatsService>(relaxed = true),
-            usersService = mockk<AdminUsersService>(relaxed = true),
+            usersService = usersService,
             grantService = grantService,
             operatorService = operatorService,
             auditService = auditService,

src/test/kotlin/com/osglab/account/features/admin/users/AdminUsersServiceTest.kt

@@ -109,6 +109,42 @@ class AdminUsersServiceTest : FunSpec({
         second.nextCursor shouldBe null
     }
 
+    test("latest ledger combines users in newest-first order with pagination") {
+        val firstUserId = UUID.randomUUID()
+        val secondUserId = UUID.randomUUID()
+        val newest = ledgerEntry(
+            UUID.fromString("ffffffff-ffff-ffff-ffff-ffffffffffff"),
+            Instant.parse("2026-08-15T03:00:00Z"),
+            firstUserId,
+        )
+        val middle = ledgerEntry(
+            UUID.fromString("eeeeeeee-eeee-eeee-eeee-eeeeeeeeeeee"),
+            Instant.parse("2026-08-15T02:00:00Z"),
+            secondUserId,
+        )
+        val oldest = ledgerEntry(
+            UUID.fromString("dddddddd-dddd-dddd-dddd-dddddddddddd"),
+            Instant.parse("2026-08-15T01:00:00Z"),
+            firstUserId,
+        )
+        val service = AdminUsersService(
+            PagingUsersRepository(
+                users = emptyList(),
+                ledger = mapOf(
+                    firstUserId to listOf(newest, oldest),
+                    secondUserId to listOf(middle),
+                ),
+            ),
+        )
+
+        val first = service.latestLedger(limit = 2)
+        val second = service.latestLedger(limit = 2, cursor = first.nextCursor.shouldNotBeNull())
+
+        first.items shouldBe listOf(newest, middle)
+        second.items shouldBe listOf(oldest)
+        second.nextCursor shouldBe null
+    }
+
     test("invalid ledger cursor throws a stable illegal argument exception") {
         val service = AdminUsersService(PagingUsersRepository(emptyList()))
 
@@ -241,6 +277,26 @@ private class PagingUsersRepository(
                     .thenByDescending(AdminUserLedgerEntryDto::id),
             )
             .take(limit)
+
+    override suspend fun listLatestLedger(
+        limit: Int,
+        cursor: AdminUserLedgerCursor?,
+    ): List<AdminUserLedgerEntryDto> =
+        ledger.values.flatten()
+            .filter {
+                val createdAt = Instant.parse(it.createdAt)
+                cursor == null ||
+                    createdAt < cursor.createdAt ||
+                    (
+                        createdAt == cursor.createdAt &&
+                            it.id < cursor.ledgerEntryId.toString()
+                        )
+            }
+            .sortedWith(
+                compareByDescending<AdminUserLedgerEntryDto> { Instant.parse(it.createdAt) }
+                    .thenByDescending(AdminUserLedgerEntryDto::id),
+            )
+            .take(limit)
 }
 
 private fun summary(id: UUID, createdAt: Instant) = AdminUserSummaryDto(
@@ -259,8 +315,10 @@ private fun summary(id: UUID, createdAt: Instant) = AdminUserSummaryDto(
 private fun ledgerEntry(
     id: UUID,
     createdAt: Instant,
+    userId: UUID = UUID.fromString("11111111-1111-4111-8111-111111111111"),
 ) = AdminUserLedgerEntryDto(
     id = id.toString(),
+    userId = userId.toString(),
     type = "MANUAL_GRANT",
     amountDelta = 10,
     balanceAfter = 10,