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SUB LEDGER (Depatmental Operating Accounts)
An account in the Sub Ledger has a non-zero first digit (eg. 3-3XXXX) and reflects all budget, revenue, expense and encumbrance activity for the current year. Except for a very few cases, all requisitions should be prepared using Sub Ledger accounts.
GENERAL LEDGER
An account in the General Ledger has zero as its first digit (eg. 0-3XXXX) and reflects the cumulative status to date of the account. The most important information on the General Ledger account statement is the fund balance account control (3X00, where X represents the second digit of the account number). This amount is the cumulative account balance. If the amount is a credit (negative figure) there is a surplus in the account. If the amount is a debit (positive figure) there is a deficit in the account.
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What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is the difference between a general ledger and a trial Balance?
A general ledger shows complete financial transactions over the life of a company. The trial balance just shows debits and credits of the business.
What is a general ledger also known as?
A nominal ledger
What is the Difference between cash book and ledger?
Day book is the book which we use to record day today record,but Ledger is a book in which we keep classified data
What is the differences between self balancing ledger and sectional balancing ledger?
Below self balancing scheme, change financial records are ready in every ledger but in sectional complementary scheme control the books are set only in General Ledger
What is forward sub ledger?
A forward sub ledger is the opening balance of your subledger. A subledger is known as the individual ledgers WITHIN the general ledger. For example, The debtors SUBLEDGER is also known as the detailed Debtors Trial balance or the Accounts receivable ledger The creditors SUBLEDGER is also known as the detailed Creditors Trial balance or the Accounts payable ledger
What is difference between Nominal Ledger general ledger?
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
What is posting in accounting?
Posting is recording in the ladgers information from journal. Posting is always from journal.
What is the difference between a general ledger and a trial Balance?
A general ledger shows complete financial transactions over the life of a company. The trial balance just shows debits and credits of the business.
Difference between cash book and ledger?
noob
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
The principal ledger that contains all the balance sheet and income statement accounts is the general ledger?
general ledger
What is the purpose of the general ledger?
what is the purpose of the ledger?
What is a general ledger also known as?
A nominal ledger
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
What is the Difference between cash book and ledger?
Day book is the book which we use to record day today record,but Ledger is a book in which we keep classified data
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
