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Heath Ledger

What is the purpose of a general ledger?

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Main purpose of the general ledger?

what is the purpose of the ledger?


What is another name for General Ledger?

Another name for the General Ledger is Nominal Ledger.


What is a subsidiary ledger and what purpose does it serve?

A subsidiary ledger contains the details to support a general ledger control account. A subsidiary ledger records all the detailed data for any general ledger account that has many individual subaccounts. What are some commonly used subsidiary ledgers? accounts receivable inventory accounts payable


The principal ledger that contains all the balance sheet and income statement accounts is the general ledger?

general 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 a general ledger also known as?

A nominal ledger


Where do you keep personal accounts of suppliers?

nominal ledgergeneral ledgerpurchases ledgersales ledger


What record that contains all accounts of company?

general ledger, general journal, special ledger, special journal, column balance ledger.


What is sub ledger?

A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.


Do subsidiary ledger systems need to be reconciled with the general ledger?

yes


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.


How are expense accounts and liability accounts arranged in the general ledger?

transfer transaction into their appropriate General Ledger accounts


Who invented the general ledger?

It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.


Four main ledgers for bookkeeping in business?

The General Ledger The Account receivable Ledger The Accounts payable Ledger


What do i do in general ledger?

The all important books in the financial transaction is known as ledger.


What are the rules for posting into a general ledger?

The rules of posting into a general ledger are simple. Keep track of expenses in one part of the ledger and keep track of credits in another part.


Is a control account part of the double entry system?

Yes. The balancing entry is passed in the self balancing ledger.For e.g. an increase in debtors due to sales will have the following entry passed- Debtors Ledger Adjustment a/c[In the general ledger] dr. To Sales a/c General Ledger Adjustment a/c[In the Debtors Ledger] dr. To Debtors Ledger Adjustment a/c[In The general Ledger]


When can you discard a general ledger?

frank


The general ledger is a book of?

accounts


What could one do with general ledger accounting software?

General ledger accounting software was made to make the job of a general ledger accountant easier. The software allows the user to keep track of the accounts. It also automates the accounts.


What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?

Income summary


An account in a general ledger that summarizes all accounts in a subsidiary ledger?

Income summary


What is guest ledger?

A subsidiary ledger related to the accounts receivable general ledger account used by hotels to record the individual account activity of guests who are still at the hotel. The total of the balances in the city ledger plus the total of the balances in the guest ledger should equal the balance in the accounts receivable general ledger account.


How do you enter accrued expenses in the general ledger?

Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.


Why does ap ledger require a subsidiary ledger?

AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.