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Invoices should be coded for distribution in the General Ledger by referring to the?
Wiki User
∙ 11y ago
chart of accounts
Wiki User
∙ 11y ago
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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 a general ledger also known as?
A nominal ledger
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 is the nature of account payable?
Accounts receivables are the money that is owed to a business, accounts payables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers. A/R Accounts...the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger"....
What is the trail balance?
If you are referring to a Trial Balance in Accounting, the Trial Balance is a list of nominal ledger (general ledger) accounts contained in the Ledger of a Business.
What is the meaning of Purchase ledger and the Sales ledger duties in an international trading company?
Purchase ledger is the list of all the companies suppliers and how much they are owed by the company. The duties of the purchase ledger clerk will be to input purchase invoices and pay the suppliers when the invoices are due Sales ledger is a list of all the companies customers and how much they owe the company. The duties of a sales ledger clerk will be to raise sales invoices and collect the cash from customers when it is due
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
If your business year end is July does the accounts payable include all invoices not yet paid for July?
Yes, all invoices you owe payment that is for for a good or service received in July should be accrued as a liability. Revenue and expenses are recognized in the general ledger when they occur; not when they are paid.
Purchase ledger important to other department?
purchase ledger is important to other department , because scan invoices for the company and we help the during year end
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 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
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
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.
Do subsidiary ledger systems need to be reconciled with the general ledger?
yes
