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A ledger that is summarized in a single general ledger account?
Wiki User
∙ 13y ago
There is no "ledger" that summarizes your ledger.
The General Ledger used by companies is a list of all accounts the company has, assets, liabilities, owners equity. A summary of these accounts is created using your "trial balance", "adjusted trial balance" and finally, the "post-closing trial balance".
Not only does the trial balance summarize all the accounts in the general ledger, it also insures that the accounts "balance". Once adjustments are made (i.e. payments made, payments received, income earned, prepaid expenses used, etc.) then an adjusted trial balance is created. Now the next step is, if you want to find the amount of Retained Earning for the period (what the company made after all expenses are paid) closing entries are entered into the ledger and a post closing trial balance is created along with the income statement, statement of retained earnings, statement of owners equity and many times the balance sheet.
Wiki User
∙ 13y ago
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When The AP ledger requires a subsidiary ledger?
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When does the AP requires a subsidiary ledger?
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What are the advantages of using subsidiary ledger?
When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words for example you have 100 customers that owe you "X" amount of money total. The sum of all the accounts can be listed in the General Ledger, while each specific account detail, i.e customer information, amount owed, etc, can be kept separate in a Subsidiary Ledger.
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