Ledger to ledger in a gold transaction refers to the process of transferring ownership of gold through entries in financial ledgers, rather than physical movement of the gold itself. This is commonly used in digital transactions or trading platforms where the ownership is recorded in a blockchain or centralized ledger. This method enhances efficiency, reduces costs, and minimizes the risks associated with physical handling and transport of gold. It allows for swift settlement and transparency in ownership records.
A subsidiary ledger provides detailed information about specific accounts that belong to a general ledger account. It breaks down the transactions and balances for individual components, such as accounts receivable, accounts payable, or inventory, allowing for better tracking and management of financial data. This detailed information supports the accuracy and transparency of the overall financial statements.
A subcontractor ledger is a financial record that tracks all transactions related to subcontractors engaged by a primary contractor. It includes details such as payments made to subcontractors, invoices received, and outstanding balances. This ledger helps in managing subcontractor payments, ensuring accurate financial reporting, and maintaining compliance with contractual obligations. It serves as an essential tool for project accounting in construction and other industries that rely on subcontracted services.
Another name for the General Ledger is Nominal Ledger.
what is the purpose of the ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
You would be misunderstood if you did. A ledger is used in bookkeeping in which business transactions are recorded. A dictionary is a compilation of words and their meanings in alphabetical order
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
The R3 module that records transactions in the general ledger is the Financial Accounting (FI) module. In SAP R3, the FI module is responsible for managing financial transactions, including accounts payable, accounts receivable, asset accounting, and general ledger accounting. It ensures that all financial transactions are accurately recorded and reported in the general ledger for financial reporting and analysis purposes.
Journal is called the book of original entry because it is the first step as per the definition of accounting as well after that transactions are summarized into different ledgers etc.
The merchant recorded my transaction in the ledger.
General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the final balance that will be forwarded to the financial statements of the company. The ledger will be an accounting aid/tool in determining/tracing from which book of accounts a journal entry was recorded. It also serves as a tool for internal/external auditors to track the flow of business transactions of an entity for a given period.
A transaction should first be recorded in a journal before it is posted to the ledger. The journal serves as the initial point of entry for all financial transactions, providing a chronological record. Once recorded in the journal, the amounts can then be summarized and transferred to the appropriate accounts in the ledger, which organizes the information by account type. This system ensures accuracy and facilitates tracking of financial activities.
I always did the ledger first and then went from ledger to journal.
It is both. As cash transactions are handled by the cashier directly, it can be construed as journal. However as the total of cash transactions are taken to the day's journal , it can also be construed as ledger.
A journal records individual transactions in chronological order, while a ledger is a summary of all transactions grouped by accounts. The journal is the first step in the accounting process, whereas the ledger organizes and classifies the information from the journal. In essence, the journal is like a diary, and the ledger is like a filing cabinet.
Cashbook and ledger are both accounting records used to track financial transactions, but they serve different purposes and have distinct characteristics: Cashbook: A cashbook is a subsidiary accounting book used to record all cash and bank transactions of a business. It primarily deals with cash and bank accounts, making it a simple and focused record. Entries in a cashbook are typically recorded on a daily basis and include details of receipts and payments. It provides a real-time view of a company's cash and bank balances. A cashbook is considered a part of double-entry bookkeeping, as it records transactions in a balanced way, ensuring that debits equal credits. Ledger: A ledger, also known as the general ledger, is the primary book of accounts that summarizes and categorizes all financial transactions. It includes various accounts, such as assets, liabilities, equity, revenue, and expenses. The ledger is used to post entries from subsidiary books like the cashbook, sales journal, and purchase journal, categorizing them into specific accounts. Transactions in the ledger are typically summarized and posted periodically, such as monthly or annually. The ledger provides a comprehensive overview of a company's financial position and performance. In summary, the key difference between a cashbook and a ledger is that a cashbook focuses specifically on cash and bank transactions, whereas a ledger is a broader and more comprehensive record that contains all accounts and summarizes all financial transactions of a business. The ledger is essential for preparing financial statements and gaining insights into the overall financial health of a company.