A ledger clerk records financial information for a company, ensuring accuracy and balancing books on a daily, weekly, or monthly basis. They may also prepare financial reports and answer questions about the company’s finances. Some are certified public accountants, while others may have less formal training. A ledger clerk is responsible for entering information into […]
The general ledger is a company’s main book of accounts, while the subsidiary ledger is a subaccount of a general ledger account that provides details for one of those line items. Subledgers and general ledgers have a dependent relationship, but the difference between them lies in the way they are used. All businesses must maintain […]
A city ledger is a hotel’s bookkeeping method for tracking non-guest transactions, handled by the accounting department. It contains accounts for events, company house accounts, credit card payments, and unpaid bills. A city ledger, also called a house ledger, is a hotel’s bookkeeping method of tracking non-guest transactions. Hotel accounting is divided into front-office and […]
A ledger is a book or computer file used for accounting records, with three common types: general, purchase, and sales. The general ledger is the most elaborate and uses double-entry bookkeeping, while purchase and sales ledgers track amounts paid and owed to creditors and customers, respectively. Accurate accounting books are necessary and often used for […]
Ledger accounts hold financial information related to business transactions. Common types include revenue, cost of goods sold, expenses, assets, liabilities, and equity. They correspond to financial statements and are tracked in a company’s general ledger for accuracy. A ledger account is part of a company’s accounting system designed to hold specific types of financial information […]
A public ledger is a list of orders to buy or sell securities, maintained by an order book officer. It contains limit orders, which can make it difficult to fulfill an order. Market makers have access to the highest bids and lowest selling prices on the public book to facilitate deals. The public ledger provides […]
A stock ledger is a detailed record used by companies to track stock movements, whether it be for product inventory or shareholder records. It can be used for tax returns, financial statements, and internal reference. Regulations require publicly traded companies to maintain accurate stock ledgers and provide shareholders with information on how to update their […]
Heath Ledger was an Australian actor who became a heartthrob in America. He won an award for his role in Brokeback Mountain and starred as The Joker in The Dark Knight. His death in 2008 was controversial, with rumors of drug use and suicide. He leaves behind a daughter and a legacy of moving and […]
A general ledger report details a business’s transactions, including revenues, expenses, assets, liabilities, and equity holdings. Computer programs are used to create the report, which should include all transactions and be split in half to show debits and credits. It is crucial for accuracy and can also be used as an analytical tool. A general […]
A customer ledger is a subsidiary ledger that details a company’s transactions with its customers, including accounts receivable. It is necessary for effective accounting and can include detailed information such as shipping orders and invoices. Modern technology has made ledger maintenance easier through software. A customer ledger is a specific part of a company’s general […]
Cost accountants use ledgers to track materials, labor, and overhead costs in manufacturing. A materials ledger records transactions related to the purchase and use of materials, while subsidiary ledgers provide more detailed information. Direct materials are recorded in the materials ledger, and all accounts flow to the work in process account. The purpose of ledgers […]
General ledger reconciliation ensures accurate financial records. It involves comparing records and correcting discrepancies. Checks and balances prevent fraud. Cash reconciliation and trial balance are important elements. Reconciliation should occur frequently, and errors should be recorded separately. General ledger reconciliation is a critical step in ensuring that an organization’s financial activities have been properly recorded, […]
Accounts payable is a ledger used by corporations to manage short-term financial obligations owed to vendors and other businesses. Accounting clerks use external and internal documents to manage the ledger, and the information is included in the company’s general ledger and financial statements. Payables are listed as a short-term liability on the balance sheet. An […]
A checkbook is a record book used to keep track of check transactions. It includes columns for check number, date, recipient, deposits, withdrawals, and totals. It helps avoid overdrawing accounts and should be balanced monthly to check for errors. A check book is a small record book designed to be kept with the checkbook, in […]
Accounting systems use ledgers and journals to record and classify transactions. Double-entry bookkeeping requires a debit and credit for each entry. Subsidiary ledgers and journals must follow classical accounting rules to avoid errors. Journals retain transactions related to sales, purchases, and cash receipts. Accountants can record general ledger entries throughout the month in respective journals […]
