What is the difference between ledger and sub ledger?
General ledger accounts provide summaries, while subledger accounts provide details. Your general ledger is designed to provide the balance of each of the accounts in your chart of accounts, while the subledger is designed to provide you with the details that make up that particular account.
What is a sub ledger in accounting?
A subledger is a ledger containing all of a detailed sub-set of transactions. The total of the transactions in the subledger roll up into the general ledger. For example, a subledger may contain all accounts receivable, or accounts payable, or fixed asset transactions.
What is the difference between general and subsidiary ledger?
It is not possible to the general ledger. The entries made in a ledger can be verified by getting a NIL balance on summing up all the ledger account amounts in the trial balance. read more; hence transactions are recorded in sub-ledger in a different account, and their total sum is reflected in the general ledger.
What is sub ledger account in SAP?
Subledger accounting in SAP is accounting in areas of Vendor/customer/Assets. For Vendor we used to maintain subledgers for gettng proper groupngs of vendors this helps in reporting and decreasing work space in the system. Customer scenario is same as of vendor.
What is subledger in R12?
Subledger Accounting (SLA) is a rule-based accounting engine that centralizes accounting for Oracle E-Business Suite products in R12. Together with the new ledger support, Subledger Accounting enables support of multiple accounting requirements concurrently in a single instance.
What is sub ledger reconciliation?
A sub-ledger is a detailed record of transactions for an individual account. If there are no errors in posting journal entries to the general ledger, then the two balances will match; however, if there are differences, then there would be reconciling items, which need to be analyzed and corrected, if necessary.
What is general ledger and sub ledger example?
Examples of general ledger accounts include accounts payable, accounts receivable, fixed assets, bank accounts. Examples of subsidiary ledger accounts include individual creditor accounts, individual debtor accounts, individual bank accounts.
What are the 3 types of ledgers?
The three types of ledgers are the general, debtors, and creditors. The general ledger accumulates information from journals.
What is SL GL reconciliation?
A general ledger reconciliation is an activity performed by accountants to verify the integrity of account balances on the company’s general ledger.
Sub ledger is an intermediary set of accounts that are linked to the general ledger. Nature of the Ledger. A single general ledger is maintained by a company. Many sub ledgers are linked to the general ledger.
What is the difference between cash book and Ledger?
Cash book deals with only cash and bank transaction under double entry system. Whereas ledger deals with both cash and credit transaction.
What is the difference between budget and Ledger?
Your budget should be a blueprint that shapes your future spending decisions, a birds-eye view. A ledger, meanwhile, is up-close-and-personal. A ledger is an item (either physical or digital) that allows you to document your spending, a data-collection tool that should also be helpful in creating a budget.
What is the relation between ledger and cash book?
Ledger contains all types of accounts like expense, income, assets, liabilities and parties to the business (even the owner himself), where as a cash book is a journalized ledger (in the sense that entries are recorded directly in it with narrations and it has the format of a ledger involving different accounts) and records transactions pertaining to cash (& bank in most cases) only.