- What is a subledger account in SAP?
- What are the two types of ledger?
- What is subledger reconciliation?
- How many types of ledger are there?
- Is Cash book a ledger?
- What is the purpose of a subledger?
- What is main ledger and subledger?
- What are the most common subsidiary ledgers?
- What is general ledger with an example?
- What is the difference between GL and subledger?
- What does ledger mean?
- Is Accounts Receivable a subledger?
- What is AP subledger?
- How many sub ledgers are there?
- What are the two major types of books of accounts?
What is a subledger account in SAP?
The subledger, or subsidiary ledger, is a subset of the general ledger used in accounting.
The subledger shows detail for part of the accounting records such as property and equipment, prepaid expenses, etc..
What are the two types of ledger?
General Ledger – General Ledger is divided into two types – Nominal Ledger and Private Ledger. Nominal ledger gives information on expenses, income, depreciation, insurance, etc. And Private ledger gives private information like salaries, wages, capitals, etc. Private ledger is not accessible to everyone.
What is subledger reconciliation?
Each SAP reconciliation account is used to reconcile the sub ledgers with the general ledger. SAP reconciliation accounts are reported on the financial statements, while the individual sub ledger accounts are not. The SAP general ledger is linked to the sub ledgers.
How many types of ledger are there?
three typesThe three types of ledgers are the general, debtors, and creditors.
Is Cash book a ledger?
A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger.
What is the purpose of a subledger?
The subledger, or subsidiary ledger, provides details behind entries in the general ledger used in accounting. The subledger shows detail for part of the accounting records such as property and equipment, prepaid expenses, etc.
What is main ledger and subledger?
In general terms, General ledger refers to the Chart of Account master and Sub ledger refers to the sub master of accounts which are linked to the main chart of account through posting profiles. For example; ABC Company Ltd has 10 bank accounts which linked to different bank institutions.
What are the most common subsidiary ledgers?
Examples of subsidiary ledgers are:Accounts payable ledger.Accounts receivable ledger.Fixed assets ledger.Inventory ledger.Purchases ledger.
What is general ledger with an example?
A common example of a general ledger account that can become a control account is Accounts Receivable. The summary amounts are found in the Accounts Receivable control account and the details for each customer’s credit activity will be contained in the Accounts Receivable subsidiary ledger.
What is the difference between GL and subledger?
The key difference between General Ledger and Sub Ledger is that General ledger prepared by the company is the set of the different master accounts in which the transactions of the business are recorded from the related subsidiary ledgers, whereas, Sub ledger act as an intermediary account set that is linked with the …
What does ledger mean?
A ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debits and credits. … The ledger contains the information that is required to prepare financial statements. It includes accounts for assets, liabilities, owners’ equity, revenues and expenses.
Is Accounts Receivable a subledger?
What is the Accounts Receivable Ledger? The accounts receivable ledger is a subledger in which is recorded all credit sales made by a business.
What is AP subledger?
An accounts payable subsidiary ledger is an accounting ledger that shows the transaction history and amounts owed to each supplier and vendor. … The subsidiary ledger records all of the accounts payables that a company owes. The payment terms are typically 30, 60, or 90 days.
How many sub ledgers are there?
List of 7 Types of Subledger in Accounting.
What are the two major types of books of accounts?
Next Lesson: Cash Book There are two main books of accounts, Journal and Ledger. Journal used to record the economic transaction chronologically. Ledger used to classifying economic activities according to nature.