What is an example of a subledger?
Examples of sub-ledger are customer accounts, vendor accounts, bank accounts, and fixed assets. Plant and machinery, land and buildings, furniture, computers, copyright, and vehicles are all examples. read more. The groups of transactions have different characteristics.
What is subsidiary ledger example?
Examples of subsidiary ledgers are the accounts payable ledger, accounts receivable ledger, fixed assets ledger, inventory ledger, and purchases ledger.
What is the difference between GL and subledger?
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 GL and AR?
In Oracle and similar relational databases, the AR-to-GL process compares the accounts-receivable (AR) balances to the general-ledger (GL) balances, generates a report, and indicates or highlights discrepancies or inconsistencies in that report.
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.
Why do we use subledger?
A subledger helps organize the general ledger for a large corporation maintaining multiple streams of revenue and debts. The sum of a subledger is reflected in the general ledger of a company. One of the main uses of a subledger is to record the accounts receivable transactions of specific clients.
What are the three types of subsidiary ledger?
Subledger eliminates the chances of fraud and errors, and it can be segregated into three types- fixed asset sub-ledger, accounts receivable sub-ledger, and accounts payable sub-ledger.
What are the two types of subsidiary ledger?
Two common subsidiary ledgers:
- Accounts receivable subsidiary ledger where data relating to individual buyers are kept.
- Accounts payable subsidiary ledger is due where data relating to individual creditors are kept.
How many subledger are there?
List of 7 Types of Subledger in Accounting.
What does AR mean in accounting?
Accounts receivable (AR) are funds the company expects to receive from customers and partners. AR is listed as a current asset on the balance sheet.
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.