TechnoFunc - Example of Subsidiary Ledgers.
The general ledger records all transactions affecting a company’s major accounts. These accounts include different items that affect its assets, liabilities, and stockholder’s equity. Common examples include: cash (Asset), accounts receivable (Ass.
For example, accounts receivable is the controlling account in the general ledger for the accounts receivable subsidiary ledger. While the subsidiary ledger displays the detailed data by customer, the control account summarizes that data by account that reflects summation of balances for all customers captured in the respective subsidiary ledger. After entering the transactional information.
An organization relies on general and subsidiary, or sub, ledgers to ensure prompt data recording, accurate financial reviews and timely publications of performance data. Bookkeepers work under the tutelage of senior accountants to reconcile financial accounts in ledgers, verifying that ledger information is complete, correct and in line with regulatory guidelines. Ledgers. A general ledger is.
Define subsidiary ledger. subsidiary ledger synonyms, subsidiary ledger pronunciation, subsidiary ledger translation, English dictionary definition of subsidiary ledger. Noun 1. subsidiary ledger - details of an account supporting the amount stated in the general ledger account book, book of account, ledger, leger, book - a. Subsidiary ledger - definition of subsidiary ledger by The Free.
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.The detail would include such items as date the item was purchased or expense incurred, a description of the item, the original balance, and the net book value.
A subsidiary ledger is a detailed list to support a control account. A control account appears on the balance sheet in summary or total, and are accounts like accounts receivable, accounts payable, and inventory. This video explains the theory (the video refers to a Debitor account which is Accounts Receivable and and a Creditor account which is Accounts Payable. A Debtor is a customer and a.
Subsidiary. Auxiliary; aiding or supporting in an inferior capacity or position. In the law of corporations, a corporation or company owned by another corporation that controls at.