what is sub ledger account
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- A sub ledger is used for tracking individual items and transactions separate to the General Ledger (GL). Sub-ledgers may exist for, but are not limited to Accounts Receivable (AR), Accounts Payable (AP), Inventory and Fixed Assets etc. Without a sub-ledger individual customers or inventory items would require their own GL code making the
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- Sub ledger accounts are AR/AP/Asset Accounting etc. These are sub ledger accountes in FI Main Module. These transtions are mapped thru Reconciliation Account . Thru Reconciliation account an automatic corresponding posting will be done in GL . Sinc these sub ledgers are maintaind at Client level and GL are maintained at C.Code level , we
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CPCM 5.5 Accounting A general ledger is the collection of all balance sheet, income, and expense accounts used to keep the accounting records of a business. The accounts a business uses to keep track of its sources of income. Examples are merchandise sales, consulting revenue, and interest income.
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4 Define Ledgers A secondary ledger is an optional ledger linked to a primary ledger. A secondary ledger can differ from its related primary ledger in chart of accounts, accounting calendar, currency, accounting method, or ledger processing options.
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What is the difference between ledger balance and available balance? , I know my Ledgers and Journals. The ledger balance and available balance are terms used by a bank for the cash position of a checking account. The ledger balance is the balance available as of the beginning of the day also known as opening balance for the day. The available balance may be defined in two different ways; they are:
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What is a Classified Balance Sheet? A classified balance sheet is a financial statement that presents the assets, liabilities, and equity in relevant sub-categories that will be useful for end users.There is no required format or number of sub-categories, but the most common sub-categories are current and non-current. classified balance sheet can also separate non-current assets into sub-categories like fixed assets, intangible assets, and long-term investments. This detail allows financial statement users to see how much the company has invested in capital equipment, buildings, trademarks, and other investments.
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General ledger The general ledger is where posting to the accounts occurs. Posting is the process of recording amounts as credits (right side), and amounts as debits (left side), in the pages of the general ledger. Additional columns to the right hold a running activity total (similar to a chequebook). The listing of the account names is called the chart of accounts.
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What is the meaning of Purchase ledger and the Sales ledger duties in an international trading company? What is a contra entry in the sales ledger control account? A contra entry occurs when one business both buys goods from, and sells goods to, one other business. Rather than making a payment for the full amount owed, and receiving a p…ayment for the full amount due, only the difference between the two amounts actually exchanges hands; this is known as contra accounting.
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What Is the Ledger Balance in a Checking Account? This is because banks calculate ledger balances at the end of the business day, and this amount becomes the opening balance for the next day. The ledger balance of your checking account is the balance after the bank processes all of your transactions, including interest incomes, payments and deposits. As far as the bank is concerned, at the end of the day -- literally -- your ledger balance is the amount of money you have in your account. Available Balance Unlike the ledger balance, your available balance changes frequently throughout the day.
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How to Write an Accounting Ledger How to Write an Accounting Ledger. Keeping a ledger is one of the tenets of basic accounting. Ledgers allow the company to quickly view all transactions in an account at once. Fortunately, keeping a ledger is fairly simple, requiring you to log every financial transaction...
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Uses of the General Ledger The accounting general ledger is a report that provides a detailed description of every general ledger account and the transactions that make up the balance in that account.
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How to prepare general ledger to sub-ledger reconciliation In another article about reconciliations (see Bank Account Reconciliation), we reviewed in detail the purposes of accounting reconciliation statements, identified two major types of reconciliations (bank reconciliation and general ledger to sub-ledger reconciliation), provided step-by-step instructions for the bank reconciliation process, and showed a real life example of the bank reconciliation.
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What is a 'Contra Account' What is a 'Contra Account'. A contra account is an account found in an account ledger that is used to reduce the value of a related account. A contra account's natural balance is opposite of the associated account. If a debit is recorded in a related account, the contra account record also records a credit. Next Up.
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R12 Primary Ledger R12 Primary Ledger. The ledger is a basic concept in Release 12. The ledger replaces the 11i concept of a set of books. It represents an accounting representation for one or more legal entities or for a business need such as consolidation or management reporting.
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- contra asset account. A balance sheet account in the financial statements that offsets a related asset account. Contra asset accounts are subtracted from a related asset account since asset accounts have debit balances while contra assets have credit balances.
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- Oracle Sub Ledger accounting (SLA) is accounting hub in. Oracle Application Release 12 (R12). It is used to derive all. attributes required to account a transaction in Oracle General. Ledger. In R12, SLA is used to derive the very basic. accounting attributes like entered amount, accounted amount, Date, Currency code etc and the complex attributes like. Ledger, Code Combination ID, Periods etc.
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GN 00603.020 Collective Checking and Savings Accounts Managed by Representative Payees IMPORTANT: A collective account with its associated ledger is not a master account with sub accounts. For more details about master-sub accounts, refer to GN 00603.020C.2.a. in this section. For specific master-sub account policy, refer to GN 02402.050.
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- Intercompany Trading: This is ‘business as usual’ trading between subsidiaries using standard P2P and O2C processes but specific intercompany accounts, with liabilities recorded in Accounts Payable or debts being recorded in Accounts Receivable.Extract Intercompany Transactions: Transactions are extracted from the subsidiary ledgers and posted to the solution. Pain Point: It is unlikely that one method of sharing transactions will suit all subsidiaries due to size, volume, local regulations, and the like.
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- Debits CreditsThis is a T account whichis used to anal y ze postingof double entry accountingBoth the right hand column T and the left must have equal totals.The left side is for Debits and the right side is for Credits. Using T Accounts to post journal entries 1.ebits CreditsThis is a T account whichis used to anal y ze postingof double entry accountingBoth the right hand column T and the left must have equal totals.The left side is for Debits and the right side is for Credits. Using T Accounts to post journal entries 1.
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general ledger (GL) A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing each type of asset, liability, equity, revenue and expense.
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How to Post to Your Accounting Ledger Now it is time to take those accounting journal entries and transfer the debits and credits from the journal entries to the appropriate accounts in the general accounting journal. This is called posting. Remember an accounting ledger is a group of accounts from your chart of accounts.
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What is a 'Ledger Balance' The ledger balance differs from the customer's available balance, which is the aggregate funds accessible for withdrawal. The ledger balance includes all outstanding checks that have not yet cleared the account, as well as incoming funds that are not yet available.
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Accounting Journals and Ledgers â Transaction Posting I’ll stay on the topic of the General Ledger first and then back up to the Journals where each transaction is originally posted. In Accounting, there are two types of Ledgers, the General Ledger (Book of final entry) and Subsidiary (Sub) Ledgers. The Accounts for the General Ledger come from the Chart of Accounts. The Accounts for the Subledgers depend on the specific purpose of the Subledger.
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- accounts payable subsidiary ledger. Definition. A type of accounting ledger that is kept separately containing the accounts of all of a company's creditors. The ledger is used to update to applicable permanent accounts at the end of each period and is constantly in flux. Most Viewed.
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- The general ledger master file is the main file on the general ledger database. It is based on the firm's chart of accounts. Each record is either a general ledger account (e.g., sales) or a control account (e.g., the accounts payable control) for one of the subsidiary ledgers.
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How to Post to Your Accounting Ledger How to Post to Your Accounting Ledger. A general accounting ledger is a collection of your chart of accounts. It is where all of your accounting journal entries end up. Most all accounting these days is done on computers and the accounting software does the posting to the general ledger in the background. For example, say you record a check that you wrote to pay your rent in your accounting software.