Ledger is a general accounting book used to record economic and financial transactions arising in the accounting year according to the accounting accounts specified in the accounting account system applicable to enterprises. Each account is opened one or more consecutive pages on the Ledger that are sufficient for recording in an accounting year.
Ledger is a book used to record economic and financial operations arising in each period and in an accounting year according to the accounting accounts specified in the accounting account regime applicable to enterprises.
Accounting data on the Ledger reflect the general situation of assets, capital sources, the situation, and results of the production and business activities of the enterprise.
Characteristics of the Ledger Book
- The ledger is open for each account in all accounts used in the unit;
- The ledger records both the opening balance, the closing balance, and the increase and decrease of the open subject;
- Information included in the Ledger is information that has been classified and systemized according to the subject of the book opening.
Explain some related terms
- General accounting book: is a book used to reflect the general situation of assets, capital sources, and movement of assets in the business. General accounting books include diary and ledger.
- Journal: Used to record economic and financial transactions arising in each accounting period and in an accounting year according to chronological order and reciprocal relationship of accounts of those transactions.
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