Q:

Does the AP ledger require a subsidiary ledger?

A:

Quick Answer

The AP ledger does not specifically require a subsidiary ledger. However, it is recommended for those who want to keep a general ledger organized. This can also help with keeping transactions from getting confused with one another.

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Full Answer

A subsidiary ledger is used to contain detailed information regarding transactions that are listed in a summary on a general ledger. This is often used for a high volume account that has multiple transactions and information that is not necessarily needed by a general accountant. The accountant can access the basic information needed for his role, while a financial analyst could use the subsidiary ledger to explore the transactions in greater detail.

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Related Questions

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    Can you find printable ledger sheets online?

    A:

    Printable ledger sheets are available on Printablepaper.net, Incompetech.com and Tidyform.com. Printablepaper.net features ledger sheets in various layouts. Incompetech.com lets visitors choose a ledger sheet that meets their specifications. Tidyform.com allows visitors to view and download the size and layout they desire. Users print or download the sheets for free.

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    What does "ledger balance" mean?

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    The ledger balance is the total amount of funds in an account at the beginning of a business day. The deposits and debits that take place throughout the day determine an account's available balance.

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    Where can you find templates for an accounting ledger?

    A:

    ExcelTemplates.net, Atyourbusiness.com and SpreadsheetZONE.com each offer accounting ledger templates. Each site offers examples of general ledger templates in Excel format and provides detailed instructions on how to use the templates.

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    What is a ledger-to-ledger bank transfer?

    A:

    A ledger-to-ledger bank transfer is an old term for transferring money between bank accounts or account books, as stated by AccountingTools. A ledger was a physical book containing a record of all financial transactions for an account.

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