What Is Another Name For General Ledger?

What is the purpose of the ledger?

Accounting Ledger Basics The purpose of the ledger is to take the entries made in the journal and logs and tallies up all transactions that affect a specified account.

It shows your total monthly sales of Widget A, your total payroll expenses or your total postage expenses that month..

What kind of record is general ledger?

A general ledger represents the record-keeping system for a company’s financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.

What are the two types of journal?

Accountants call journals the “books of original entry” because no transactions get into the accounting records without being entered into a journal first. Two basic types of journals exist: general and special.

What is the other name for record?

What is another word for record?accountreportchronicledocumentfileannalsdocumentationregisterarchivediary205 more rows

How many types of ledger are there?

three typesThe three types of ledgers are the general, debtors, and creditors.

What is another word for write down?

In this page you can discover 21 synonyms, antonyms, idiomatic expressions, and related words for write-down, like: depreciation, devaluation, markdown, reduction, increase, money, write, write-off, expense, get-down and put down.

What is a takedown?

The takedown is jargon for the initial price of a stock, bond or other security offered on the open market. … A full takedown will be received by members of an investment banking syndicate who have underwritten public offerings of stock, bonds or other securities.

What is a record of events called?

To chronicle an event is to record it as it happens, and a chronicle is a record of those events. Chronicle is related to chronological and comes from the Greek ta khronika, which means “annals of time.” Events are usually chronicled in the order in which they occurred. …

Why Ledger is called King of all books?

Ledger is called the king of all books of accounts because all entries from the books of original entry must be posted to the various accounts in the ledger. It should be noted that journal contains a chronological record while ledger contains a classified record of all transactions.

What is the another name of ledger?

Book of accounts is probably the closest in meaning to general ledger. Books is a very common term. If you keep the books for a company, that means you’re the company’s accountant.

What is another name for the general journal?

general ledger(noun) Synonyms: nominal ledger. general ledger(noun)

What is the difference between ledger and general ledger?

Key Takeaways. The journal consists of raw accounting entries that record business transactions, in sequential order by date. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.

What is a general ledger also known as?

A general ledger, also known as the book of final entry, is a place where an entity (person or company) stores all or most of its financial transactions. These points of data are referred to as journal entries.

What is Ledger and example?

A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity item, revenue type, or expense type. Examples of ledger accounts are: Cash. Accounts receivable.

What is another word for books?

Synonyms & Antonyms of bookhardback,hardcover,paper,paperback,paperbound,pocket book,pocket edition,softback,More items…

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. Private ledger is not accessible to everyone.

Is Cash book a journal or a ledger?

A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger.

What is GL dump?

Ledger Dump” that will include the balance forward from last year after the. books closed for the year, which, if there was something I needed to do to. “close the books for the year” I know I didn’t do it last year. This report. is also supposed to contain all the trasactions and monthly balances for.