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Purchase Ledger
Abought ledgeris a system inaccountingby which a business records and monitors itscreditors. The purchase ledger contains the individual accounts of suppliers from whom the business has made purchases oncredit. Information oninvoicesandcredit notesreceived, and payments made, are recorded in the supplier's account using thedebits and creditssystem, with thebalanceof each account at a given moment representing the amount currently owed to that supplier.[citation needed]
Historically, the purchase ledger was maintained in book form, hence the termledger, but in modern practice it is much more likely to be held on computer usingaccountancy softwareor aspreadsheet. The concept of Double-entry Bookkeeping is that debits balance the credits at all times. For convenience the main Trial Balance lists some accounts containing many entries as simply a single control figure. There is then a separate physical Ledger for the summarised area, which could conveniently be managed on its own, often at physically separate locations from the main ledger book. The Purchase Ledger is a common example of this.[citation needed]
The purchase ledger will ordinarily be an overall credit (liability) balance, unless credit notes or over-payments exceed the credit balance. However within itself, it is usual to show all invoices as positive figures, and payments as negative entries, as this minimises the number of negative entries to make/read.
Arnold (/ˈɑːr.nəld/) is a market town[3][4] and unparished area[2] in the ceremonial county of Nottinghamshire in the East Midlands of England. It is situated to the north-east of Nottingham's city boundary. Arnold's town centre is the largest in the Borough of Gedling[5] and the most important in the northeastern part of the Greater Nottingham conurbation.[5] Gedling Borough Council is headquartered in Arnold.[6] Since 1968 Arnold has had a market, and the town used to have numerous factories associated with the hosiery industry. Nottinghamshire Police have been headquartered in Arnold[7] since 1979.[8] At the time of the 2011 census, Arnold had a population of 37,768.[1]
Areas within Arnold include Daybrook, Woodthorpe, Redhill, Warren Hill, Killisick and Dorket Head.
