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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.
Boston is a port and market town in Lincolnshire, on the east coast of England, about 100 miles (160 km) north of London. It is the largest town of the wider Borough of Boston local government district. The town itself had a population of 35,124 at the 2001 census,[1] while the borough had a total population of 66,900, at the ONS mid-2015 estimates.[2] It is north of Greenwich on the Prime Meridian.
Boston's most notable landmark is St Botolph's Church ("The Stump"), the largest parish church in England,[3] visible for miles around from the flat lands of Lincolnshire. Residents of Boston are known as Bostonians. Emigrants from Boston named several other settlements around the world after the town, most notably Boston, Massachusetts, in the United States.
