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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.
Corby is a town and borough in the county of Northamptonshire, England.
It is located 23 miles (37 km) north-east of the county town, Northampton. At the 2011 Census the town had a population of 54,927[1] and the borough had a population of 61,255.[2] Figures released in March 2010 revealed that Corby has the fastest growing population in both Northamptonshire and the whole of England. The borough of Corby borders onto the borough of Kettering, the district of East Northamptonshire, the district of Harborough and the unitary authority county of Rutland. The town was at one time known locally as "Little Scotland" due to the large number of Scottish workers who came to Corby for its steelworks. Recently, Corby has undergone a large regeneration process with the opening of Corby railway station and Corby International Pool in 2009 and the Corby Cube building opening in 2010. This is home to Corby Borough Council offices and also houses a 450-seat theatre, a public library and other community amenities.
