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.
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.
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.
Lincoln (/ˈlɪŋkən/) is a cathedral city and county town of Lincolnshire in the East Midlands of England. The non-metropolitan district of Lincoln had a 2012 population of 94,600. The 2011 census gave the urban area of Lincoln, which includes North Hykeham and Waddington, a population of 130,200.
Roman Lindum Colonia developed from an Iron Age settlement on the River Witham. The city's landmarks include Lincoln Cathedral, an example of English Gothic architecture and the tallest building in the world for over 200 years, and the 11th-century Norman Lincoln Castle. The city is home to the University of Lincoln and Bishop Grosseteste University, and to Lincoln City FC and Lincoln United FC.
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