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​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.

​Lowestoft (/ˈloʊ(ɪ)stɒft, ˈloʊstəf/) is an English North Sea coast town and civil parish in the county of Suffolk.[3] On the edge of The Broads, it is the most easterly UK settlement, 110 miles (177 km) north-east of London, 38 miles (61 km) north-east of Ipswich and 22 miles (35 km) south-east of Norwich. As the main town in the district of East Suffolk, it had an estimated 73,775 inhabitants in 2018.[1][1] A port town, it developed out of the fishing industry and as a seaside resort with wide, sandy beaches. As its fisheries declined, oil and gas exploitation in the southern North Sea in the 1960s added to its development, alongside nearby Great Yarmouth. These roles have declined, but it is developing as a regional centre of the renewable energy industry.

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