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.
Oakham is the county town of Rutland in the East Midlands of England, 25 miles (40.2 km) east of Leicester, 28 miles (45.1 km) south-east of Nottingham and 23 miles (37.0 km) west of Peterborough. It had a population of 10,922 in the 2011 census. Oakham is to the west of Rutland Water, one of Europe's largest man-made lakes, and in the Vale of Catmose. Its height above sea level ranges from 325 ft (99 m) to 400 ft (120 m).
Job location: Oakham
Oakham - £28k to £32k depending on experienceWe are on the hunt for an Electrician to join our client’s Maintenanc...
- Project Manager / Quantity Surveyor
Job location: Oakham
Job salary: Exceptional overall benefits package
We are seeking an ambitious Project Manager / Quantity Surveyor to be the senior building professional responsible f...