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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.
Spalding /ˈspɒldɪŋ / is a market town with a population of 28,722 at the 2011 census, on the River Welland in the South Holland district of Lincolnshire, England. Little London is a hamlet directly south of Spalding on the B1172, whilst Pinchbeck, a village to the north, is part of the built-up area.
The town was well known for the annual Spalding Flower Parade, held from 1959 to 2013. The parade celebrated the region's vast tulip production and the cultural links between the Fens and the landscape and people of South Holland. At one time, it attracted crowds of more than 100,000. Since 2002 the town has held an annual Pumpkin Festival in October.
