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.
Wisbech (/ˈwɪzbiːtʃ/ WIZ-beech) is a market town and civil parish in the Fens of the Isle of Ely, Cambridgeshire, England. It had a population of 31,573 in 2011. The town lies in the far north-east of the county, bordering Norfolk and only 5 miles (8 km) south of Lincolnshire. The tidal River Nene running through the town centre is spanned by two bridges. Before the Local Government Act 1972 came into force in 1974 Wisbech was a municipal borough.