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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.

​Worcester (/ˈwʊstər/ (About this soundlisten) WUUS-tər) is a cathedral city in Worcestershire, England, 30 miles (48 km) south-west of Birmingham, 101 miles (163 km) west-north-west of London, 27 miles (43 km) north of Gloucester and 23 miles (37 km) north-east of Hereford. The population is about 100,000. The River Severn flanks the western side of the city centre, which is overlooked by Worcester Cathedral. The Battle of Worcester in 1651 was the final one in the English Civil War, where Oliver Cromwell's New Model Army defeated King Charles I's Royalists. Worcester is the home of Royal Worcester Porcelain, composer Edward Elgar,[1] Lea & Perrins, makers of traditional Worcestershire sauce, University of Worcester, and Berrow's Worcester Journal, claimed as the world's oldest newspaper.

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