Nominal Ledger

Business / Accounting / Nominal Ledger: A ledger which holds all the nominal accounts of a business. Where the business uses a subsidiary ledger like the sales ledger to hold customer details, the nominal ledger will usually include a control account to show the total balance of the subsidiary ledger (a control account can be termed 'nominal' because it doesn't relate to a specific person).

Other Words for Nominal

Nominal Adjective Synonyms: titular, in name only, formal, pretended, so-called, self-styled, soi-disant, professed, purported, supposed, would-be, representational, represented, supposititious, proposed, propositional, puppet
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Self-Balancing Ledgers

Business / Accounting / Self-Balancing Ledgers: A system which makes use of control accounts so that each ledger will balance on its own. A control account in a subsidiary ledger will be mirrored with a control account in the nominal ledger. MORE

Sales Ledger

Business / Accounting / Sales Ledger: A subsidiary ledger which holds the accounts of a business's customers. A control account is held in the nominal ledger (usually called a debtors' control account) which shows the total balance of all MORE

Nominal Accounts

Business / Accounting / Nominal Accounts: Accounts that are closed to a zero balance at the end of each accounting period: temporary accounts generally appearing on the income statement. MORE

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