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.

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

Subsidiary Ledgers

Business / Accounting / Subsidiary Ledgers: Ledgers opened in addition to a business's nominal ledger. They are used to keep sections of a business separate from each other (eg. a Sales ledger for the customers, and a Purchase ledger for the su MORE

Control Account

Business / Accounting / Control Account: An account held in a ledger which summarises the balance of all the accounts in the same or another ledger. Typically each subsidiary ledger will have a control account which will be mirrored by anoth MORE

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