Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / brian mcvicker
A sub ledger is used for tracking individual items and
transactions separate to the General Ledger (GL). Sub-
ledgers may exist for, but are not limited to Accounts
Receivable (AR), Accounts Payable (AP), Inventory and Fixed
Assets etc. Without a sub-ledger individual customers or
inventory items would require their own GL code making the
GL unnecessarily large. Sub-ledgers also allow for more
specific detail to be included in transaction details. Each
sub-ledger links to the GL by way of a control account
(e.g. Debtors control the AR sub-ledger etc.). The total of
the sub-ledger account should equal the balabce in the
control account at all times. Individual transactions
should be posted via sub-ledger not directly to the control
account. Reconciliations should be performed between the
sub-ledger and control account on at least a monthly basis
to ensure this is the case.
| Is This Answer Correct ? | 127 Yes | 8 No |
Post New Answer View All Answers
What are the benefits of a data quality solution?
How is component scrap maintained in sap?
Why we do manual clearing?
What is the chart of account and how many charts of accounts can be assigned to a company?
Explain the use of direct or indirect quotations?
What is a financial statement version? : fi- general ledger master data
Difference between depreciation ,accumulated depreciation and apc?
Explain cost center accounting? : co- general controlling
What is the account assignment category? : fi- accounts payable
What are the main reasons for sap customers choosing linux?
Why is preliminary cost estimate required?
What is the Pre-mapping and Matching?
Describe the dunning process? : fi- accounts receivable
Why is it not possible to post to a customer a/c in a previously closed period?
What do you understand by company and company code?
