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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.
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