What are the two types of subsidiary ledger?

What are the two types of subsidiary ledger?

Types of Subsidiary Ledger Account

• Accounts Payable Subsidiary Ledger – This type of ledger records all the transaction data concerning individual suppliers, vendors, and creditors of an organization.
• Accounts Receivable Subsidiary Ledger – Accounts receivable.
• Fixed Asset Subsidiary Ledger – Fixed asset.

What is the difference between GL and subledger?

General ledger accounts provide summaries, while subledger accounts provide details. Your general ledger is designed to provide the balance of each of the accounts in your chart of accounts, while the subledger is designed to provide you with the details that make up that particular account.

What is another name for the accounts payable subsidiary ledger?

AP sub-ledger
The accounts payable subsidiary ledger is also commonly referred to as the AP sub-ledger or subaccount.

How many subsidiary ledgers are there?

Two common subsidiary ledgers: Accounts receivable subsidiary ledger where data relating to individual buyers are kept. Accounts payable subsidiary ledger is due where data relating to individual creditors are kept.

What is the difference between a specialized journal and a subsidiary ledger?

In summary, subsidiary ledgers help track individual balances for each individual customer, for each individual supplier, for each individual inventory account. The detail of the special journals is posted to the sub-ledgers on a daily basis whereas the total is posted to the general ledger on a monthly basis.

What is a subsidiary ledger in accounting?

An accounts receivable subsidiary ledger is an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit. The subsidiary ledger is also commonly referred to as the subledger or subaccount.

What is SLA in Oracle Fusion?

Subledger Accounting (SLA) is a rule-based accounting engine that centralizes accounting for Oracle Fusion products. Subledger accounting options define how journal entries are generated from subledger transactions at the subledger application level.

What is the difference between general ledger and general journal?

The journal consists of raw accounting entries that record business transactions, in sequential order by date. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.

Which accounts have subsidiary ledgers?

Examples of subsidiary ledgers are:

• Accounts payable ledger.
• Accounts receivable ledger.
• Fixed assets ledger.
• Inventory ledger.
• Purchases ledger.

What is inventory subsidiary ledger?

An inventory subsidiary ledger records transactions that effect inventory. A separate account is created for each item offered for sale and contained in inventory. Each item can be tracked in three column entries that record purchases, sales and account balances.