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A ledger [1] is a book or collection of accounts in which accounting transactions are recorded. Each account has: an opening or brought-forward balance; a list of transactions, each recorded as either a debit or credit in separate columns (usually with a counter-entry on another page) and an ending or closing, or carry-forward, balance.
Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account.
A spreadsheet consists of a table of cells arranged into rows and columns and referred to by the X and Y locations. X locations, the columns, are normally represented by letters, "A," "B," "C," etc., while rows are normally represented by numbers, 1, 2, 3, etc. A single cell can be referred to by addressing its row and column, "C10".
In its simplest form, this is a three-column list. Column One contains the names of those accounts in the ledger which have a non-zero balance. If an account has a debit balance, the balance amount is copied into Column Two (the debit column); if an account has a credit balance, the amount is copied into Column Three (the credit column). The ...
Balance sheet substantiation is the accounting process conducted by businesses on a regular basis to confirm that the balances held in the primary accounting system of record (e.g. SAP, Oracle, other ERP system's General Ledger) are reconciled (in balance with) with the balance and transaction records held in the same or supporting sub-systems.
The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the same balance.
Sample passbook (open), containing the same transactions as the bank statement A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account . The Post Office Savings Bank introduced passbooks to rural 19th-century Britain.
Source documents are business forms that provide evidence of each transaction and give the details that are entered later into one of the journals in a computer accounting system. Some computer systems, such as payroll systems, also generate transactions that are recorded in one or more journals, but without paper source documents.