Difference Between General Ledger and Sub Ledger

The key difference between General Ledger and Sub Ledger is that General ledger prepared by the company is the set of the different master accounts in which the transactions of the business are recorded from the related subsidiary ledgers, whereas, Sub ledger act as an intermediary account set that is linked with the ...

1. What is the GL sub ledger?
2. What is general ledger with an example?
3. What is subsidiary ledger example?
4. How is subledger linked to GL?
5. What is a GL reconciliation?
6. What are the two types of ledger?
7. How many types of ledger are there?
8. What goes in a general ledger?
9. What is another name for general ledger?
10. What are the two common examples of a subsidiary ledger?
11. What is the purpose of a subsidiary ledger?
12. What are the two common kinds of subsidiary ledgers?

What is the GL sub ledger?

The subledger, or subsidiary ledger, provides details behind entries in the general ledger used in accounting. The subledger shows detail for part of the accounting records such as property and equipment, prepaid expenses, etc. ... The total of the subledger would match the line item amount on the general ledger.

What is general ledger with an example?

Examples of General Ledger Accounts

asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits.

What is subsidiary ledger example?

A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. ... For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases.

How is subledger linked to GL?

A sub ledger is used for tracking individual items and transactions separate to the General Ledger (GL). ... 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.

What is a GL reconciliation?

General ledger reconciliation is the process of comparison between accounts and data. Those tasked with the process will have to verify the books against other financial documents like statements, reports, and accounts.

What are the two types of ledger?

General Ledger – General Ledger is divided into two types – Nominal Ledger and Private Ledger. Nominal ledger gives information on expenses, income, depreciation, insurance, etc. And Private ledger gives private information like salaries, wages, capitals, etc.

How many types of ledger are there?

The three types of ledgers are the general, debtors, and creditors. The general ledger accumulates information from journals. Each month all journals are totaled and posted to the General Ledger.

What goes in a general ledger?

The general ledger holds account information that is needed to prepare the company's financial statements, and transaction data is segregated by type into accounts for assets, liabilities, owners' equity, revenues, and expenses.

What is another name for general ledger?

Alternate Synonyms for "general ledger":

ledger; leger; account book; book of account; book.

What are the two common examples of a subsidiary ledger?

Examples of subsidiary ledgers are:

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

What is the purpose of a subsidiary ledger?

A subledger or subsidiary ledger provides the details that make up the balance of specific general ledger accounts. Because general ledger accounts only provide an ending balance for each particular account, a subsidiary ledger is used to provide the details that result in that general ledger balance.

What are the two common kinds of subsidiary ledgers?

•  Two common subsidiary ledgers are the Accounts Receivable Ledger and the Accounts Payable Ledger. ...
•  The general ledger account that summarizes subsidiary ledger data is called a control account.