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 statistical key figures in co? : co-pa
Explain the customer master record and list various segments in them.
Pls help me in Auditing (SAP). I found a big amount in Exchange rate diference a/c, How I can Audit Exchange rate Difference,,, Which area I have care to find the fault?
Explain complex assets and asset sub numbers? : fi- asset accounting
What is reconciliation account?
Explain the vendor master record and list various segments in them.
What all steps are involved in creating planning groups and planning levels in cash management? What changes does it bring?
what is the configuration steps of cash flow statement?
integration between FI-MM,FI-SD.FI-PP
Explain production set-up in fi-aa? : fi- asset accounting
What is the advantage of bw reporting on co-pa data compared with directly running the queries on co-pa? : co-pa
What are the requirement of using dunning?
How does group chart of accounts differ from operating chart of accounts?
At the time of sap implementation what are the basic details required by CO guy, SD, MM, and PP guy from a FI guy...?
what do you mean by the accumulated depreciation?