creditors' ledger

creditors' ledger
= bought ledger; = purchases ledger
A memorandum ledger account in which individual creditors' accounts are recorded; it is additional to the nominal ledger and forms part of the internal control system. In each individual creditor's account there is a record of the purchases made (credit), payments made (debit), discounts received (debit), and returns outwards (debit). The total sum of all the creditors' ledger accounts is periodically extracted and compared to the total on the creditors' ledger control account as part of the internal control system. The total of the individual creditors' ledger accounts should always equal the creditors' ledger control accounts; any differences that do occur must be investigated.

Accounting dictionary. 2014.

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Look at other dictionaries:

  • creditors' ledger — UK US noun [C] UK ► ACCOUNTING ACCOUNTS PAYABLE LEDGER(Cf. ↑accounts payable ledger) …   Financial and business terms

  • creditors' ledger control account — purchases ledger control account The nominal (or general) ledger control account recording the totals of the entries made to the individual creditors ledgers from the purchases journal and the cash payments journal. The total on the creditors… …   Accounting dictionary

  • creditors' ledger — See purchase ledger …   Big dictionary of business and management

  • ledger — led‧ger [ˈledʒə ǁ ər] noun [countable usually plural] ACCOUNTING one of the books or computer records showing the totals of items shown separately in the Books Of First Entry or day book S; = BOOK OF FINAL ENTRY: • Gone are the days of ledgers… …   Financial and business terms

  • creditors — Those to whom an organization or an individual owes money, for example unpaid suppliers of raw materials. The balance on the creditors ledger control account is included in the balance sheet: creditors whose payments are due in less than one year …   Accounting dictionary

  • ledger — A collection of accounts of a similar type. Traditionally, a ledger was a large book with separate pages for each account; in modern systems they will usually consist of computer records. The most common ledgers are the nominal ledger containing… …   Accounting dictionary

  • purchase ledger — creditors ledger The ledger in which the personal accounts of an organization s suppliers are recorded. The total of the balances in this ledger represents the organization s trade creditors …   Big dictionary of business and management

  • debtors' ledger — UK US noun [C] UK ► ACCOUNTING the part of a company s accounts that shows money owed to the company → Compare CREDITORS LEDGER(Cf. ↑creditors ledger) …   Financial and business terms

  • nominal ledger — general ledger The ledger containing the nominal accounts and real accounts necessary to prepare the accounts of an organization. This ledger is distinguished from the personal ledgers, such as the debtors ledger and creditors ledger, which… …   Accounting dictionary

  • personal ledger — A ledger containing personal accounts, for example the debtors ledger and the creditors ledger …   Accounting dictionary

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