This is so because you do not want to understate expenses in your financial statements for the next 12 months. Furthermore, unlike journal where transactions are recorded in chronological order as they occur. Thus, you record transactions in the ledger by classifying them under various account heads to which they relate. In fact, most accounting…
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For example, a bookkeeper or accountant could use an accounting ledger, or general ledger, to identify the source of increased expenses and make the necessary corrections. A general ledger is an accounting record of all financial transactions in your business. This includes debits (money leaving your business) and credits (money coming into your business). These…
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