What is ledgers?

[deepak]

Can someone explain ledgers to me.

 

[Rick_Grimes]

A ledger refers essentially to a book of records of financial transactions. In accounting, it is a place where all the debit and credit of a business is stored and the money in or out of a business is shown to make balances and to prepare financial statements.

 

[Shane Warne]

A ledger is a book or electronic document in which financial transactions are categorized and kept. It takes credit and debit entries to accounts such as cash, sales or expenses. Ledgers help businesses to follow the flow of money and are accurate and assist in the preparation of financial statements such as balance sheets and income statements.

 

[Sophie]

A ledger refers to a record-keeping book, or digital accounting record, in which financial transactions are recorded in a systematic way. In accounting specifically, a ledger is the primary repository to compile the information presented in journals and group the data according to accounts e.g., cash, sales, expenses, etc. The use of ledgers assists individuals and businesses to track balances, prepare financial statements, or review business performance.

 

[Lucas]

Ledgers are records that track all financial transactions of a business, organized by accounts.

 

[isabel]

A ledger is a book or computerized book, like money in and money out, in which all of the business financial transactions are arranged and recorded. It is more or less the backbone of accounting.

 

[danisjohn]

Ledgers are documents, which systematically record financial transactions. They give comprehensive descriptions of debt and credit of an account such as cash, sales or expenses. Ledgers, which are used in accounting, assist businesses to track finances, prepare reports, and maintain the accuracy in bookkeeping by keeping all monetary transactions in a single place.

 

[jainnorton]

The main book or book of accounts which contains all the financial transactions of a business in a systematic manner, is called a ledger. It grouped and summarized the debit and credit items by category (assets, liabilities, etc.) to obtain financial statements.

 

[brook]

A ledger is a book or an electronic book where financial transactions are organized and stored. It records the credit and debit entries in the accounts like cash, sales or expenses. Ledgers assist in tracing the movement of money of the business and are precise and aid in preparation of financial reports like balance sheets and income statements.