Accounting - Topics - Control for debtors and creditors
Control for debtors and creditors
Control accounts are prepared in the general ledger and are used
where there are a number of subsidiary items involved in business
transactions such as individual debtors, stock or non-current assets and
the business desires to group these items into the one ledger account.
What is the purpose of a control account?
* the control account is summarised information located in the general
ledger. More detailed information is held in the subsidiary ledger
* a control account enables a separation of duties between the
bookkeeping department (or section) responsible for the general ledger and
bookkeeping department (or section) responsible for the subsidiary ledger
* internal control is maintained by checking the balance of the control
account with the total of balances shown in the schedule [2]taken from the
subsidiary ledger
Previous | Next
English
Spanish
French
Italian
Control accounts is defined as a subsidiary ledger that is used in general ledger to know the business transactions such as individual debtors so on and so forth.
What is meant by subsidiary ledger?
Subsidiary ledger provides more detailed information which includes payment history about individual account transactions.
The control accounts in the general ledger and is used where there are a number of the elements involved in commercial transactions, such as individual debtors, stock or non-current assets and businesses wishing to assemble these elements into account and one professor
The control accounts in the general ledger and is used where there are a number of the elements involved in commercial transactions, such as individual debtors, stock or non-current assets and businesses wishing to assemble these elements into account and one professor
The control accounts in the general ledger and is used where there are a number of the elements involved in commercial transactions, such as individual debtors, stock or non-current assets and businesses wishing to assemble these elements into account and one professor
Control for debtors and creditors how to manage your cash flow
Accounting -> Topics -> Control for debtors and creditors Control for debtors and creditors Control accounts are prepared in the general ledger and are used where there are a number of subsidiary items involved in business transactions such as individual debtors, stock or non-current assets and the business desires to group these items into the one ledger account. What is the purpose of a control account? the control account is summarised information located in the general ledger. More detailed information is held in the subsidiary ledger a control account enables a separation of duties between the bookkeeping department (or section) responsible for the general ledger and bookkeeping department (or section) responsible for the subsidiary ledger internal control is maintained by checking the balance of the control account with the total of balances shown in the schedule taken from the subsidiary ledger
information is clear.
okay