General ledger accounts receivable
C defaults, following journal entries are posted to general ledger accounts:. Accounts receivable account included in the general ledger above is a control account, i. A subsidiary ledger is needed for accounts receivable control account because there are potentially thousands of accounts receivable transactions in a period and the subsidiary ledger makes it easier to keep track of those transactions.
Below is an except from accounts receivable subsidiary ledger showing entries made on 24 September At the end of the month when payment is received and Mr. C defaults, following entries are made in the subsidiary ledger:. Accounts payable subsidiary ledger and fixed assets subsidiary ledger are other commonly used subsidiary ledgers. Contact Us Privacy Policy Disclaimer. There are two types of accounting ledgers: General ledger A general ledger is the set of all accounts where journal entries are posted.
Subsidiary ledger Since general ledger hold all the historical journal entries, some key general ledger accounts become so complex that a separate ledger is needed to keep track of its transactions. Write down the following accounts and information: From the Reports menu, select Aging, Detail by Customer. Select the Current AR transaction file. Enter the Aging As Of Date for the month you are reconciling.
For the Aging Basis , select Accounting date. Select the Include Retainage Column check box if necessary. If your accounts receivable and customer cash receipt account are the same General Ledger accounts, click Start to print the report. If your accounts receivable and customer cash receipt account are not the same General Ledger accounts: Click Start to print the report. Select the Modify date range check box.
Enter the Start date as the beginning date for the month you are reconciling, which should be the same month previously entered in step A3. Enter the End date as the ending date for the month you are reconciling. You only want to reconcile one month at a time. Click Conditions Add a condition for base account equal to your accounts receivable account that you noted from your Accounts Receivable settings. If not using Prefixes: Range on the accounts receivable account that you noted from your Accounts Receivable settings.
If your accounts receivable and retainage receivable accounts are the same: Compare the ending balance for all accounts of the Year-to-Date Ledger to the Amount column Report total plus the Retainage column total do not pay attention to the negative sign on the Aging Detail by Customer report.