Self balancing ledger
This query is : Resolved
A D - Loving Life
(Querist)
30 March 2009
Self balancing ledger is use for what?
31 March 2009
A system which makes use of control accounts so that each ledger will balance on its own. A control account in a subsidiary ledger will be mirrored with a control account in the General ledger.
Manmohan ACA, CS
(Expert)
31 March 2009
i agree with expert.
the use of Self balancing is ......
(i)deduction of error in debtors/ creditors A/c
(ii) Errors are localised.
(iii) It enables preparation of interim accounts without personal ledgers having to be balanced.
(iv) The figures of total debtors or creditors is readily available.
the use of Self balancing is ......
(i)deduction of error in debtors/ creditors A/c
(ii) Errors are localised.
(iii) It enables preparation of interim accounts without personal ledgers having to be balanced.
(iv) The figures of total debtors or creditors is readily available.
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