The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...

The first five segments are known as the "Account String." Therefore, an Accounting Key is comprised of an Account String plus an Object Code. The first five segments of the accounting key are also ...

Your business transactions must be recorded on a regular basis to create current financial statements. Financial statements are used by your accountant to prepare tax returns; by investors and lenders ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Account reconciliation is a critical process in financial accounting where internal records are compared with external documents to ensure consistency and accuracy. It helps verify that all ...