{"id":1331,"date":"2021-11-22T23:01:11","date_gmt":"2021-11-22T23:01:11","guid":{"rendered":"https:\/\/blog.vencru.com\/?p=1331"},"modified":"2025-05-21T02:13:33","modified_gmt":"2025-05-21T02:13:33","slug":"what-is-a-ledger","status":"publish","type":"post","link":"https:\/\/vencru.com\/blog\/what-is-a-ledger\/","title":{"rendered":"What is a Ledger? Key things to know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1331\" class=\"elementor elementor-1331\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dc13d38 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dc13d38\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c5e109\" data-id=\"6c5e109\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-757b358 elementor-widget elementor-widget-text-editor\" data-id=\"757b358\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span>A ledger is a financial book containing a written or digital record of all completed business transactions. <\/span><span>It is used for posting and balancing cash transactions in a summarized pattern in a business during its financial year.<\/span><\/p><p><span>Together we will go through everything you need to know.<\/span><\/p><ul><li><a href=\"#ledger-account\"><span>What is a Ledger account?<\/span><\/a><\/li><li><a href=\"#write-ledger\"><span>How do you write a Ledger?<\/span><\/a><\/li><li><a href=\"#what-journal\"><span>What is a Journal?<\/span><\/a><ul><li><span>Journal vs. Ledger<\/span><\/li><\/ul><\/li><li><a href=\"#ledger-import\"><span>Why are Ledgers important?<\/span><\/a><\/li><li><a href=\"#vencru-ledger\"><span>How Vencru can help your business<\/span><\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-440cda9 elementor-widget elementor-widget-menu-anchor\" data-id=\"440cda9\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"ledger-account\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93f5e2f elementor-widget elementor-widget-text-editor\" data-id=\"93f5e2f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span>What Is A Ledger Account?<\/span><\/h2><p><span>A ledger account often refers to a general ledger &#8211; used by various companies to summarize and organize all of their records in the accounting system.<\/span><\/p><p><span>In the past &#8211; a ledger was a large book with financial information [bookkeeping] recorded by hand. But in modern times, as the records by hand became complex and time-consuming, the use of bookkeeping software came to light.<\/span><\/p><h3><span>Sub-ledgers vs. General ledgers<\/span><\/h3><p><span>Sub-ledgers are books used to document business transactions whereas, general ledgers are used as the master notebook to summarize information from the sub-ledger. <\/span><span>Here are a few examples of a sub-ledger:<\/span><\/p><ul><li><strong><span>Inventory:<\/span><\/strong><span>\u00a0Is a current asset with all the items, goods, and materials held by business owners for selling to their clients to earn profit [asset account].<\/span><\/li><li><strong><span>Accounts receivable:\u00a0<\/span><\/strong><span>Refers to the number of money buyers owe to sellers for their purchases [asset account].<\/span><\/li><li><strong><span>Cash and cash equivalents:<\/span><\/strong><span>\u00a0Are liquid assets your company owns that are readily cashable [equity account].<\/span><\/li><li><strong><span>Accounts payable:\u00a0<\/span><\/strong><span>Accounts payable are any sum of money owed by a business to its suppliers [expense account].<\/span><\/li><\/ul><p><span>There are five categories of the general ledger;<\/span><\/p><ul><li><span>Assets<\/span><\/li><li><span>Liabilities<\/span><\/li><li><span>Equity<\/span><\/li><li><span>Revenue<\/span><\/li><li><span>Expenses<\/span><\/li><\/ul><p><span>\u00a0<\/span><span>Let us go through the different categories of a general ledger:<\/span><\/p><ul><li><strong><span>Assets:<\/span><\/strong><span>\u00a0These are resources owned or controlled by business owners\/ individuals to produce positive economic value.<\/span><\/li><li><strong><span>Liabilities:<\/span><\/strong><span>\u00a0Liabilities are future financial debt and obligations of the business. They represent a creditor&#8217;s claim on business assets. Examples are taxes, employee wages, mortgages, e.t.c.<\/span><\/li><li><strong><span>Equity:\u00a0<\/span><\/strong><span>There exists both positive and negative equity. If the proportion of assets is more than that of the liabilities, it is a case of positive equity. An opposite situation is called negative equity.<\/span><\/li><li><strong><span>Revenue:<\/span><\/strong><span>\u00a0This refers to income earned by business owners through the sale of their goods and services. These include all earnings made by business such as sales royalties, e.t.c.<\/span><\/li><li><strong><span>Expenses:<\/span><\/strong><span>\u00a0This occurs when a business owner pays in return for goods and services purchased. Examples are rent, travel expenses, e.t.c.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ced109 elementor-widget elementor-widget-menu-anchor\" data-id=\"7ced109\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"write-ledger\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f279c8d elementor-widget elementor-widget-text-editor\" data-id=\"f279c8d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span>How Do You Write A Ledger?<\/span><\/h2><p><span>Here are steps on how best to write a ledger:<\/span><\/p><ul><li><span>For each account you are working on, make a ledger. For unusual or odd expenses &#8211; create a general ledger account.<\/span><\/li><li><span>Create columns on the far left of the page for the date, journal number, and description.<\/span><\/li><li><span>Create columns on the left side for debit, credit, and balance; Debit refers to the money you receive, credit refers to the money you paid or owed. Balance is the difference between both.<\/span><\/li><li><span>Input the information from the journals into related accounts; Place debits and credits side by side. Calculate the balance you have earned or owe.<\/span><\/li><li><span>Document and adjust changes to the transactions as they occur. For example, If you have made a journal entry, post it to the ledger instantly.<\/span><\/li><li><span>Combine the different accounts to make a complete ledger. The front page includes the chart of accounts, listing each account in the ledger and its number.<\/span><\/li><li><span>Preparing a trial balance is the next step in an accounting period. The trial balance totals are matched and used to organize financial statements.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ad4e511 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad4e511\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-b0308da\" data-id=\"b0308da\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-1d979c0\" data-id=\"1d979c0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ecbe5f9 elementor-widget elementor-widget-image\" data-id=\"ecbe5f9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/vencru.com\/accounting-templates\/general-ledger-templates\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"569\" src=\"https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger-1024x728.webp\" class=\"attachment-large size-large wp-image-1346\" alt=\"general ledger\" srcset=\"https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger-1024x728.webp 1024w, https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger-300x213.webp 300w, https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger-768x546.webp 768w, https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger-1536x1092.webp 1536w, https:\/\/vencru.com\/wp-content\/uploads\/2021\/11\/20200929_General_Ledger.webp 1612w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">General Ledger Template - click to download<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-38b5ab2\" data-id=\"38b5ab2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a3811a elementor-widget elementor-widget-menu-anchor\" data-id=\"0a3811a\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"what-journal\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42bb809 elementor-widget elementor-widget-text-editor\" data-id=\"42bb809\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span>What is a Journal?<\/span><\/h2><p><span>A journal keeps a record of all transactions made in a business. It is a book of the original entry because if any financial transaction occurs, the business owner\/accountant will first record this transaction in its journal.<\/span><\/p><h3><span>Journal vs. Ledger<\/span><\/h3><p><span>The difference cuts across multiple areas:<\/span><\/p><ul><li><strong><span>Recording\/ documentation:<\/span><\/strong><span>\u00a0Recording of transactions in the journal happens in the first stage of accounting. On the other hand, in the case of a ledger, it occurs in the second stage.<\/span><\/li><li><strong><span>Nature:\u00a0<\/span><\/strong><span>In nature, a ledger is a book of final entries, whereas, in the journal, they are books of original entries.<\/span><\/li><li><strong><span>Use:<\/span><\/strong><span>\u00a0Journals are used daily to record transactions as they happen, whereas ledgers are used periodically, like monthly or weekly.<\/span><\/li><li><strong><span>Preparation:<\/span><\/strong><span>\u00a0Ledgers are prepared on the basis\/ information from journals whereas, journals are based on the source documents.<\/span><\/li><li><strong><span>Balancing:<\/span><\/strong><span> Journals can&#8217;t be balanced, whereas all accounts will be balanced in the ledger, except nominal accounts, e.t.c.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b834a34 elementor-widget elementor-widget-menu-anchor\" data-id=\"b834a34\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"ledger-import\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8858de2 elementor-widget elementor-widget-text-editor\" data-id=\"8858de2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Why are Ledgers important?<\/h2><p>They are important because,<\/p><ul><li>Calculation of profit and loss in every company: Every company needs to create a profit and loss statement on accounting to determine the position of their financial records as it is impossible to make without creating relevant ledger accounts.<\/li><li>It saves time: With the feature of all entries recorded in one place, it becomes less time-consuming in preparing accounts like trading, profit, and loss.<\/li><\/ul><p>It&#8217;s imperative: Every business owner is obliged to prepare ledger accounts of the parties involved in every transaction for maintaining the correctness or accuracy of the transactions that occurred during the year\/ business cycle. You can learn more about the importance of accounting reports in this blog<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dbebc71 elementor-widget elementor-widget-menu-anchor\" data-id=\"dbebc71\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"vencru-ledger\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8739c3d elementor-widget elementor-widget-text-editor\" data-id=\"8739c3d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>How Vencru can help your business<\/h2><p>Vencru is an\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/vencru.com\/\" target=\"_blank\" rel=\"noopener\">invoicing and accounting software\u00a0<\/a>that provides accounting reports, invoicing, expense tracking and so much more. Our app is a trusted business solution that is available on the web, android, and iPhones.<\/p><p>Sign up now for our bookkeeping services and make your<a class=\"editor-rtfLink\" href=\"https:\/\/app.vencru.com\/sign-up\" target=\"_blank\" rel=\"noopener\">\u00a0business more profitable with our 30 days free trial<\/a>. Don&#8217;t have a business yet? See how to create a business plan.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2e1af2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e1af2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-618f4c0c\" data-id=\"618f4c0c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-33ff5e30 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33ff5e30\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1167f0c9\" data-id=\"1167f0c9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-604e640c elementor-widget elementor-widget-image\" data-id=\"604e640c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blog.vencru.com\/wp-content\/uploads\/2019\/05\/Vencru-Mult-Layer.png\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-37d977e3\" data-id=\"37d977e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-46464712 elementor-widget elementor-widget-spacer\" data-id=\"46464712\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c140628 elementor-widget elementor-widget-heading\" data-id=\"6c140628\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get your general ledger reports automatically with Vencru<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-111d7b85 elementor-widget elementor-widget-spacer\" data-id=\"111d7b85\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72ee86e9 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"72ee86e9\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.vencru.com\/sign-up?utm_source=Vencru&#038;utm_medium=website&#038;utm_campaign=popup\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Manage your business<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A ledger is a financial book containing a written or digital record of all completed business transactions. It is used for posting and balancing cash transactions in a summarized pattern in a business during its financial year. Together we will go through everything you need to know. What is a Ledger account? How do you [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":1346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-1331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Ledger? Key things to know - Vencru<\/title>\n<meta name=\"description\" content=\"Unsure what a ledger is and how it relates to accounting? Here are the basics of this essential accounting tool.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vencru.com\/blog\/what-is-a-ledger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Ledger? Key things to know - Vencru\" \/>\n<meta property=\"og:description\" content=\"Unsure what a ledger is and how it relates to accounting? 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