posting type

[Former Member]

hi,

may i know what is the double entry like and meaning for the below posting type

1) Post to G/L account

2) Post subledg.acc deb

3) Post subldg.acc cred

4) Clear debit G/L acct

5) Clear credit G/L act

6) Clear deb.subledg.ac

7) Clear cred.subl.acct

😎 Reset & rev. clear

thanks

[Former Member]

Hi Eliana

In Double entry system, each transaction results in at least one account being debited and at least one account being credited, with the total debits of the transaction equal to the total credits.

1) Post to G/L account- Posting to an expense,revenue,asset and liability account.

2) Post subledg.acc deb- posting to a debtor(customer) subledger account.

3) Post subldg.acc cred - posting to a creditor(supplier)subledger account

4) Clear debit G/L acct- matching and clearing debit entries with corresponding credit entries in a general legder; so that they will not be an outstanding item in future.

5) Clear credit G/L act-matching and clearing credit entries with corresponding debit entries in a general legder; so that they will not be an outstanding item in future.

6) Clear deb.subledg.ac- matching debit/credit items in debtor subledger account.

7) Clear cred.subl.acct-matching debit/credit items in creditor subledger account.

😎 Reset & rev. clear

Meaning of subledger:A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers.

However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.

Regards,

Usha