A Ledger, also called a General Ledger is a complete transaction history of an Account.
When a business executes any financial transactions, an Account is either debited (+) or credited (-). The Debit entry is added to the Ledger of the debited Account, and the Credit entry is added to the Credited Account Ledger.
Each ledger entry has the following contents:
- Voucher Date
- Voucher ID
- Narration
- Debit Amount
- Credit Amount
- Running-Total Balance
Businesses use Ledgers to record transactions for their Customers, Suppliers, Inventory, Cash/Bank Accounts e.t.c.
With softwares such as HysabOne, data is automatically entered into the Ledger when you create an Invoice or Payment Receipt. You can easily share the Ledger with your Customers & Suppliers.
Using a software will help you generate complex reports easily, allow you to share them, print them, and ensure data integrity.
