Definitions [6]
A ledger is a book of accounts in which transactions from the journal get grouped under different account names.
Subsidiary books are special accounting books used to record similar types of business transactions in one place.
A computerised ledger software is a computer program that helps record, organize, and manage all financial transactions quickly and accurately.
Posting is the process of transferring each entry from the journal or subsidiary books into the appropriate ledger account.
Balancing a ledger account means adding up the debit and credit columns, finding the difference, and inserting this difference as 'Balance c/d' (carried down) on the side that totals less. This final balance is then brought forward for the next accounting period as 'Balance b/d' (brought down)
A trial balance is a statement that lists the debit and credit balances of all ledger accounts on a specific date to check the mathematical accuracy of the books.
