Preparation of Subsidiary Ledgers by an Organization
The accounts receivable subsidiary ledger helps to provide an idea about the profitability and obligations of a customer in an organization. Preparing a subsidiary ledger provides transaction history of a consumer.
Details such as the value of goods sold, the remittances made so far, discounts, and the due amounts are recorded in the accounts receivable subsidiary ledger. The source document that is being used in recording transactions in the accounts receivable subsidiary ledger is the customer invoice. Furthermore, credit memos would be used as a source document in the event of a customer returning goods that have been damaged during transit. If an additional amount is being charged from a customer, a debit memo or a separate invoice could be used as the source document. The transaction details entered in the accounts receivable subsidiary ledger would be balanced periodically. Some businesses do it daily, while some do it monthly. This balance is then carried into the control account, which is maintained in the general ledger. As mentioned above, the control accounts prevent the general ledger from being cluttering up as it already carries a large number of other transactions.
Significance of Maintaining Accounts Receivable Subsidiary Ledger
At the end of the accounting period, when the financial statements are being prepared, the accounts receivable subsidiary ledger must be closed for the period and the balance be taken to the control account of the general ledger. If a particular business uses an accounting software package, then this could be done automatically, simply by indicating that the accounting period has come to an end.
Benefits of Maintaining an Accounts Receivable Subsidiary Ledger
The advantages of maintaining the accounts receivable subsidiary ledges are as follows:
It prevents the general ledger from becoming lengthy and confusing.
It is helpful in grasping the details of accounts receivables at a glance.
It enables the business to operate in a planned manner.
It provides important information on customer demographics.
Detailed information on accounts receivables enables the business in making sound decisions.
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