Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

The general ledger is also known as the main or nominal ledger, because it holds both sides of double-entry transactions. In contrast, the purchase and sales ledgers are called subsidiary ledgers ...

How Ledgers and Journals Are Used in Accounting Get an overview of these fundamental bookkeeping tools. Ledgers and journals are the foundational tools used in the bookkeeping process. A ledger is a ...

Nonprofit organizations often receive funding from individual donors and other outside support. The need for clarity and disclosure becomes evident when soliciting contributions. However, whether the ...

Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

General ledger records each transaction both as a debit and a credit, ensuring balance. Understanding the general ledger aids in interpreting financial statements like balance sheets. Investors can ...