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 ...

In general, a business accounting system is designed to keep track of where money comes from and where it goes. Usually, businesses will keep both a journal and a ledger for accounting purposes. The ...

Business expenses are the ordinary and necessary costs required to run a business. Any money spent in the name of doing business can be categorized as a business expense. Every company incurs expenses ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step ...