If you are running a business, basic record keeping is essential. Without accurate and dependable records, your liabilities and receivables are nearly impossible to determine with any accuracy, ...

Purchase Orders and Invoices: How Do They Work? At the beginning of a transaction, the buyer (or client) of a product/ service creates and issues a Purchase Order. It specifies the details of a ...

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 ...