![liquid ledger vs ibank liquid ledger vs ibank](https://www.diffbt.com/media/2021/11/Difference-Between-HSV-and-HPV-1116x744.jpg)
It can include purchase, payable, receivable, production cost, and payroll Payroll Payroll refers to the overall compensation payable by any organization to its employees on a certain date for a specific period of services they have provided in the entity. The goods involved have monetary and tangible economic value, which may be recorded and presented in the company's financial statements. So, it contains detailed information regarding the business transaction The Business Transaction A business transaction is the exchange of goods or services for cash with third parties (such as customers, vendors, etc.). The total of the sub-ledger should always match with the line item amount on the general ledger. Read more hence transactions are recorded in a sub-ledger in a different account, and their total sum is reflected in the general ledger. A general ledger helps to achieve this goal by compiling journal entries and allowing accounting calculations. The double-entry bookkeeping requires the balance sheet to ensure that the sum of its debit side is equal to the credit side total. It is not possible to the general ledger General Ledger A general ledger is an accounting record that compiles every financial transaction of a firm to provide accurate entries for financial statements.
![liquid ledger vs ibank liquid ledger vs ibank](https://taxguru.in/wp-content/uploads/2018/10/Electronic-Cash-Ledger-image-8.gif)
It is a detailed subset of accounts that contains transaction information and is the subset of the general ledger in accounting. It refers to an expansion of the conventional general ledger separately used to record all the transactions related to the accounts payable and accounts receivables in a detailed manner. Sub-ledger is also known as a subsidiary ledger Subsidiary Ledger A subsidiary Ledger is a list of individual accounts that bears a similar nature. It is impossible to record all transactions in the general ledger hence transactions are recorded in the sun ledger in a different account, and their total sum is reflected in the general ledger. A subsidiary ledger is the subset of the general ledger in accounting. Ledger helps understand the financing of business and helps analyze transactions. The general ledger contains all debit and credit entries of transactions, and entry for the same is done in different accounts mainly there are five types of accounts: assets, liabilities, equity, income, and expense. The general ledger is the principal set of accounts. Both ledgers are used to record a financial transaction. Recording of financial information is books of account as per standard accounting principle. Differences Between General Ledger and Sub Ledger The key difference between General Ledger and Sub Ledger is that the General ledger prepared by the company is the set of the different master accounts in which the transactions of the business are recorded from the related subsidiary ledgers, whereas, Sub ledger act as an intermediary account set that is linked with the general ledger.