Accounting Practice And Procedure

editor and being followed by distribution columns arranged according to the accounts which may be required. This book is frequently very bulky and much time and labor is saved by having it in loose-leaf form and in several sections, the leaves as completed being filed in binders one for each section. The double entry is obtained in the general ledger by posting the total of the first column to the credit of an account entitled "Vouchers Payable" and the totals of each of the analysis columns to the debit of the respective accounts affected. The detail items in the creditors column are sometimes again posted to the credit of accounts for each creditor in a subsidiary ledger, exactly as in the case of sales; and in such cases the payments are similarly dealt with, being entered up on separate sheets as the cheques are issued, the totals of these sheets carried daily into the general cash book and the discounts also entered in the special discount column on the sheets. More frequently, however, no ledgers are kept for creditors' accounts; but the voucher record is itself provided with a column in which the payments are entered, often even this being dispensed with and the date of payment only being noted. In this case the voucher record is itself the ledger, and the open items at the end of any month taken off on an adding machine will agree with the balance on the vouchers payable account in the general ledger. An index is provided for the voucher record by which...