Which Accounting Books Should New Companies Set Up?
Posted on 2011-07-05
General Ledger - for all accounts.
Bank Journal - for bank deposits.
Cash Journal - for petty cash.
Subsidiary Ledgers - for salaries, revenue, cost of goods sold, taxes, and other accounts not needing separate ledgers.
Administrative Expense Ledger - with sub-accounts for administrative expenses.
Operating Expense Ledger - with sub-accounts for operating expenses.
Financial Expense Ledger - with sub-accounts for financial expenses.
Fixed Asset Ledger - tracking fixed assets and monthly depreciation.
Accounts Receivable/Payable and Other Receivable/Payable Ledgers - tracking transactions with business partners.
Tax Payable Ledger - recommended as a separate multi-column ledger (output tax, input tax, tax paid, tax transfer, etc.)
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