Customer and supplier accounts | Saldo accounting

Before we start talking about ledgers, it's important to sort out what the term means. One way to describe the ledger is that it is as a type of side-ordered bookkeeping that is mainly used to be able to give you a more detailed information about your clients suppliers. It is available to facilitate your bookkeeping. Think of your ledgers as a database of all the information you might need regarding customer and vendor invoices. You will then use your ledger as a basis for your final bookkeeping. 

Accounts receivable

Your accounts receivable are recognized as an asset item in your balance sheet and give you an overview of the trade receivables you have, i.e. the income you expect to receive from the company's clients.

Accounts payable

In contrast to customer accounts, the accounts payable are recognized as a liability on your balance sheet and provide you with information about the claim your suppliers have on your business, that is, the costs that your company is expected to pay.

Provides a good overview

It is important to keep track of your travel accounts so that they match the reality. Suppliers and clients need to be set up correctly and receipts and payments need to be matched to the correct invoice etc. If your travel accounts are managed correctly, you can quickly see what is paid and unpaid, giving you good control over your company's cash flow. You also get a clear record of your clients and suppliers.

If this seems complicated or if you would rather spend your time on other things, we will be happy to help you. We at Saldo Accounting is experts in ledgers - get in touch with us!