🔍Accounting systems collect, report, and maintain financial information to ensure organizational efficiency and accuracy.
💼Manual and computerized accounting systems both serve the purpose of organizing financial data, but with different levels of automation and functionality.
📒Ledger accounts, such as the general ledger and subsidiary ledgers, play a crucial role in recording and summarizing transactions.
🧾A general ledger contains the balances of all accounts within an organization and feeds directly into the preparation of financial statements.
🔬Subsidiary ledgers provide more detailed information about individual customer or supplier accounts and help track transaction details.