If you have a well-reputed company then it is a good idea to make a proper ledger to keep all the history. The Accounts receivable ledger is actually a sub balance sheet in which you can record all revenue information made by your company. It is probably better for not splitting all the record and keeps it at one location as a record of all amounts invoiced to customers as well as all transaction memorandums and invoice information issued to you. The overall amount of Accounts receivable ledger will be the same to the combined amount of overdue information receivable.
An accurate transaction provided into the Accounts receivable ledger will keep an account receivable which is trailed at an advanced date by a compensation transaction from a buyer that eliminates the account receivable. If the client does not provide the complete payment of a bill, a credit document might be signed to remove the staying balance.
The data and information in the Accounts receivable ledger is gathered with regular durations and submitted to an account to become a part of general ledger which is identified as the control account. This control account of the ledger is usually used to keep from filling out the general ledger with the huge quantity of information that is usually kept in the Accounts receivable ledger. Make sure to complete all information in the ledger before finishing the guides and making fiscal reviews at the end of an accounting period. Next, close the general ledger for that time frame and move the totals to the general ledger.