Question

Explain how Quickbooks subsidiary ledgers tie to the General Ledger and what these various reports are used for.

Answer 1

Quickbooks- It is the accounting softaware that has been made by 'Intuit' for accounting related process and tasks. It contains; Payroll, Inventory, sales, merchant information etc.

Quickbooks subsidiary ledgers- It contains the detailed information about the accounts. This information is necessary to make the general ledger.

For example: Accounts payable account will reflect information regarding credit purchase, purchase return, purchase discount, notes and vouchers etc.

With the help of all the details, Accounts payable account will be a 'control account' in general ledger.

What these various reports are used for?

These reports are further used to make the financial statements and these reports tell the accurate position of an item. These reports help in integrating the accounting records at one place. These reports help in controling the financial information of the company.