Chart of accounts, subledgers and control accounts

Skills you'll practise

• Code invoices to the correct account using a chart of accounts and a written coding policy
• Explain how receivable and payable subledgers relate to their general-ledger control accounts
• Reconcile a subledger to its control account and identify the cause of a difference
• Clear suspense items with evidence before the period closes

Course outline

1. 1.Chart of accounts, subledgers and control accountsVideo · 2 min
2. 2.The chart of accounts and a coding policyLesson · 14 min
3. 3.Subledgers and control accountsLesson · 15 min
4. 4.Reconciling, and keeping suspense emptyLesson · 14 min
5. 5.Chart of accounts, subledgers and control accounts: knowledge checkKnowledge check · 15 questions
6. 6.Receivables don't agree at closeScenario
7. 7.Final exam8 questions · passing it completes the course, so people who already know the material can test out

Sources it draws on

The lessons and questions are written from these references, so learners can go back to the original.

• IRS Publication 583, Starting a Business and Keeping Records (US example: single- and double-entry systems, journals and ledgers, supporting documents, how long to keep records)
• General bookkeeping practice (journals, ledgers, control accounts, reconciliations, corrections by journal rather than deletion)