Ledger

Ledger is the term used in ContactsLaw to denote the subdivision of an account by matter, contact or member.

For example, Accounts Receivable is divided into matters to allow the display of individual debtor ledgers, while Accounts Payable is divided into creditor contacts to allow the display of individual creditor ledgers.

Some types of accounts, such as Monies Held on Trust, require all transaction line items to debit/credit a particular ledger. This ensures that the sum of all ledger balances always equals the balance on the account. Other types of accounts may permit debits/credits which are not in respect of any particular ledger.