16/10/2020 by Beki Wallace AATQB MIAB 0 Comments
In accounting, posting is when the total of a subsidiary ledger is transferred into the general ledger.
Ledger referring to: accounts, books or list of transactions.
It might be that all sales are recorded in a subsidiary sales ledger, then at the end of the day, week, month the total is moved into another record.
This is what is referred to, when talking about a daily, weekly or monthly sales report.
Posting is a transfer of a total balance from one record into another.
Moving a total balance is usually used when there are a large number of transactions.
If using accounting software it will likely only use one ledger, so posting won’t be required.
Accounting software allows for automatically grouping of transactions, providing a daily, weekly, monthly, annual reports and more.
If using a till or other recording method it might still be easier to input / post the total of the days or weeks sales instead of every transaction.
Knowing what to post and where, will ensure the books are accurately maintained ready for the end of the tax year.