Maintain the Nominal Ledger for the Accounts

Nominal ledger is another name of general ledger. It is helpful in managing the accounting records using double entry bookkeeping method. It includes the items such as current and fixed assets, liabilities, revenue and expenses and gains and losses.

The nominal ledger is bifurcated into two parts:

• The left hand side denotes the debit transactions.
  
• The right hand side denotes the credit transactions.
  

A general ledger is the collection of group of accounts that contains the value items that are being reflected in the major financial statements. It gets built up by the postings of sales daybook, purchase daybook, cash book and general journals daybook.
It is important to maintain the ledger book as because it helps in balancing the debit and credit balance which gets reflected directly into the annual budget of the company. After the entry procedure then it is totaled and compared with its controlling account to check the accuracy as through that, trial balance is prepared. So, take care of the ledger account as now you know the importance of it.