What function does the PR column serve?
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Besides, why is posting reference or Folio column important?
Folio coloumn is used in Journals as well as in Ledgers. In journals folio coloumn is used to mention the reference or “address” of ledger in which the journal entry has been posted thus giving an easy access and also easily understanding whether all the entries has been posted in the relevant accounts or not.
Furthermore, what information is entered in the posting reference Post Ref column of the ledger account? In the journal, the posting reference cites the account number to which the entry was posted. In the ledger, it indicates the source of the entry, i.e. which journal (some businesses maintain a general journal and several special journals) and sometimes in what page of that journal can the entry be found.
Furthermore, what is PR in sales journal?
Post reference (PR): The entries in sales journal are posted on daily basis to relevant accounts in accounts receivable subsidiary ledger. The post reference is used to enter account numbers of individual accounts in the accounts receivable subsidiary ledger in which the entries are posted.
What is the purpose of the trial balance?
The purpose of a trial balance is to ensure that all entries made into an organization's general ledger are properly balanced. A trial balance lists the ending balance in each general ledger account. When a manual recording keeping system is used, the trial balance is also used to create the financial statements.