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What is PGL? PDF Print E-mail
Tuesday, 27 September 2011 13:45

 

 

Personal General ledger account (PGL)

Financial Accounting (FI)

A country-specific bank account (for example, in India) that businesses use solely for the purpose of remitting excise duty to the tax authorities.

When you are due to remit excise duty, you transfer the appropriate sum to the personal ledger account, from where it is deducted by the authorities.

 


Invoiced

Invoice raised:
Personal Ledger Account  Dr 100.00
Revenue Cr 100.00

Payment made:
Personal Ledger Account Cr 100.00
Bank/Cash on Hand Dr 100.00

Net result:
Personal Ledger Account 0.00  (Dr & Cr clear each other)
Revenue Cr 100.00
Bank Dr 100.00

Cash Sale
Revenue Cr 100.00
Bank Dr 100.00


Unless it is a regular customer, or for some reason you want to track the customer's purchasing... if they are paying without an invoice raised (ie on delivery, POS etc) there is no need to raise an invoice, it is just more work for the same result.

Last Updated on Thursday, 03 November 2011 17:11
 
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