(1) The General ledger (Ledger) is a book of account in which each account head is separately maintained with debit and credit aspects to determine the closing balance in respect of that account head. The cash book and bank book are in effect, the ledgers of the bank and cash account heads and hence these accounts are not included in the ledger.
(2) The ledger shall be maintained by the Accountant in KMF NO.5, with separate folios for each head of account which has an opening balance or transaction entry.
(3) At the end of every day the transactions recorded in the cash book, bank book and journal book shall be posted to the appropriate account heads in the ledger.
15. Sub-ledger: (1) Sub-ledger is a group of subsidiary accounts, the sum of the balances of which is equal to the balance of control account created in the general ledger. Subledger may be maintained for any account in the General Ledger identified as a control account, for detailed information, for example, contractors, suppliers etc. The Sub-ledger shall be maintained in the same form as the General Ledger.
(2) Classified Register of Receipts and Payments: The Accountant shall maintain Classified Register of Receipts and Payments in KMF NO 6, to classify receipts and payments under relevant budget heads for the purpose of budgetary control. He shall also prepare a Monthly Classified Abstract of Receipts and 14 Payments in KMF NO 7, in which he shall summarise the receipts and payments during the month under the relevant budget heads.
16. Vouchers - (1) A voucher is a standardised form for recording the debit and credit aspects of every financial transaction in the books of account.
(2) A receipt voucher in KMF NO.8 shall be prepared in respect of all transactions involving receipt of cash or cheque or direct credit in bank or treasury;
(3) A payment voucher in KMF NO.9 shall be prepared in respect of all transactions involving payment by cash or cheque or direct debit by bank or treasury;
(4) A contra voucher in KMF NO.10 shall be prepared in respect of all transactions between cash and bank accounts only;
(5) A journal voucher in KMF NO.11 shall be prepared in respect of transactions which do not involve cash or bank accounts;
(6) All vouchers shall be prepared by or under the supervision of the Accountant and shall be enclosed with all supporting documents which form the basis of authorization for the transaction.