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In this session, the process of establishing full sets of accounts for a company is explained. The first step is to create a general ledger, which is the core of the accounts system and contains accounts codes for sales, expenses, and balance sheet items. Five sub-ledgers must be linked to the general ledger, starting with the sales ledger to record sales transactions. The debtor's ledger is used to track customer sales invoices and payments received, showing outstanding balances. The purchase ledger records all company purchases in detail. Additionally, there are bank, cash, and general journals that need to be set up to ensure accurate financial record-keeping.
