An integrated account, ledger system has a number of features which may be viewed as preferable to the interlocking ledger system. In recent decade there has in fact been a move towards greater integration of accounting information requirements in a single unified systems (an integrated ledger system), such an integrated ledger system liars the following advantages:
- There is only one set of accounting records which is kept with sufficient analysis to enable the preparation of financial and cost accounting statements and to facilitate the control mechanisms undertaken by financial and management accountants.
- There is only one profit and loss account. This removes the possibility of Senior management confusion and frustration from the production of two seemingly different profit figures.
- There is no requirement to reconcile cost and financial accounting records.
- There is a removal of the duplication of effort and cost which arises when separate ledger are maintained.
- The integrated ledger system fits in with the use of computer based information systems and a database approach to information availability and use.
Entries in the Integrated Ledger System
The integrated ledger system contains most of the entries in the interlocking ledger system. The financial ledger control account is no longer in use. The range of asset and liability accounts required for financial control purposes and for the preparation of financial accounting statements will incorporate the entries which would have appeared in the financial ledger control account.
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