Personal Ledger Statement Template for Excel

A personal ledger is a book or file in which records of money are kept. It keeps information regarding all the debits and credits in one place and makes it easy for people to look at a time whenever they want.

A personal ledger statement is a document that shows information about money received and paid. Depending on the individual user, it can be simple or very complicated.

What is the purpose of the personal ledger statement?

As the name suggests, the personal ledger is a document that keeps the records of the individual. This statement focuses on a person rather than a group of people. All the transactions one person carries can be recorded in the personal ledger statement.

There are many situations when a person just wants to keep a record of his own debts and credits so that he can focus on his financial health. In these situations, people opt for using a personal ledger instead of a general ledger.

What type of information is mentioned in the personal ledger?

A person using and creating a personal ledger statement can be either a creditor or a debtor. If a person is a creditor, he would like to document all the details regarding the purchase of goods on credit and the payment of money to someone or a company. A person who wants to keep track of the outflow of money can design a personal ledger statement as a creditor.

As a debtor, you can keep a personal ledger account because it will let you remember how much money you have taken as debt and how much you are supposed to return.

What is a personal ledger statement?

Just like any account, a personal ledger account also has account statements. These statements are useful for seeing the transaction history and total balance. People who struggle with managing their finances can use the personal ledger statement to keep a check on their finances.

What are the main benefits of using the personal ledger statement?

A personal ledger statement can show how effectively you manage your debts and credits. So, it also proves your credibility.

Like any other account statement, a personal ledger statement also has many benefits. Some of them are listed below:

It is easy to obtain information:

When you have a personal ledger, you don’t need to pay attention to transactions carried out by other people, just like a general ledger. You can be more focused on specific types of information. For instance, it is easy to focus on the money you pay people because the statement clearly divides the debits and credits and shows them individually. You can also customize how and what information you want to view in the statement.

It is helpful in management:

Not everyone is an accounting expert. Account-related operations and management become very difficult for people with zero knowledge. For such people, creating a statement of the personal ledger is very easy. They can easily manage their finances because everything is right in front of them.

The statement can give information about any period:

Depending on your needs, you can choose a small or large statement based on the time period. If you want to focus on the monthly financial records, the statement will mention every transaction carried out during the month.