What is primary and secondary Ledger?

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Accepted Answer

Primary and secondary ledgers are accounting books used to record financial transactions in different currencies or accounting standards.

Primary ledger is the main accounting book used to record transactions in the company's base currency or accounting standard.
Secondary ledger is an additional accounting book used to record transactions in a different currency or accounting standard.
Secondary ledgers can be used for reporting purposes or to comply with local accounting regulations.
Transactions are posted to both primary and secondary ledgers, but the accounting entries may differ due to currency exchange rates or accounting rules.
Examples of secondary ledgers include a tax ledger, a statutory ledger, or a management reporting ledger.

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