I am beginning my accounting studies and keep coming across the term "Lead schedules" but cannot find a clear explanation - IN PLAIN ENGLISH - of what these are...HELP!!
Just Learning!!
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I am beginning my accounting studies and keep coming across the term "Lead schedules" but cannot find a clear explanation - IN PLAIN ENGLISH - of what these are...HELP!!
Just Learning!!
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I am glad of these explanations. Having trained in industry rather than practice, you come across these phrases and think they are more than they are. I had intuitively assumed they were some kind of index, but always wondered if I had missed something.
An example
You would have a lead schedule for each section of the balance sheet and possibly other sections of the accuonts. Eg Fixed assets,Debtors,,Creditors
The lead schedule would normally list the total of each of these balances eg for Debtors, the sheet would be titled Debtors Lead Schedule and referenced G1, It might look like this:
Trade Debtors G3 xxxxx
Sundry Debtors G4 xxx
Prepayments G5 xx
Debtors total xxxxxxx
The 'G' reference shown would take you to another schedule ( sheet of paper) giving you more detail.
So for example G5 Prepayments might be
Rent G5a x
Subs G5b x
PP total G1 xx
Thus you can trace where any balance comes from and how it is made up.
Thank you for making this explanation. are there any technology based system for generating lead schedules , eg topcaats etc.
OK
A lead schedule is the first sheet in a section of an accounts or audit file. The purpose is to link the figures shown in the accounts with the supporting schedules contained in the file, so the lead schedule should be cross referenced with the rest of the file.
Lead Schedule templates
Does anyone has Balance sheet Lead Schedule templates
Hi, I am also struggling to get my head around and setup in excel the lead schedules. Is there a listing of what the headings and references might be?
Many thanks for any help you can provide.