Primary Ledger Vs Secondary Ledger Vs Reporting Currency Primary Ledger Vs Secondary Ledger Use secondary ledgers for supplementary

purposes, such as consolidation, statuto ry reporting, or adjustments for one or more legal entities within the same acco unting setup. For example, use a primary ledger for corporate accounting purpose s that use the corporate chart of accounts and subledger accounting method, and use a secondary ledger for statutory reporting purposes that use the statutory c hart of accounts and subledger accounting method. This allows you to maintain bo th a corporate and statutory representation of the same legal entity's transacti ons in parallel. Reporting Currency Vs Secondary Ledger Reporting Currencies are not the same as secondary ledgers. Looking at the 4 C's that define a ledger, we have a chart of accounts, calendar, accounting method, and currency. If you only need multiple currencies to support your reporting re quirements, use reporting currencies. If you need to account for your data using different calendars, charts of accounts, accounting methods in addition to curr ency, use a secondary ledger.