Account Management
An account is a category used to summarize different types of accounting transactions.
After creating new Company, you need to maintain accounting records for calculating business transactions. Click on “Account” option of Masters Menu, the following options will be appeared:
Account Creation
To create Company Account, click on Masters > Account > Account Creation, the following screen will be appeared:
Software facilitates with some pre-defined Account Groups as following:
- Current Liabilities
- Capital Account
- Current Assets
- Fixed Assets
- Investment
- Expenses (Direct)
- Expenses (Indirect)
- Stock-in-Hand
- Loan
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- Suspense Account
- Bank Account
- Bank O/D Account
- Cash-in-hand
- Duties and Taxes
- Loan & Advance
- Sundry Debtors
- Sundry Creditors
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- Unsecured Loan
- Income (Direct)
- Income (Indirect)
- Provisions/Expenses payable
- Reserve & Surplus
- Secured Loan
- Securities & Deposits (Asset)
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Account Creation screen is divided into three parts including Account Details, Financial Details and Description.
Account Details
In this section, we will discuss about the account information of the Company during account creation.
- Account Group: Select the account group under which you want to create an account.
| If you want to create new Account Group, click on the button |
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Financial Details
In this section, we will discuss about the financial details of the Company.
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Opening Balance: Enter the opening balance for an account. It is the balance in the account at the beginning of financial year.
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Nature: Select the nature of opening balance whether it is Debit or Credit.
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Closing Balance: It is the remaining balance in the Company account at the end of Financial Year.
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Nature: Select the nature of closing balance whether it is Debit or Credit. It is the remaining balance in Company account at the end of financial year.
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Credit Limit: It is the maximum credit limit of the account.
All financial details are displayed with that currency which has entered at the time of Company creation
Description
In this field, you can enter the information of an account.
After entering all appropriate information of the account, click on “Save” button to save the created account information.
The following buttons are used in Account Creation screen:
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Add: To add new entry.
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Save: To save the data.
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Cancel: To cancel particular operation.
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Edit: To edit existing records.
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Delete: To delete the record.
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Exit: To exit from current window.
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List: To generate a list of all existing records.
If you want to view details of account from the List then select that account and press enter or double click.
If you want to take print of existing records, click on “Print” button.
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