FrontAccounting-2.4.7/C2/Banking-and-General-Ledger-in-FrontAccounting/English-timed
From Script | Spoken-Tutorial
| Time | Narration |
| 00:01 | Welcome to the spoken tutorial on Banking and General Ledger in Front Accounting. |
| 0:07 | In this tutorial,we will learn to create
General Ledger Classes |
| 00:13 | General Ledger Groups and
General Ledger Accounts |
| 00:18 | To record this tutorial, I am using
Ubuntu Linux OS version 16.04 |
| 00:26 | FrontAccounting version 2.4.7 |
| 00:30 | To practise this tutorial, you must have knowledge of:
Higher secondary commerce and accounting , Principles of Bookkeeping |
| 00:40 | And you should have already set up an organisation or Company in FrontAccounting. |
| 00:46 | If not, for relevant FrontAccounting tutorials please visit this website. |
| 00:52 | Start the XAMPP services before you begin working on FrontAccounting interface. |
| 00:58 | Let us open the FrontAccounting interface. |
| 01:01 | Open the browser and type localhost slash account and press Enter. |
| 01:09 | The login page appears. |
| 01:12 | Type the username as admin and the password.
Then click on Login button. |
| 01:20 | The FrontAccounting interface opens. |
| 01:23 | Click on Banking and General Ledger tab. |
| 01:27 | In the Maintenance panel we can see the options:
GL Accounts |
| 01:33 | GL Account Groups and
GL Account Classes |
| 01:38 | Before we start with any transaction, we need to set the Charts of Accounts. |
| 01:43 | The Charts of Accounts in FrontAccounting is defined by Type, Class, Group and Account. |
| 01:50 | All transactions are charged to an Account, Group and Classes. |
| 01:56 | These are used to group transactions for reporting purposes. |
| 02:00 | In FrontAccounting, Account belongs to a Group and Group belongs to a Class |
| 02:06 | It will be reflected in the Balance Sheet and Profit and Loss account statements as per the Account Group. |
| 02:13 | Switch back to the FrontAccounting interface. |
| 02:17 | The first step is to set the General Ledger Account Classes. |
| 02:22 | Click on GL Account Classes link in the Maintenance panel. |
| 02:27 | Here, by default the Class Name and Class Type are defined as:
Assets , Liabilities , Income and Expense |
| 02:38 | Also, we can see that the Class ID is set for each Class Type. |
| 02:44 | We need to set this class before setting the Account Group. |
| 02:49 | Now we will see how to add a new class. |
| 02:53 | In the Class ID field, type 5. The Class ID should be a unique value. |
| 03:00 | In the Class Name field, type Equity. |
| 03:04 | Click on the Class Type drop-down box.
We can see the default list: Assets , Liabilities, Equity, Income, Cost of Goods Sold and Expense |
| 03:21 | FrontAccounting follows this Class Type to present in the Balance Sheet. |
| 03:26 | Select the Class Type as Equity. |
| 03:29 | Click on Add new button at the bottom of the window. |
| 03:33 | A message is displayed- 'New account class has been added'. |
| 03:38 | Here, we can see that the new Class “Equity” has been added to the third row. |
| 03:44 | This is because, in the default Class Type, Equity is on the third hierarchy level. |
| 03:50 | So, whenever a new Class is added, it takes the default place of that Class Type. |
| 03:56 | Now, let us see how to add GL Groups. |
| 04:00 | Go to the Banking and General Ledger tab. |
| 04:03 | Click on the GL Account Groups link in the Maintenance panel. |
| 04:08 | We can see the default Group Name, which shows GL Account Groups under the Class. |
| 04:15 | You can also see the Group ID is set according to the Class. |
| 04:20 | In the ID field, type the new Group ID as 12. |
| 04:24 | In the Name field, I will type Fixed Assets as the Group Name. |
| 04:29 | The Group Name “Fixed Assets” does not belong to any subgroup that is already available. |
| 04:35 | Hence, in the Subgroup field, keep the field as None. |
| 04:40 | Now, click on the Class drop-down box. |
| 04:44 | According to the Charts of Accounts, Fixed Assets comes under the class of Assets.
So select Class as Assets. |
| 04:53 | To save these changes, click on Add new button at the bottom of the window. |
| 04:59 | We can see an error message that says - "This account Group ID is already in use". |
| 05:06 | So a unique Class ID has to be added to each Group Name. |
| 05:11 | Let’s change the Group ID to 13. |
| 05:15 | Click on the Add new button at the bottom of the window. |
| 05:19 | This time we can see a message that says - "New account type has been added." |
| 05:25 | The new Group Name is added randomly within the class “Assets”. |
| 05:30 | Likewise, we can add our own Group Name. |
| 05:34 | Now, let us see how to add GL Accounts. |
| 05:38 | Click on the Banking and General Ledger tab. |
| 05:42 | Then click on GL Accounts link in the Maintenance panel. |
| 05:47 | Here also we need to type a unique code. It is a mandatory field. |
| 05:53 | In the Account Code field, I will type 1100 as the code. |
| 06:00 | You can give any code of your choice, if you wish to. |
| 06:04 | Click on the Account Name field.
Type the Account Name as "Land and Building". |
| 06:11 | You can give any name of your choice. |
| 06:14 | In the Account Group drop-down box, select the Account Group as Fixed Assets. |
| 06:20 | The Account Name Land and Building has to come under the Group Fixed Assets as per the Charts of Accounts. |
| 06:28 | Next, click on the Account status drop down menu.
Select the status as Active. |
| 06:35 | Then click on Add Account button at the bottom of the window. |
| 06:40 | We can see the message - "New account has been added". |
| 06:45 | Now, click on the New account drop-down box at the top.
We can see the newly added Account here. |
| 06:54 | Each organisation will have their own set of account codes, as shown here. |
| 07:00 | Likewise, by following the above steps, you can create your own GL Accounts. |
| 07:06 | This brings us to the end of this tutorial.
Let us summarize |
| 07:12 | In this tutorial, We have learnt to create
General Ledger Classes , General Ledger Groups and General Ledger Accounts |
| 07:22 | As an assignment.
Create new GL Accounts - Cash and Capital with the below details . Save the changes |
| 07:31 | Now we have set the Charts of Accounts for our Company with new GL Accounts. |
| 07:38 | The video at the following link summarises the Spoken Tutorial project.
Please download and watch it. |
| 07:46 | The Spoken Tutorial Project Team conducts workshops and gives certificates.
For more details, please write to us. |
| 07:55 | Please post your timed queries in this forum. |
| 07:59 | Spoken Tutorial project is funded by MHRD, Government of India. |
| 08:05 | The script and video has been contributed by Spoken Tutorial team.
This is Pratik Kamble signing off. Thanks for joining. |
