View source for FrontAccounting/C2/Banking-and-General-Ledger/English-timed

{| border=1
|| '''Time'''
|| '''Narration'''

|-
| 00:01
| Welcome to this tutorial on '''Banking and General Ledger''' in '''Front Accounting'''.

|-
| 00:07
| In this tutorial, we will learn to create:

|-
| 00:10
|'''General Ledger Classes''',
'''General Ledger Groups''',
'''General Ledger Accounts'''.

|-
| 00:16
| Also, we will learn to :

|-
| 00:17
| '''Pass''' a '''Journal Entry''',
see the reflection in '''Balance sheet '''and
how to '''void''' a transaction.

|-
| 00:25
| To record this tutorial, I am using:

|-
| 00:28
| '''Ubuntu Linux OS''' version 14.04,

|-
| 00:32
|  '''FrontAccounting ''' version 2.3.24

|-
| 00:36
| To practise this tutorial, you must be familiar with:

|-
| 00:39
| principles of '''Book-keeping''',

|-
| 00:42
| set-up of an '''Organisation/Company''' in '''FrontAccounting'''.

|-
| 00:46
| If not, for relevant '''FrontAccounting''' tutorials, please visit our '''website'''.

|-
| 00:52 
| Let us start by opening the '''FrontAccounting interface.'''

|-
| 00:56 
| Click on the browser, type: '''localhost/account''' and press '''Enter.'''

|-
| 01:04
| The '''login''' page appears.

|-
| 01:06
| Recall that during installation, we had created '''admin user'''.

|-
| 01:11
| So, here, type the user name as '''admin''' and the password.

|-
| 01:16
| Then click on '''Login''' button.

|-
| 01:19
| The '''FrontAccounting''' window opens.

|-
| 01:22
| Click on '''Banking and General Ledger''' tab.

|-
| 01:25
| We can see various options under this tab such as:

|-
| 01:29
|  '''Payments''',

|-
| 01:31
| '''Deposits''',

|-
| 01:33
| '''Journal Entry''' etc.

|-
| 01:36
| Before we start with any transaction, we need to set the '''Charts of Accounts.'''

|-
| 01:41
|  The '''Charts of Accounts''' within FrontAccounting is defined by '''Type, Class, Group''' and '''Account'''. 

|-
| 01:49
| All transactions are charged to an '''Account, Group, Classes'''.

|-
| 01:54
| These are used to group transactions for reporting purposes.

|-
| 01:59
| Switch back to '''FrontAccounting''' interface.

|-
| 02:02
| We can see the options under '''Maintenance''' bar as:

|-
| 02:05
| '''GL Accounts, GL Account Groups, GL Account Classes''' in this tab.

|-
| 02:12
| We need to set these options.

|-
| 02:15
| In '''FrontAccounting''',

|-
| 02:16
| '''Account''' belongs to a '''Group''' and

|-
| 02:18
| '''Group''' belongs to '''Class'''.

|-
|  02:21
| It depends upon how to present the '''Balance Sheet''' and '''Profit and Loss A/c''' statements.

|-
| 02:27
| Here, '''GL Accounts Classes''' are the initial stage that need to be set first.

|-
| 02:34
| Let us see the '''GL Accounts Classes.'''

|-
| 02:37
| Here, by default, the '''Class Type''' and '''Class Name''' have been defined as:

|-
|  02:41
| '''Assets, Liabilities, Income, Expense'''.

|-
| 02:46
| Also, you can see the '''Class ID''' is set for each '''Class Type.'''

|-
| 02:51
| You will need to set this '''class''' before setting the '''Account Groups.'''

|-
| 02:55
| I will demonstrate how to do this.

|-
| 02:58 
| Here, you need to add a new '''Class ID''' that is not already there. 

|-
| 03:03 
| So, I will type '''5''' as the new '''Class ID.'''

|-
| 03:08
| In the '''Class Name''' field, type a new '''Class Name.'''

|-
| 03:11
| I will type the name as '''Equity'''.

|-
| 03:15
| Click on the '''Class Type''' drop down box.

|-
| 03:18
| You can see the default list:

|-
| 03:20
| '''Assets, Liabilities, Equity, Income, Cost of Goods Sold, Expense'''.

|-
| 03:27
| '''FrontAccounting''' follows this '''Class Type''' to present in the '''Balance Sheet'''.

|-
| 03:32 
| Select the '''Class Type''' as '''Equity'''.

|-
| 03:35
| Click on '''Add new''' button.

|-
| 03:38
| We can see a message appears and it says-

|-
| 03:41
| '''New account class has been added'''.

|-
| 03:44
| Here, you can see the new '''Class Equity''' has been added to the third row.

|-
| 03:51
| This is because, in the default '''Class Type,''' '''Equity''' is on the third hierarchy level.

|-
| 03:57
| So, whenever you add a new '''Class''', it takes the default place of the '''Class Type'''.

|-
| 04:03
| Now, let us see how to add '''GL Groups.'''

|-
| 04:06
| Go to the '''Banking and General Ledger''' tab.

|-
|  04:10
|  Click on the '''GL Account Groups'''.

|-
| 04:13
|  We can see the default '''Group Name,''' which shows '''GL Account Groups''' under the '''Class'''.

|-
| 04:19
| You can also see the '''Group ID''', set according to the '''Class'''.

|-
| 04:25
| A unique '''Class ID''' has to be added to each '''Group Name'''.

|-
| 04:29
| In the '''Group ID '''field, I will type the new ''' Group ID ''' as ''' 12.'''

|-
| 04:34
| In the '''Name''' field, I will type '''Fixed Assets''' as the ''' Group Name.'''

|-
| 04:39
| Here, I will keep this field as '''None.'''

|-
| 04:42
|This is because, the Group Name “Fixed Assets” does not belong to any  subgroup  that is already available.

|-
| 04:50
| Click on the '''Class''' drop down box.

|-
|  04:52
| According to the '''Charts of Accounts, Fixed Assets''' comes under the '''class''' of '''Assets.'''

|-
|  04:59
| Here, I will select '''Assets''' as the '''Class.'''

|-
| 05:03
| To save these changes, click on '''Add new ''' button.

|-
| 05:08
| We can see an error message that says - “This account Group ID is already in use”.

|-
| 05:15
| This means that the '''Account Group ID 12''' is repeated.
 
|-
| 05:20
| Now, let us enter another number which is unique.

|-
| 05:24
| Let me type the '''Group ID''' as '''13.'''

|-
| 05:28
| Click on '''Add new''' button.

|-
| 05:31
| This time we can see a message that says - 

|-
|  05:34
| “New account type has been added.”

|-
| 05:37
| The new '''Group Name''' is added randomly within the '''class “Assets”.'''

|-
| 05:42
| Likewise, you can add your own '''Group Name'''.

|-
| 05:46
| Now, let us see how to add '''GL Accounts.'''

|-
| 05:50
| Click on the '''Banking and General Ledger''' tab.

|-
| 05:53
| Let us click on '''GL Accounts.'''

|-
| 05:56
| Here also, you need to type a unique '''code'''.

|-
| 06:00
| In the '''Account Code''' field, I will type '''1100''' as the code.

|-
| 06:07
| Click on the '''Account Name''' field.

|-
| 06:09
| I will type the '''Account Name''' as “Land and Building”.

|-
| 06:13
| You can give any name of your choice.

|-
| 06:16
| In the '''Account Group''' drop down box, I will select the '''Account Group''' as '''Fixed Assets.'''

|-
| 06:23
| The '''Account Name''' '''Land & Building''' has to come under the '''Group Fixed Assets''' as per the '''Charts of Accounts.'''

|-
| 06:30
| So here, click on the '''Account status''' drop down menu.

|-
| 06:34
| Select the '''status''' as '''Active.'''

|-
| 06:37
| Then click on '''Add Account''' button.

|-
| 06:41
| We can see the message -'''‘New account has been added’.'''

|-
| 06:45
| Now, click on the '''New account''' dropdown box.

|-
| 06:49
| You can see the newly added '''Account''' here.

|-
| 06:52
| Each organisation will have their own set of '''account codes''', as shown here.

|-
| 06:57
| Likewise, by following the steps demonstrated above, you can create your own '''GL Account'''.

|-
| 07:03
| Pause the tutorial here.

|-
| 07:05
| And do this assignment.

|-
| 07:08
| Create a '''GL Account Group''' and '''GL Accounts''' as shown here. 

|-
| 07:14
| Save the changes.

|-
| 07:16
| Now, we have set up the '''Charts of Accounts''' for our own '''Company'''.

|-
| 07:21
| Next, let us pass a '''Journal Entry'''.

|-
| 07:24
| '''Commenced business with a capital of Rs. 50,000'''.

|-
| 07:29
| The '''Entry''' is-
'''Cash A/c Dr. 50,000'''
'''To Capital A/c 50,000'''
(being '''Capital introduced in the business''').

|-
| 07:40  
| Click on the '''Banking and General Ledger''' tab.

|-
| 07:43
| And then click on '''Journal Entry'''.

|-
| 07:46
| Next, click on the '''Calendar icon''' of '''Date field'''.

|-
| 07:50
| You can see the default '''date''' is set as '''today.'''

|-
| 07:53
| We can see the '''Reference '''number for the transaction here.

|-
| 07:57
| Click on the '''Account Description''' drop down box.

|-
| 08:01
| Here, I will select the option '''Cash'''.

|-
| 08:05
| Then, click on the '''Debit''' text box and type the '''amount''' as '''50,000.'''

|-
| 08:11
| To save the '''Debit entry''', click on '''Add Item''' button.

|-
| 08:16
| Again, click on the '''Account Description''' drop down box.

|-
| 08:21
| This time, I will select the option '''Capital'''.

|-
| 08:25 
| Then, click on the '''Credit''' textbox and type the '''amount''' as '''50,000.'''

|-
| 08:31
| To '''save''' the '''Credit entry,''' click on the '''Add item button.'''

|-
| 08:35
| Now, click on the '''Memo''' field, for the narration of this '''Journal Entry'''.

|-
| 08:40
| Here, type the text -''' Being capital introduced in the business.'''

|-
| 08:45
| Then click on the '''Process Journal Entry''' button to save the entry.

|-
| 08:50
|  You can see the message at the top, that appears in green -
'''Journal Entry has been entered'''. 

|-
| 08:57
| You can also see the options:

|-
| 08:59
| '''View this Journal Entry, Enter New Journal Entry, Add an Attachment''' and
'''Back'''.

|-
| 09:06
| Let us explore '''View this Journal Entry''' option by clicking on it.

|-
| 09:11
| Immediately, a new pop-up window opens showing the current '''General Ledger Transaction details'''.

|-
| 09:18
| We can also see an option here - '''Print ''' and ''' Close.'''

|-
| 09:23
| By choosing this option, we get a print-out of this transaction for our future reference.

|-
| 09:30 
| This option here, at the bottom right is to close this window.

|-
| 09:34 
| I will choose this and close this '''window'''.

|-
| 09:38
| Now, click on the '''Enter New Journal Entry''' option.

|-
| 09:42
| We can see a new page opens immediately for the next new transaction.

|-
| 09:48
| Click on the '''Back''' option to go back.

|-
| 09:51
| Now, click on the '''Add an Attachment''' option.

|-
| 09:55
| We can see the '''fields:'''
'''Transaction''',
'''Description ''' and
'''Attached file'''.

|-
| 10:01
| '''Attached file''' option is used to attach any documents related to the '''Journal entry''' which is passed.

|-
| 10:08  
| Let me attach a sample '''voucher''' which I have already created and stored on my computer.

|-
| 10:14  
| For your convenience, this file has been provided in the '''Code file''' link below this video.

|-
| 10:20  
| Please click on the link and '''save''' the file on your computer.

|-
| 10:24
| Click on the '''Browse''' button and locate the folder in which the document is stored.

|-
| 10:29
| I will select the '''Sample-Voucher.odt file''' from my '''Desktop''' folder.

|-
| 10:36
| You can see the file attachment here now.

|-
| 10:40 
| Then click on the '''Add new''' button.

|-
| 10:43 
| A message appears that says: '''Attachment has been inserted.'''

|-
| 10:48
| Also, you can see that the uploaded file has been added to the table.

|-
| 10:53
| Now, let us see the reflection of this '''Journal Entry''' in the '''Balance Sheet'''.

|-
| 10:58
| To do so, click on the '''Banking and General Ledger''' tab.

|-
| 11:02
| Then click on the '''Balance Sheet Drilldown''' option.

|-
| 11:06
| We can see the transaction is reflected here.

|-
| 11:09
| '''Current Assets''' shows '''balance''' of '''50,000 (fifty thousand).'''

|-
| 11:12
| The '''transaction''' is also reflected in '''Liabilities''' by showing the balance of '''50000 (fifty thousand).'''

|-
| 11:18
| Since we made only one '''Journal Entry''',

|-
| 11:21
| we see only one entry in the displayed list.

|-
| 11:24
| In the future, when we have many more journal entries, the displayed list would be longer.

|-
| 11:30
| Let us now see how to '''Void''' a transaction.

|-
| 11:34 
| Click on the '''Setup''' tab 

|-
| 11:36 
| and then on the option '''Void a transaction''' under the '''Maintenance''' bar.

|-
| 11:41
| This option is used to delete/remove an '''entry'''.

|-
| 11:45
| We can see the '''reference number''' which shows the entry.

|-
| 11:49
| Click on the '''Select''' icon.

|-
| 11:52
| On selecting the icon, the transaction number and '''voiding''' date appears.

|-
| 11:57 
| Click on the '''Void Transaction''' button.

|-
| 12:00
| A message appears that says- '''Are you sure you want to void this transaction? This action cannot be undone.'''

|-
| 12:07
| I will click on the '''Proceed''' button.

|-
| 12:10
| Immediately another message appears and says- '''Selected transaction has been voided.'''

|-
| 12:16
| That’s how we '''void a transaction,''' whenever required.

|-
| 12:20
| Let us summarize.

|-
| 12:22
| In this tutorial, we have learnt to create:

|-
| 12:25
| '''General Ledger Classes, General Ledger Groups, General Ledger Accounts'''.

|-
| 12:31
| Also, we have learnt to : pass a '''Journal Entry''', see the reflection in '''Balance sheet''' and
how to '''void a transaction'''.

|-
| 12:40
| As an assignment- 

|-
| 12:41
| pass a '''Journal Entry'''

|-
| 12:43
| '''Goods Purchased for Rs 50,000'''.<br/> 

|-
| 12:46
| See the reflection in the '''Balance Sheet'''.

|-
| 12:49
| This video summarizes the '''Spoken Tutorial''' project.

|-
| 12:52
| Please download and watch it.

|-
| 12:55
| We conduct workshops using Spoken Tutorials and give Certificates.

|-
| 12:59
| For more information, please contact us.

|-
| 13:03
| The Spoken Tutorial Project is funded by '''NMEICT, MHRD''' Government of India.

|-
| 13:10
| This tutorial has been contributed by Sheetal Prabhu from IIT Bombay.
Thank you for joining.

|}