PoojaMoolya at 08:59, 13 February 2020

2020-02-13T08:59:19Z

PoojaMoolya: Created page with "{| border=1 | Time | Narration |- | 00:01 | Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. |- |00:07 | In this tutorial,we wi..."

2020-02-12T12:48:06Z

Created page with "{| border=1 | Time | Narration |- | 00:01 | Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. |- |00:07 | In this tutorial,we wi..."

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{| border=1
| Time
| Narration

|-
| 00:01
| Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''.

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

Add a new '''Tax'''

|-
| 00:12
| Set up '''Bank Accounts'''

Add''' Deposits'''

|-
| 00:16
| Transfer amount into the '''Bank Account '''and

'''Reconcile''' the '''Bank Account'''

|-
| 00:22
| To record this tutorial, I am using

'''Ubuntu Linux '''OS version 16.04

|-
| 00:30
| '''FrontAccounting''' version 2.4.7

|-
| 00:35
| To practise this tutorial, you must have knowledge of:

Higher secondary commerce and accounting and

|-
| 00:42
| Principles of Bookkeeping

|-
| 00:45
| And you should have already set up an '''Organisation or Company''' in '''FrontAccounting'''.

|-
| 00:51
| If not, for relevant '''FrontAccounting''' tutorials please visit this website.

|-
| 00:57
| Start the '''XAMPP services''' before you begin working on '''FrontAccounting''' interface.

|-
| 01:03
| Let us open the '''FrontAccounting''' interface.

|-
| 01:07
| Open a web '''browser'''.

Type''' localhost/account '''and press '''Enter'''.

|-
| 01:16
| The '''login''' page appears.

|-
| 01:19
| Type the '''username''' as '''admin''' and the '''password'''.

Then click on '''Login''' button.

|-
| 01:26
| The '''FrontAccounting''' interface opens.

Click on the '''Setup''' tab.

|-
| 01:33
| In the '''Company Setup''' panel, click on '''Taxes''' link.

We can see a default '''entry''' as '''Tax'''.

|-
| 01:42
| The '''Percentage''', '''Sales GL Account''' and '''Purchasing GL Account''' are specified as shown here.

|-
| 01:51
| We have to assign '''GL accounts''' to every '''tax''' used by our business.

|-
|01:57
| At the top of the window, we can see a message.

|-
| 02:00
| It is recommended that a separate '''Sale and purchase GL account''' has to be assigned to each '''tax'''.

|-
| 02:09
| Let us see how to add '''GST''' and '''Service tax''' for our '''company'''.

|-
| 02:15
| Click on the '''Edit''' icon on the default '''entry Tax '''row.

|-
| 02:20
| I will edit '''Tax''' to '''GST''' , as our '''company''' will not use the default '''entry Tax'''.

|-
| 02:28
| I will change the description to '''GST''' and the percentage to '''12. '''

|-
| 02:35
| I will keep the '''Sales GL account''' and '''Purchase GL Account '''as '''Sales tax.'''

|-
| 02:42
| Click on the '''Update''' button at the bottom of the window.

|-
| 02:46
| We have successfully changed the default entry '''Tax''' to '''GST'''.

|-
| 02:52
| Now let us add '''Service tax.'''

Before that we have to create a '''GL Account''' for''' Service tax'''.

|-
| 03:00
| Click on '''Banking and General Ledger '''tab.

|-
| 03:04
| In the '''Maintenance''' panel, click on '''GL Accounts''' link.

|-
| 03:09
| Type the values as shown:

Then click on the '''Add Account''' button at the bottom of the window.

|-
| 03:17
| Now, click on '''Setup''' tab and then on '''Taxes '''link.

|-
| 03:22
| Let us add '''Service tax '''under '''Tax Types.'''

|-
| 03:27
| Type the values as shown.

|-
| 03:30
| Click on '''Sales GL Account '''drop-down box.

|-
| 03:35
| Select '''Service Tax''' which is under '''Current Liabilities.'''

|-
| 03:39
| Likewise, select''' Service Tax''' for '''Purchase GL Account.'''

|-
| 03:46
| Click on '''Add new''' button at the bottom of the window.

|-
| 03:50
| We can see that two''' taxes''' have now been added.

|-
| 03:55
| Let’s see how these '''taxes''' are calculated in the '''Sales''' module of '''FrontAccounting'''.

|-
| 04:03
| We will first set up a '''Bank Account''' for the '''company'''.

|-
| 04:07
| Click on '''Banking and General ledger '''tab.

|-
| 04:11
| In the '''Maintenance''' panel, click on '''Bank Accounts''' link.

|-
| 04:16
| This option is used to '''setup''' and configure the '''bank '''and''' cash accounts.'''

|-
| 04:22
| By default, you can see '''Current account '''and '''Petty Cash account''' details.

|-
| 04:29
| The '''Currency''' column is in '''US Dollar, '''by default.

Let us change this to''' Indian currency.'''

|-
| 04:38
| In the '''Current account row,''' click on the '''Edit''' icon.

|-
| 04:43
| Change the '''Account type''' to '''Chequing Account.'''

|-
| 04:48
| Change the '''Bank account currency''' to '''Indian Rupees.'''

|-
| 04:53
|Then update the changes by clicking on the '''Update '''button at the bottom.

|-
| 04:59
| Likewise, change the''' Petty Cash account''' also to '''Indian Rupees'''.

And update the changes.

|-
| 05:11
| Next let us add some amount to the '''ST Company Pvt. Ltd. bank account.'''

|-
| 05:17
| Go to '''Banking and General ledger '''tab.

In the '''Transactions''' panel, click on''' Deposits '''link.

|-
| 05:25
| Deposits from customers, miscellaneous sales, etc. can be entered here.

|-
| 05:31
| Keep the '''From''' field as '''Miscellaneous'''.

I will enter the name of the person who has deposited the money as shown.

|-
| 05:41
| In the''' Account description''' field, select '''Cash'''.

|-
| 05:45
| In the '''Amount''' field, type '''3 lakhs.'''

|-
| 05:49
| In the '''Memo''' field, type the purpose of the deposit.

|-
| 05:54
| Then click on '''Add item''' button at the right end of the row.

|-
| 05:59
| Click on '''Process Deposit '''button at the bottom of the window.

|-
| 06:04
| In the new window, we can see a message that the '''deposit''' has been entered.

|-
| 06:10
| Next link is '''View the GL postings for this Deposit.''' Click on it.

|-
| 06:17
| A pop up window appears with the transaction details of the amount that has been '''deposited'''.

|-
| 06:24
| Click on the '''Close '''link at the bottom of the window.

|-
| 06:28
| If you want to enter another '''deposit, '''then click on '''“Enter Another Deposit'''” link.

|-
| 06:34
| Click on '''Back''' link at the bottom of the window to go back to the '''FrontAccounting''' interface.

|-
| 06:41
| Next we will see how to transfer money from '''bank account''' to '''cash''' or another '''account'''.

|-
| 06:49
| In the '''Transactions''' panel, click on '''Bank Account Transfers '''link.

|-
| 06:55
| Notice that the '''Bank Balance '''is shown here as three lakh rupees.

Recall, this amount had been '''deposited''' earlier.

|-
| 07:05
| In the '''To Account''' field, select '''Petty Cash account.'''

|-
| 07:10
| In the '''Amount '''field''', enter 20,000.'''

|-
| 07:14
| In the '''Memo '''field, type as shown.

|-
| 07:17
| Click on''' Enter Transfer''' button at the bottom of the window.

|-
| 07:22
| In the new window, we can see a message - '''“Transfer has been entered”'''.

|-
| 07:27
| Next link is '''View The GL Journal Entries for this Transfer.'''

Click on it to see the '''entries'''.

|-
| 07:35
| A pop up window appears with the '''transaction''' details of the amount that has been transferred.

|-
| 07:42
| Click on the '''Close''' link at the bottom of the window.

|-
| 07:46
| Click on the '''Back''' link at the bottom of the window to go back to the '''FrontAccounting''' interface.

|-
| 07:53
| Next, we will check the '''Bank Statements'''.

|-
| 07:57
| In the '''Transactions''' panel, on the right side, click on '''Reconcile Bank Account '''link.

|-
| 08:04
| It matches the '''deposits''' in the '''company accounts''' with those in the '''Bank statement'''.

|-
| 08:10
| We can see the '''Account total, Bank Deposits''' and '''Fund transfer''' details.

|-
| 08:17
| This brings us to the end of this tutorial. Let us summarize.

|-
| 08:22
| In this tutorial, we have learnt to

Add a new '''Tax'''

|-
| 08:27
| Set up '''Bank Accounts'''

|-
| 08:30
| Add''' Deposits'''

|-
| 08:32
| Transfer amount into the '''Bank Account ''' and

|-
| 08:35
| '''Reconcile''' the '''Bank Account'''

|-
| 08:39
| As an assignment

Use '''Deposits''' option and '''deposit''' Rs.10,000 into '''Petty Cash account'''.

|-
| 08:48
| Select '''Miscellaneous''' in the '''From''' field

Enter the '''Name''' as '''Mr. Rahul'''

|-
| 08:54
| Check the '''Reconcile Bank Account '''for''' Petty Cash account'''

|-
| 08:59
| The video at the following link summarises the Spoken Tutorial project. Please download and watch it

|-
| 09:07
| The '''Spoken Tutorial Project''' Team conducts workshops and gives certificates.

For more details, please write to us.

|-
| 09:18
| Please post your timed queries in this forum.

|-
| 09:22
| The Spoken Tutorial Project is funded by NMEICT, MHRD Government of India.

|-
| 09:28
| The script and video has been contributed by Spoken Tutorial team.

This is Arvind Pillai signing off. Thanks for joining.

|}

@@ Line 427: / Line 427: @@
 |-
 | 09:22
-| The Spoken Tutorial Project is funded by NMEICT, MHRD Government of India.
+| The Spoken Tutorial Project is funded by MHRD Government of India.
 |-

FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed - Revision history

PoojaMoolya at 08:59, 13 February 2020

PoojaMoolya: Created page with "{| border=1 | Time | Narration |- | 00:01 | Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. |- |00:07 | In this tutorial,we wi..."