Difference between revisions of "FrontAccounting/C2/Banking-and-General-Ledger/English-timed"
From Script | Spoken-Tutorial
Jyotisolanki (Talk | contribs) |
|||
| Line 155: | Line 155: | ||
|- | |- | ||
| − | | 02: | + | | 02:27 |
| Here, '''GL Accounts Classes''' are the initial stage that need to be set first. | | Here, '''GL Accounts Classes''' are the initial stage that need to be set first. | ||
Revision as of 12:41, 21 May 2018
| 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 username 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 https://internet.iitb.ac.in/logout.php |
| 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 popup 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 | Pls 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'll 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’ll 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 |
| 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. |
