Difference between revisions of "FrontAccounting-2.4.7/C2/Setup-in-FrontAccounting/English-timed"
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| It is a period that a '''Company''' uses for accounting purposes and preparing financial statements. | | It is a period that a '''Company''' uses for accounting purposes and preparing financial statements. | ||
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It varies across countries. | It varies across countries. | ||
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| '''Fiscal Year setup''' | | '''Fiscal Year setup''' | ||
| − | + | When a new '''Company''' is created in '''FrontAccounting''', the '''Fiscal Year '''has to be set up correctly. | |
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Latest revision as of 19:04, 2 June 2020
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| 00:01 | Welcome to the spoken tutorial on Setup in FrontAccounting. |
| 00:06 | In this tutorial, we will learn: FrontAccounting interface |
| 00:12 | Various modules in the Setup tab |
| 00:15 | Also, we will learn how to: Create our own organization or Company |
| 00:21 | Setup user accounts |
| 00:24 | Setup access permissions and
Setup display |
| 00:29 | To record this tutorial, I am using
Ubuntu Linux OS version 16.04 |
| 00:37 | FrontAccounting version 2.4.7 |
| 00:41 | To follow this tutorial you should have Knowledge of higher secondary commerce and Knowledge of Accounting. |
| 00:50 | Start the XAMPP services before you begin working on FrontAccounting interface. |
| 00:56 | Let us open the FrontAccounting interface. |
| 01:00 | Open the browser and type localhost slash account and press Enter. |
| 01:07 | The login page appears. |
| 01:10 | Recall that during installation, we had created the admin user. |
| 01:16 | Type the username as admin and password as spoken. |
| 01:22 | Then click on the Login button. |
| 01:25 | The FrontAccounting window opens. |
| 01:28 | Standard modules have been provided in FrontAccounting. |
| 01:32 | We will learn about
Sales Purchases |
| 01:38 | Items and Inventory |
| 01:40 | Banking and General Ledger and Setup modules in the upcoming tutorials. |
| 01:47 | Let us start with the Setup tab in FrontAccounting. |
| 01:51 | Click on the Setup tab.
This module is used for Company Setting. |
| 01:57 | Let us create a new organisation or Company by clicking on the Company Setup link. |
| 02:04 | In the Name field, by default, we can see the name of the company - 'ST Company Pvt Ltd'. |
| 02:12 | This is because we had given this name during installation. |
| 02:17 | However, you can change the name based on how you want it to appear in the reports. |
| 02:23 | I will keep the same name.
Scroll down. |
| 02:28 | In the Home currency field, click on the dropdown menu. |
| 02:32 | A list of options will appear. |
| 02:35 | But Indian Rupees is not available in the list. |
| 02:39 | Since our company is in India, we will setup the home currency to Indian Rupees. |
| 02:45 | Let us learn how to add a new currency to the list here. |
| 02:50 | Click on the Banking and General Ledger tab in the top menu. |
| 02:55 | In the Maintenance panel, click on Currencies link.
A new window appears. |
| 03:03 | Type 'INR' in the Currency Abbreviation field and 'Rs' in the Currency Symbol field. |
| 03:11 | In the Currency Name field, type 'Indian Rupees'. |
| 03:15 | In the Hundredths Name field, type ‘Paise’ and in the Country field type 'India'. |
| 03:23 | Now click on 'Add new' button at the bottom of the window. |
| 03:28 | We can see a success message- 'New currency has been added'. |
| 03:33 | Let us go back to the Company setup page.
For this, click on the Setup tab in the top menu and then on Company Setup link. |
| 03:43 | Next, type the Company’s address, |
| 03:47 | Domicile , Phone no, Email address and Company GST number
in the respective fields as shown here. |
| 03:58 | Now, click on the Home Currency drop-down box. |
| 04:02 | Select ' Indian Rupees'. |
| 04:05 | Next we will learn about fiscal year. |
| 04:09 | By default the previous financial year, i,e 1st January to 31st December 2018 is shown as closed. |
| 04:18 | At the time of recording this tutorial, the date is as shown on the screen. |
| 04:24 | It may differ when you are practicing. |
| 04:28 | Note that the date format is in MMDDYYYY. |
| 04:35 | What is Fiscal year? |
| 04:37 | It is a period that a Company uses for accounting purposes and preparing financial statements.
It varies across countries. |
| 04:47 | Fiscal Year setup
When a new Company is created in FrontAccounting, the Fiscal Year has to be set up correctly. |
| 04:56 | By default, FrontAccounting software shows the fiscal year from January to December |
| 05:03 | This is not suitable for Companies and organisations in India. |
| 05:08 | We have to set up the fiscal year from 1st April to 31st March for that financial year. |
| 05:15 | This is as per Indian Accounting Standards. |
| 05:19 | Let us switch back to the FrontAccounting interface. |
| 05:23 | Scroll down and click on the Update button to save the entries. |
| 05:28 | We can see a message- Company setup has been updated. |
| 05:33 | Now, we will change the Fiscal Year to the current Financial Year. |
| 05:38 | Click on the Setup tab of FrontAccounting. |
| 05:42 | Click on the Fiscal Years link. |
| 05:45 | We can see that, by default the Fiscal Year begins from 01 January 2018 to 31 December 2018. |
| 05:55 | So first, we will create a dummy period for 3 months from 01 January 2019 to 31 March 2019. |
| 06:05 | Why dummy period? This is because we have to fill the gap between the Fiscal year ie.1st January to 31st December and the Financial year which is from 1st April to 31st March |
| 06:20 | You may be in a different financial year when you are practising this tutorial. |
| 06:25 | In that case, you have to set up the fiscal year for all the previous years upto the current financial year. |
| 06:33 | A sample is shown here for your understanding. |
| 06:38 | First, select the 3 months dummy period from 01 January 2019 to 31 March 2019. |
| 06:47 | Now, click on the Add New button. |
| 06:51 | We can see the dummy period is created. |
| 06:53 | A message appears - “New Fiscal year has been added”. |
| 06:58 | Then, we can see the current financial year is from 1 April 2019 to 31 March 2020. |
| 07:07 | Keep the “Is closed” option to “No” as we will be using the current financial year for accounting purposes. |
| 07:15 | Again, click on the Add new button. |
| 07:19 | Here, you can see the Financial Year has been created. |
| 07:24 | We can see the fiscal year from 1st January 2018 to 31st December 2018 as closed. |
| 07:32 | We have created the dummy period from 1st January 2019 to 31st March 2019. |
| 07:39 | We will change the Is Closed option to Yes.
Click on Edit icon. |
| 07:46 | In the Is Closed drop down menu, select Yes. |
| 07:50 | Repeat the same steps to close all the previous financial years if they are not required. |
| 07:57 | Click on Update button. |
| 08:00 | A message appears - “Selected fiscal year has been updated” |
| 08:05 | Likewise you can use the Edit button to make changes. |
| 08:10 | The cross (X) sign is for deleting the year.
Right now, we will not delete any rows. |
| 08:17 | Now, we need to update these changes in the Company setup. |
| 08:22 | Click on the Setup tab.
Then click on the Company Setup link. |
| 08:28 | In the Fiscal year field, click on the drop-down menu. |
| 08:32 | Select the current Financial Year as 1st April 2019 to 31st March 2020 which is shown as active. |
| 08:41 | Scroll down and go to Login Timeout option. |
| 08:46 | We will increase to 6 lakh seconds so that frequent logout or timeout can be avoided. |
| 08:53 | Click on the Update button. |
| 08:56 | Next we will setup User Accounts. |
| 09:00 | Again click on the Setup tab. |
| 09:03 | Click on the User Accounts Setup link. |
| 09:06 | We can see the admin user login information such as
Full Name , Email , Access Level, etc. |
| 09:15 | Recall this information was entered during the installation. Let us create a new user login. |
| 09:22 | I have typed the new user details as shown here.
Likewise, enter your new user details. |
| 09:30 | In Access Level field, click on the drop-down menu and select Sub Admin. |
| 09:36 | In the Language field, by default, the drop-down menu option is English. |
| 09:42 | Here, POS means Point of Sale.
We will keep the Default option. |
| 09:49 | In Printing option drop-down menu, keep the default option Browser printing support. |
| 09:56 | Next, by default, the checkbox is checked for popup window for the reports option. |
| 10:03 | Click on the Add new button.
We can see the message- ‘A new user has been added’. |
| 10:10 | We can also see that the new user is added in the panel below the admin. |
| 10:16 | Again, click on the Setup tab. |
| 10:20 | Next, let us see Access setup. |
| 10:23 | Click on the Role drop-down menu and select Sub Admin. |
| 10:28 | We can see the default access given for a Sub Admin to use.
Scroll down. |
| 10:35 | We can see the permissions available for the Sub Admin. |
| 10:39 | You can also check or uncheck the boxes as required for the Sub Admin to use. |
| 10:46 | Then click on Save Role button. |
| 10:49 | A message appears as “Security role has been updated”. |
| 10:54 | Likewise, you can create several users as per your requirement and give the required permissions. |
| 11:01 | Again, click on the Setup tab and then on Display Setup link. |
| 11:07 | Display Setup is used to change the Decimal Places, Date format and Separators and other parameters. |
| 11:16 | We can see the number of Decimal Places for Prices/amounts , Quantities , Exchange rate and Percentages |
| 11:27 | We can change the Date format and Date Separators by selecting the drop-down menu. |
| 11:33 | We will change the Date format to DDMMYYYY. |
| 11:41 | We can see various Miscellaneous Settings also. |
| 11:45 | Click on the Update button to save the changes. |
| 11:49 | We can see a message “Display settings have been updated”. |
| 11:54 | Now we will check the fiscal year date format.
Go to the Setup tab. |
| 12:01 | Under Company Setup panel, click on Fiscal Years link. |
| 12:06 | We can see the date format has been changed to DDMMYYYY format. |
| 12:14 | Recall, initially when we added the fiscal year it was MMDDYYYY format. |
| 12:23 | This brings us to the end of this tutorial. Let us summarize. |
| 12:28 | In this tutorial, we learnt about
FrontAccounting interface and Various modules in the Setup tab |
| 12:36 | Also, we have learnt how to: Create our own organisation or Company |
| 12:42 | Setup user accounts , Setup access permissions and Setup display |
| 12:50 | As an assignment, Add a new user using User Accounts Setup |
| 12:55 | Give Access Level as an Accountant |
| 12:59 | The video at the following link summarises the Spoken Tutorial project. Please download and watch it |
| 13:06 | The Spoken Tutorial Project Team conducts workshops and gives certificates.
For more details, please write to us. |
| 13:15 | Please post your timed queries in this forum. |
| 13:19 | Spoken Tutorial project is funded by MHRD, Government of India. |
| 13:24 | The script and video has been contributed by Spoken Tutorial team. This is Pratik kamble signing off. Thanks for joining. |
