Difference between revisions of "FrontAccounting/C2/Banking-and-General-Ledger/English-timed"

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|-
 
|-
 
| 04:25
 
| 04:25
−
| A unique '''Class''' '''ID''' has to be added to each '''Group''' '''Name'''.
+
| A unique '''Class ID''' has to be added to each '''Group Name'''.
  
 
|-
 
|-
 
| 04:29
 
| 04:29
−
| In the '''Group ID '''field''', I will type the new ''' Group ID ''' as ''' 12.'''
+
| In the '''Group ID '''field, I will type the new ''' Group ID ''' as ''' 12.'''
  
 
|-
 
|-
 
| 04:34
 
| 04:34
−
| In the '''Name''' field,''' I will type '''Fixed Assets''' as the ''' Group Name.'''
+
| In the '''Name''' field, I will type '''Fixed Assets''' as the ''' Group Name.'''
  
 
|-
 
|-
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|-
 
|-
 
| 04:42
 
| 04:42
−
|This is because, the Group Name “Fixed Assets” does not belong to any '''subgroup''' that is already available.
+
|This is because, the Group Name “Fixed Assets” does not belong to any subgroup that is already available.
  
 
|-
 
|-
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|-
 
|-
 
| 05:08
 
| 05:08
−
| We can see an error message that says -
+
| We can see an error message that says - “This account Group ID is already in use”.
−
 
+
−
“This account Group ID is already in use”.
+
  
 
|-
 
|-
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|-
 
|-
 
| 05:31
 
| 05:31
−
| This time we can see a message that says -
+
| This time we can see a message that says -  
  
 
|-
 
|-
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|-
 
|-
 
| 05:37
 
| 05:37
−
| The new '''Group Name''' is added '''randomly''' within the '''class “Assets”.'''
+
| The new '''Group Name''' is added randomly within the '''class “Assets”.'''
  
 
|-
 
|-
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|-
 
|-
 
| 06:23
 
| 06:23
−
| The '''Account''' '''Name''', '''Land & Building''' has to come under the '''Group Fixed Assets''' as per the '''Charts of Accounts.'''
+
| The '''Account Name''' '''Land & Building''' has to come under the '''Group Fixed Assets''' as per the '''Charts of Accounts.'''
  
 
|-
 
|-
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|-
 
|-
 
| 06:41
 
| 06:41
−
| We can see the message -
+
| We can see the message -'''‘New account has been added’.'''
−
'''‘New account has been added’.'''
+
  
 
|-
 
|-
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|-
 
|-
 
| 07:14
 
| 07:14
−
| Save the changes
+
| Save the changes.
  
 
|-
 
|-
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|-
 
|-
 
| 07:24
 
| 07:24
−
| '''Commenced business with a capital of Rs. 50,000'''
+
| '''Commenced business with a capital of Rs. 50,000'''.
  
 
|-
 
|-
 
| 07:29
 
| 07:29
−
| The '''Entry''' is
+
| The '''Entry''' is-
 
'''Cash A/c Dr. 50,000'''
 
'''Cash A/c Dr. 50,000'''
 
'''To Capital A/c 50,000'''
 
'''To Capital A/c 50,000'''
−
(being '''Capital introduced in the business''')
+
(being '''Capital introduced in the business''').
  
 
|-
 
|-
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|-
 
|-
 
| 07:53
 
| 07:53
−
| We can see the '''reference number''' for the '''transaction''' here.
+
| We can see the '''Reference '''number for the transaction here.
  
 
|-
 
|-
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|-
 
|-
 
| 08:11
 
| 08:11
−
| To save the '''Debit''' entry, click on '''Add Item''' button.
+
| To save the '''Debit entry''', click on '''Add Item''' button.
  
 
|-
 
|-
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| 08:50
 
| 08:50
 
|  You can see the message at the top, that appears in green -
 
|  You can see the message at the top, that appears in green -
−
'''“Journal Entry”''' has been entered  
+
'''Journal Entry has been entered'''.
  
 
|-
 
|-
 
| 08:57
 
| 08:57
−
| You can also see the '''options''':
+
| You can also see the options:
  
 
|-
 
|-
 
| 08:59
 
| 08:59
−
| '''View this Journal Entry'''
+
| '''View this Journal Entry, Enter New Journal Entry, Add an Attachment''' and
−
'''Enter New Journal Entry'''
+
'''Back'''.
−
'''Add an Attachment and'''
+
−
'''Back'''
+
  
 
|-
 
|-
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|-
 
|-
 
| 09:11
 
| 09:11
−
| Immediately, a new popup window opens showing the current '''General Ledger Transaction details'''.
+
| Immediately, a new pop-up window opens showing the current '''General Ledger Transaction details'''.
  
 
|-
 
|-
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|-
 
|-
 
| 09:23
 
| 09:23
−
| By choosing this option, we get a print-out of this '''transaction''' for our future reference.
+
| By choosing this option, we get a print-out of this transaction for our future reference.
  
 
|-
 
|-
 
| 09:30  
 
| 09:30  
−
| This '''option''' here, at the bottom right is to close this window.
+
| This option here, at the bottom right is to close this window.
  
 
|-
 
|-
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|-
 
|-
 
| 09:42
 
| 09:42
−
| We can see a new page opens immediately for the next new '''transaction'''.
+
| We can see a new page opens immediately for the next new transaction.
  
 
|-
 
|-
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| 09:55
 
| 09:55
 
| We can see the '''fields:'''
 
| We can see the '''fields:'''
−
'''Transaction'''
+
'''Transaction''',
 
'''Description ''' and
 
'''Description ''' and
−
'''Attached file'''
+
'''Attached file'''.
  
 
|-
 
|-
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|-
 
|-
 
| 10:08   
 
| 10:08   
−
| Let me attach a sample voucher which I have already created and stored on my computer.
+
| Let me attach a sample '''voucher''' which I have already created and stored on my computer.
  
 
|-
 
|-
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|-
 
|-
 
| 10:20   
 
| 10:20   
−
| Pls click on the link and save the file on your computer.
+
| Please click on the link and '''save''' the file on your computer.
  
 
|-
 
|-
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|-
 
|-
 
| 10:29
 
| 10:29
−
| I'll select the '''Sample-Voucher.odt file''' from my '''Desktop''' folder.
+
| I will select the '''Sample-Voucher.odt file''' from my '''Desktop''' folder.
  
 
|-
 
|-
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|-
 
|-
 
| 10:43  
 
| 10:43  
−
| A message appears that says:
+
| A message appears that says: '''Attachment has been inserted.'''
−
'''Attachment has been inserted.'''
+
  
 
|-
 
|-
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|-
 
|-
 
| 11:06
 
| 11:06
−
| We can see the '''transaction''' is reflected here.
+
| We can see the transaction is reflected here.
  
 
|-
 
|-
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|-
 
|-
 
| 11:18
 
| 11:18
−
| Since we made only one '''Journal Entry'''.
+
| Since we made only one '''Journal Entry''',
  
 
|-
 
|-
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|-
 
|-
 
| 11:24
 
| 11:24
−
| In the future, when we have many more '''journal''' '''entries''', the displayed list would be longer.
+
| In the future, when we have many more journal entries, the displayed list would be longer.
  
 
|-
 
|-
 
| 11:30
 
| 11:30
−
| Let us now see how to '''Void a transaction'''.
+
| Let us now see how to '''Void''' a transaction.
  
 
|-
 
|-
 
| 11:34  
 
| 11:34  
−
| Click on the '''Setup''' tab.
+
| Click on the '''Setup''' tab  
  
 
|-
 
|-
 
| 11:36  
 
| 11:36  
−
| And then on the option '''Void a transaction''' under the '''Maintenance''' bar.
+
| and then on the option '''Void a transaction''' under the '''Maintenance''' bar.
  
 
|-
 
|-
 
| 11:41
 
| 11:41
−
| This '''option''' is used to delete/remove an '''entry'''.
+
| This option is used to delete/remove an '''entry'''.
  
 
|-
 
|-
 
| 11:45
 
| 11:45
−
| We can see the reference number, which shows the entry.
+
| We can see the '''reference number''' which shows the entry.
  
 
|-
 
|-
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|-
 
|-
 
| 12:00
 
| 12:00
−
| A message appears that says-
+
| A message appears that says- '''Are you sure you want to void this transaction? This action cannot be undone.'''
−
'''Are you sure you want to void this transaction? This action cannot be undone.'''
+
  
 
|-
 
|-
 
| 12:07
 
| 12:07
−
| I’ll click on the '''Proceed''' button.
+
| I will click on the '''Proceed''' button.
  
 
|-
 
|-
 
| 12:10
 
| 12:10
−
| Immediately another message appears and says-
+
| Immediately another message appears and says- '''Selected transaction has been voided.'''
−
'''Selected transaction has been voided.'''
+
  
 
|-
 
|-
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|-
 
|-
 
| 12:22
 
| 12:22
−
| In this tutorial, we have learnt to create
+
| In this tutorial, we have learnt to create:
  
 
|-
 
|-
 
| 12:25
 
| 12:25
−
| '''General Ledger Classes'''
+
| '''General Ledger Classes, General Ledger Groups, General Ledger Accounts'''.
−
'''General Ledger Groups'''
+
−
'''General Ledger Accounts'''
+
  
 
|-
 
|-
 
| 12:31
 
| 12:31
−
| Also, we have learnt to :
+
| Also, we have learnt to : pass a '''Journal Entry''', see the reflection in '''Balance sheet''' and
−
Pass a '''Journal Entry'''
+
how to '''void a transaction'''.
−
See the reflection in '''Balance sheet''' and
+
−
How to '''void a transaction'''
+
  
 
|-
 
|-
 
| 12:40
 
| 12:40
−
| As an '''Assignment'''
+
| As an assignment-
  
 
|-
 
|-
 
| 12:41
 
| 12:41
−
| Pass a '''Journal Entry'''
+
| pass a '''Journal Entry'''
  
 
|-
 
|-
 
| 12:43
 
| 12:43
−
| '''Goods Purchased for Rs 50,000'''<br/>  
+
| '''Goods Purchased for Rs 50,000'''.<br/>  
  
 
|-
 
|-
 
| 12:46
 
| 12:46
−
| See the reflection in the '''Balance Sheet'''
+
| See the reflection in the '''Balance Sheet'''.
  
 
|-
 
|-
 
| 12:49
 
| 12:49
−
| This video summarizes the Spoken Tutorial project.
+
| This video summarizes the '''Spoken Tutorial''' project.
  
 
|-
 
|-
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|-
 
|-
 
| 13:03
 
| 13:03
−
| The Spoken Tutorial Project is funded by NMEICT, MHRD Government of India.
+
| The Spoken Tutorial Project is funded by '''NMEICT, MHRD''' Government of India.
  
 
|-
 
|-

Latest revision as of 21:03, 15 June 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 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.
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.

Contributors and Content Editors

Jyotisolanki, Ranjana, Sandhya.np14

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