Difference between revisions of "FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed"
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| − | | The Spoken Tutorial Project is funded by | + | | The Spoken Tutorial Project is funded by MHRD Government of India. |
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Latest revision as of 14:29, 13 February 2020
| 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 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. |
