FrontAccounting-2.4.7/C2/Banking-and-General-Ledger-in-FrontAccounting/English-timed

Time	Narration
00:01	Welcome to the spoken tutorial on Banking and General Ledger in Front Accounting.
0:07	In this tutorial,we will learn to create General Ledger Classes
00:13	General Ledger Groups and General Ledger Accounts
00:18	To record this tutorial, I am using Ubuntu Linux OS version 16.04
00:26	FrontAccounting version 2.4.7
00:30	To practise this tutorial, you must have knowledge of: Higher secondary commerce and accounting , Principles of Bookkeeping
00:40	And you should have already set up an organisation or Company in FrontAccounting.
00:46	If not, for relevant FrontAccounting tutorials please visit this website.
00:52	Start the XAMPP services before you begin working on FrontAccounting interface.
00:58	Let us open the FrontAccounting interface.
01:01	Open the browser and type localhost slash account and press Enter.
01:09	The login page appears.
01:12	Type the username as admin and the password. Then click on Login button.
01:20	The FrontAccounting interface opens.
01:23	Click on Banking and General Ledger tab.
01:27	In the Maintenance panel we can see the options: GL Accounts
01:33	GL Account Groups and GL Account Classes
01:38	Before we start with any transaction, we need to set the Charts of Accounts.
01:43	The Charts of Accounts in FrontAccounting is defined by Type, Class, Group and Account.
01:50	All transactions are charged to an Account, Group and Classes.
01:56	These are used to group transactions for reporting purposes.
02:00	In FrontAccounting, Account belongs to a Group and Group belongs to a Class
02:06	It will be reflected in the Balance Sheet and Profit and Loss account statements as per the Account Group.
02:13	Switch back to the FrontAccounting interface.
02:17	The first step is to set the General Ledger Account Classes.
02:22	Click on GL Account Classes link in the Maintenance panel.
02:27	Here, by default the Class Name and Class Type are defined as: Assets , Liabilities , Income and Expense
02:38	Also, we can see that the Class ID is set for each Class Type.
02:44	We need to set this class before setting the Account Group.
02:49	Now we will see how to add a new class.
02:53	In the Class ID field, type 5. The Class ID should be a unique value.
03:00	In the Class Name field, type Equity.
03:04	Click on the Class Type drop-down box. We can see the default list: Assets , Liabilities, Equity, Income, Cost of Goods Sold and Expense
03:21	FrontAccounting follows this Class Type to present in the Balance Sheet.
03:26	Select the Class Type as Equity.
03:29	Click on Add new button at the bottom of the window.
03:33	A message is displayed- 'New account class has been added'.
03:38	Here, we can see that the new Class “Equity” has been added to the third row.
03:44	This is because, in the default Class Type, Equity is on the third hierarchy level.
03:50	So, whenever a new Class is added, it takes the default place of that Class Type.
03:56	Now, let us see how to add GL Groups.
04:00	Go to the Banking and General Ledger tab.
04:03	Click on the GL Account Groups link in the Maintenance panel.
04:08	We can see the default Group Name, which shows GL Account Groups under the Class.
04:15	You can also see the Group ID is set according to the Class.
04:20	In the ID field, type the new Group ID as 12.
04:24	In the Name field, I will type Fixed Assets as the Group Name.
04:29	The Group Name “Fixed Assets” does not belong to any subgroup that is already available.
04:35	Hence, in the Subgroup field, keep the field as None.
04:40	Now, click on the Class drop-down box.
04:44	According to the Charts of Accounts, Fixed Assets comes under the class of Assets. So select Class as Assets.
04:53	To save these changes, click on Add new button at the bottom of the window.
04:59	We can see an error message that says - "This account Group ID is already in use".
05:06	So a unique Class ID has to be added to each Group Name.
05:11	Let’s change the Group ID to 13.
05:15	Click on the Add new button at the bottom of the window.
05:19	This time we can see a message that says - "New account type has been added."
05:25	The new Group Name is added randomly within the class “Assets”.
05:30	Likewise, we can add our own Group Name.
05:34	Now, let us see how to add GL Accounts.
05:38	Click on the Banking and General Ledger tab.
05:42	Then click on GL Accounts link in the Maintenance panel.
05:47	Here also we need to type a unique code. It is a mandatory field.
05:53	In the Account Code field, I will type 1100 as the code.
06:00	You can give any code of your choice, if you wish to.
06:04	Click on the Account Name field. Type the Account Name as "Land and Building".
06:11	You can give any name of your choice.
06:14	In the Account Group drop-down box, select the Account Group as Fixed Assets.
06:20	The Account Name Land and Building has to come under the Group Fixed Assets as per the Charts of Accounts.
06:28	Next, click on the Account status drop down menu. Select the status as Active.
06:35	Then click on Add Account button at the bottom of the window.
06:40	We can see the message - "New account has been added".
06:45	Now, click on the New account drop-down box at the top. We can see the newly added Account here.
06:54	Each organisation will have their own set of account codes, as shown here.
07:00	Likewise, by following the above steps, you can create your own GL Accounts.
07:06	This brings us to the end of this tutorial. Let us summarize
07:12	In this tutorial, We have learnt to create General Ledger Classes , General Ledger Groups and General Ledger Accounts
07:22	As an assignment. Create new GL Accounts - Cash and Capital with the below details . Save the changes
07:31	Now we have set the Charts of Accounts for our Company with new GL Accounts.
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08:05	The script and video has been contributed by Spoken Tutorial team. This is Pratik Kamble signing off. Thanks for joining.

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PoojaMoolya