FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed

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
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09:28	The script and video has been contributed by Spoken Tutorial team. This is Arvind Pillai signing off. Thanks for joining.

Contributors and Content Editors

PoojaMoolya