https://script.spoken-tutorial.org/index.php?title=FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed&feed=atom&action=historyFrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed - Revision history2024-03-29T11:30:01ZRevision history for this page on the wikiMediaWiki 1.23.17https://script.spoken-tutorial.org/index.php?title=FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed&diff=51083&oldid=prevPoojaMoolya at 08:59, 13 February 20202020-02-13T08:59:19Z<p></p>
<table class='diff diff-contentalign-left'>
<col class='diff-marker' />
<col class='diff-content' />
<col class='diff-marker' />
<col class='diff-content' />
<tr style='vertical-align: top;'>
<td colspan='2' style="background-color: white; color:black; text-align: center;">← Older revision</td>
<td colspan='2' style="background-color: white; color:black; text-align: center;">Revision as of 08:59, 13 February 2020</td>
</tr><tr><td colspan="2" class="diff-lineno">Line 427:</td>
<td colspan="2" class="diff-lineno">Line 427:</td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>|-  </div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>|-  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>| 09:22</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>| 09:22</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>| The Spoken Tutorial Project is funded by <del class="diffchange diffchange-inline">NMEICT, </del>MHRD Government of India.  </div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>| The Spoken Tutorial Project is funded by MHRD Government of India.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>|-  </div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>|-  </div></td></tr>
</table>PoojaMoolyahttps://script.spoken-tutorial.org/index.php?title=FrontAccounting-2.4.7/C2/Taxes-and-Bank-Account-in-FrontAccounting/English-timed&diff=51075&oldid=prevPoojaMoolya: Created page with "{| border=1 | Time | Narration |- | 00:01 | Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. |- |00:07 | In this tutorial,we wi..."2020-02-12T12:48:06Z<p>Created page with "{| border=1 | Time | Narration |- | 00:01 | Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. |- |00:07 | In this tutorial,we wi..."</p>
<p><b>New page</b></p><div>{| border=1<br />
| Time <br />
| Narration <br />
<br />
|- <br />
| 00:01<br />
| Welcome to the spoken tutorial on '''Taxes and Bank Accounts '''in '''FrontAccounting'''. <br />
<br />
|- <br />
|00:07<br />
| In this tutorial,we will learn how to <br />
<br />
Add a new '''Tax''' <br />
<br />
|- <br />
| 00:12<br />
| Set up '''Bank Accounts''' <br />
<br />
Add''' Deposits''' <br />
<br />
|- <br />
| 00:16<br />
| Transfer amount into the '''Bank Account '''and <br />
<br />
'''Reconcile''' the '''Bank Account''' <br />
<br />
|- <br />
| 00:22<br />
| To record this tutorial, I am using <br />
<br />
'''Ubuntu Linux '''OS version 16.04 <br />
<br />
|- <br />
| 00:30<br />
| '''FrontAccounting''' version 2.4.7 <br />
<br />
|- <br />
| 00:35<br />
| To practise this tutorial, you must have knowledge of: <br />
<br />
Higher secondary commerce and accounting and <br />
<br />
|- <br />
| 00:42<br />
| Principles of Bookkeeping <br />
<br />
|- <br />
| 00:45<br />
| And you should have already set up an '''Organisation or Company''' in '''FrontAccounting'''. <br />
<br />
|- <br />
| 00:51<br />
| If not, for relevant '''FrontAccounting''' tutorials please visit this website. <br />
<br />
|- <br />
| 00:57<br />
| Start the '''XAMPP services''' before you begin working on '''FrontAccounting''' interface. <br />
<br />
|- <br />
| 01:03<br />
| Let us open the '''FrontAccounting''' interface. <br />
<br />
|- <br />
| 01:07<br />
| Open a web '''browser'''. <br />
<br />
Type''' localhost/account '''and press '''Enter'''. <br />
<br />
|- <br />
| 01:16<br />
| The '''login''' page appears. <br />
<br />
|- <br />
| 01:19<br />
| Type the '''username''' as '''admin''' and the '''password'''. <br />
<br />
Then click on '''Login''' button. <br />
<br />
|- <br />
| 01:26<br />
| The '''FrontAccounting''' interface opens. <br />
<br />
Click on the '''Setup''' tab. <br />
<br />
|- <br />
| 01:33<br />
| In the '''Company Setup''' panel, click on '''Taxes''' link. <br />
<br />
We can see a default '''entry''' as '''Tax'''. <br />
<br />
|- <br />
| 01:42<br />
| The '''Percentage''', '''Sales GL Account''' and '''Purchasing GL Account''' are specified as shown here. <br />
<br />
|- <br />
| 01:51<br />
| We have to assign '''GL accounts''' to every '''tax''' used by our business. <br />
<br />
|- <br />
|01:57<br />
| At the top of the window, we can see a message. <br />
<br />
|- <br />
| 02:00<br />
| It is recommended that a separate '''Sale and purchase GL account''' has to be assigned to each '''tax'''. <br />
<br />
|- <br />
| 02:09<br />
| Let us see how to add '''GST''' and '''Service tax''' for our '''company'''. <br />
<br />
|- <br />
| 02:15<br />
| Click on the '''Edit''' icon on the default '''entry Tax '''row. <br />
<br />
|- <br />
| 02:20<br />
| I will edit '''Tax''' to '''GST''' , as our '''company''' will not use the default '''entry Tax'''. <br />
<br />
|- <br />
| 02:28<br />
| I will change the description to '''GST''' and the percentage to '''12. ''' <br />
<br />
|- <br />
| 02:35<br />
| I will keep the '''Sales GL account''' and '''Purchase GL Account '''as '''Sales tax.''' <br />
<br />
|- <br />
| 02:42<br />
| Click on the '''Update''' button at the bottom of the window. <br />
<br />
|- <br />
| 02:46<br />
| We have successfully changed the default entry '''Tax''' to '''GST'''. <br />
<br />
|- <br />
| 02:52<br />
| Now let us add '''Service tax.''' <br />
<br />
Before that we have to create a '''GL Account''' for''' Service tax'''. <br />
<br />
|- <br />
| 03:00<br />
| Click on '''Banking and General Ledger '''tab. <br />
<br />
|- <br />
| 03:04<br />
| In the '''Maintenance''' panel, click on '''GL Accounts''' link. <br />
<br />
|- <br />
| 03:09<br />
| Type the values as shown: <br />
<br />
Then click on the '''Add Account''' button at the bottom of the window. <br />
<br />
|- <br />
| 03:17<br />
| Now, click on '''Setup''' tab and then on '''Taxes '''link. <br />
<br />
|- <br />
| 03:22<br />
| Let us add '''Service tax '''under '''Tax Types.''' <br />
<br />
|- <br />
| 03:27<br />
| Type the values as shown. <br />
<br />
|- <br />
| 03:30<br />
| Click on '''Sales GL Account '''drop-down box. <br />
<br />
|- <br />
| 03:35<br />
| Select '''Service Tax''' which is under '''Current Liabilities.''' <br />
<br />
|- <br />
| 03:39<br />
| Likewise, select''' Service Tax''' for '''Purchase GL Account.''' <br />
<br />
|- <br />
| 03:46<br />
| Click on '''Add new''' button at the bottom of the window. <br />
<br />
|- <br />
| 03:50<br />
| We can see that two''' taxes''' have now been added. <br />
<br />
|- <br />
| 03:55<br />
| Let’s see how these '''taxes''' are calculated in the '''Sales''' module of '''FrontAccounting'''. <br />
<br />
|- <br />
| 04:03<br />
| We will first set up a '''Bank Account''' for the '''company'''. <br />
<br />
|- <br />
| 04:07<br />
| Click on '''Banking and General ledger '''tab. <br />
<br />
|- <br />
| 04:11<br />
| In the '''Maintenance''' panel, click on '''Bank Accounts''' link. <br />
<br />
|- <br />
| 04:16<br />
| This option is used to '''setup''' and configure the '''bank '''and''' cash accounts.''' <br />
<br />
|- <br />
| 04:22<br />
| By default, you can see '''Current account '''and '''Petty Cash account''' details. <br />
<br />
|- <br />
| 04:29<br />
| The '''Currency''' column is in '''US Dollar, '''by default. <br />
<br />
Let us change this to''' Indian currency.''' <br />
<br />
|- <br />
| 04:38<br />
| In the '''Current account row,''' click on the '''Edit''' icon. <br />
<br />
|- <br />
| 04:43<br />
| Change the '''Account type''' to '''Chequing Account.''' <br />
<br />
|- <br />
| 04:48<br />
| Change the '''Bank account currency''' to '''Indian Rupees.''' <br />
<br />
|- <br />
| 04:53<br />
|Then update the changes by clicking on the '''Update '''button at the bottom. <br />
<br />
|- <br />
| 04:59<br />
| Likewise, change the''' Petty Cash account''' also to '''Indian Rupees'''. <br />
<br />
And update the changes. <br />
<br />
|- <br />
| 05:11<br />
| Next let us add some amount to the '''ST Company Pvt. Ltd. bank account.''' <br />
<br />
|- <br />
| 05:17<br />
| Go to '''Banking and General ledger '''tab. <br />
<br />
In the '''Transactions''' panel, click on''' Deposits '''link. <br />
<br />
|- <br />
| 05:25<br />
| Deposits from customers, miscellaneous sales, etc. can be entered here. <br />
<br />
|- <br />
| 05:31<br />
| Keep the '''From''' field as '''Miscellaneous'''. <br />
<br />
I will enter the name of the person who has deposited the money as shown. <br />
<br />
|- <br />
| 05:41<br />
| In the''' Account description''' field, select '''Cash'''. <br />
<br />
|- <br />
| 05:45<br />
| In the '''Amount''' field, type '''3 lakhs.''' <br />
<br />
|- <br />
| 05:49<br />
| In the '''Memo''' field, type the purpose of the deposit. <br />
<br />
|- <br />
| 05:54<br />
| Then click on '''Add item''' button at the right end of the row. <br />
<br />
|- <br />
| 05:59<br />
| Click on '''Process Deposit '''button at the bottom of the window. <br />
<br />
|- <br />
| 06:04<br />
| In the new window, we can see a message that the '''deposit''' has been entered. <br />
<br />
|- <br />
| 06:10<br />
| Next link is '''View the GL postings for this Deposit.''' Click on it. <br />
<br />
|- <br />
| 06:17<br />
| A pop up window appears with the transaction details of the amount that has been '''deposited'''. <br />
<br />
|- <br />
| 06:24<br />
| Click on the '''Close '''link at the bottom of the window. <br />
<br />
|- <br />
| 06:28<br />
| If you want to enter another '''deposit, '''then click on '''“Enter Another Deposit'''” link. <br />
<br />
|- <br />
| 06:34<br />
| Click on '''Back''' link at the bottom of the window to go back to the '''FrontAccounting''' interface. <br />
<br />
|- <br />
| 06:41<br />
| Next we will see how to transfer money from '''bank account''' to '''cash''' or another '''account'''. <br />
<br />
|- <br />
| 06:49<br />
| In the '''Transactions''' panel, click on '''Bank Account Transfers '''link. <br />
<br />
|- <br />
| 06:55<br />
| Notice that the '''Bank Balance '''is shown here as three lakh rupees. <br />
<br />
Recall, this amount had been '''deposited''' earlier. <br />
<br />
|- <br />
| 07:05<br />
| In the '''To Account''' field, select '''Petty Cash account.''' <br />
<br />
|- <br />
| 07:10<br />
| In the '''Amount '''field''', enter 20,000.''' <br />
<br />
|- <br />
| 07:14<br />
| In the '''Memo '''field, type as shown. <br />
<br />
|- <br />
| 07:17<br />
| Click on''' Enter Transfer''' button at the bottom of the window. <br />
<br />
|- <br />
| 07:22<br />
| In the new window, we can see a message - '''“Transfer has been entered”'''. <br />
<br />
|- <br />
| 07:27<br />
| Next link is '''View The GL Journal Entries for this Transfer.''' <br />
<br />
Click on it to see the '''entries'''. <br />
<br />
|- <br />
| 07:35<br />
| A pop up window appears with the '''transaction''' details of the amount that has been transferred. <br />
<br />
|- <br />
| 07:42<br />
| Click on the '''Close''' link at the bottom of the window. <br />
<br />
|- <br />
| 07:46<br />
| Click on the '''Back''' link at the bottom of the window to go back to the '''FrontAccounting''' interface. <br />
<br />
|- <br />
| 07:53<br />
| Next, we will check the '''Bank Statements'''. <br />
<br />
|- <br />
| 07:57<br />
| In the '''Transactions''' panel, on the right side, click on '''Reconcile Bank Account '''link. <br />
<br />
|- <br />
| 08:04<br />
| It matches the '''deposits''' in the '''company accounts''' with those in the '''Bank statement'''. <br />
<br />
|- <br />
| 08:10<br />
| We can see the '''Account total, Bank Deposits''' and '''Fund transfer''' details. <br />
<br />
|- <br />
| 08:17<br />
| This brings us to the end of this tutorial. Let us summarize. <br />
<br />
|- <br />
| 08:22<br />
| In this tutorial, we have learnt to <br />
<br />
Add a new '''Tax''' <br />
<br />
|- <br />
| 08:27<br />
| Set up '''Bank Accounts''' <br />
<br />
|- <br />
| 08:30<br />
| Add''' Deposits''' <br />
<br />
|- <br />
| 08:32<br />
| Transfer amount into the '''Bank Account ''' and<br />
<br />
|- <br />
| 08:35<br />
| '''Reconcile''' the '''Bank Account''' <br />
<br />
|- <br />
| 08:39<br />
| As an assignment <br />
<br />
Use '''Deposits''' option and '''deposit''' Rs.10,000 into '''Petty Cash account'''. <br />
<br />
|- <br />
| 08:48<br />
| Select '''Miscellaneous''' in the '''From''' field <br />
<br />
Enter the '''Name''' as '''Mr. Rahul''' <br />
<br />
|- <br />
| 08:54<br />
| Check the '''Reconcile Bank Account '''for''' Petty Cash account''' <br />
<br />
|- <br />
| 08:59<br />
| The video at the following link summarises the Spoken Tutorial project. Please download and watch it <br />
<br />
|- <br />
| 09:07<br />
| The '''Spoken Tutorial Project''' Team conducts workshops and gives certificates. <br />
<br />
For more details, please write to us. <br />
<br />
|- <br />
| 09:18<br />
| Please post your timed queries in this forum. <br />
<br />
|- <br />
| 09:22<br />
| The Spoken Tutorial Project is funded by NMEICT, MHRD Government of India. <br />
<br />
|- <br />
| 09:28<br />
| The script and video has been contributed by Spoken Tutorial team. <br />
<br />
This is Arvind Pillai signing off. Thanks for joining. <br />
<br />
|}</div>PoojaMoolya