Chart
of Account
Objective
of this module is to create Accounts for Income, Expenses
etc for Business purposes. By creating these accounts the
User will be able to know the Income and Expenses of the Business.
Business
Process
This module deals with the Account Head, Budget and Opening
Balance for the Business. The Account Head is used to create
various Accounts for the Business. Budget is for the controlling
the particular Account's transaction. The User can specify
the Budget for the Account and manage the transaction within
the limit of the Account's Budget. Opening Balance is the
Last Year's Balance Sheet which is carried forward to the
current year.
The details of the Account Head are colleted in this module.
The
information such as Description, Type, Currency, Debit and
Credit are gathered. After entering the details, click save
to get the details of the Account Head to be stored.
Functionalities
of this module:
Account Head:
In this section, the User has to specify the information which
is required to create an Account Head. a) Description denotes
"Name of the Account"
b) Type denotes to which Group Account the Account which is
created in the Description text box belongs.
c) Currency denotes by which Country's Currency the Business
transactions are dealt with. Here the Currency will come for
the Cash and Bank Account.
d) Opening Balance denotes "Debit or Credit Balance for the
Assets and Liabilities"
Now, how to create a Budget for an Account which is created?
The details of the Budget are colleted in this module.
The information such as Amount is gathered to be allocated
to the particular Account for the Fiscal Year, After entering
the details, click save to get the details of the Budget to
be stored.
Budget
Details of Budget control for a particular Account are listed
here.
a) Amount denotes, how much of amount is allocated for the
particular Account.
b) After pressing the "Allocate" Button, the Amount is equally
distributed in the "Month and Amount Grid" as per the Allocated
Amount.
