Setup New Account
Last updated
Last updated
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In this tutorial, we will learn creation and management of ledgers are fundamental aspects of financial accounting. Ledgers act as the central repository for recording all financial transactions in a structured and organized manner, ensuring accurate tracking of financial data. Proper ledger management enables businesses to maintain transparency, streamline financial reporting, and comply with accounting standards.
Navigate to the Main Menu and then Expand "Setup".
Select "Setup Accounts" and then Click on "Setup New Account".
Account Name: Enter the Customer’s or Supplier's name.
Account Code: Enter the account code here. (If you want to follow the software's series, leave the code blank.)
Print Name: Enter the name to display on the bill print (leave blank if same as account name).
Account Type: Press Spacebar to open the search window and select Customer.
Op. Balance: Define the opening balance of the account here.
General Group: To Define the general category of particular account ledger.
B.S Group: The software automatically assigns the appropriate balance sheet group. However, if you want to change it, you can press the F3 key to modify it.
Show in Supplier or Customer List: If a party acts as both a supplier and a customer, tick "Show in Supplier List".
Other Groups: Use "Other Groups" to allocate the account into different categories (if groups are already set up).
To add an image for the account:
Click New Image → Large Image and browse your system.
Select the image and click Save.
Click Other Details to enter:
Contact Person: Here, you can define the name of the contact person with whom you coordinate.
Country, State, City (select from the dropdown).
Address (First & Second) (copy the first address if both are the same).
Website, Aadhar Number, Telephone, Mobile Number, etc.
GST Registration Type:
Unregistered: Sale nature will be B2C.
Registered: Sale nature will be Local B2B (same state) or Interstate B2B (different states).
If GST Registered:
Define GST Number. (If Party is Registered in GST)
GST State (auto-picks the state code).{You need to enter this in both cases, whether it is registered or unregistered.}
To verify GST details, click "Retrieve from GSTN". {To use this option, you need to purchase the API.}
Set a default Tax Region for the party. (If the column is not visible, enable it by going to Column Locks).
E-Commerce Party: If this account is linked to e-commerce, tick the checkbox and enter the
E-Commerce GST number. Define E-Commerce GST Number, you can also verify the GST number using the provided option.
GST Reverse Charge Applicable: If GST Reverse Charge is applicable for this account, tick the checkbox to enable it.
Column Customization:
Right-click on a column to set it as required or not required.
If a column is marked "Required", the account cannot be saved without entering details.
Rename Column: Double-click on the column to Rename.
Lock Specific Features: Enable locks to restrict certain actions for the party.
Stop Billing Option: When enabled, the customer will not appear in the sale bill window.
Bank Details: Enter Bank Name, Account Number, IFSC Code, etc.
Payment Terms:
Example: A 2% discount if payment is cleared within 10 days.
If delayed beyond 15 days, an interest of 2% applies up to 30 days, 4% up to 90 days, and so on.
Transport/Shipping Line: The logistics provider responsible for moving goods (e.g., shipping company, airline, or trucking service).
Destination/Port of Discharge: The location where goods are unloaded from the main transport (e.g., seaport, airport, or terminal).
Final Destination: The end location where the consignee receives the goods, which may be different from the port of discharge.
Branch Name: The specific location or division of a business where operations are conducted.
Stock Transfer Branch: The branch designated to receive or send stock during inter-branch transfers.
Remark: Additional notes or comments related to the transaction or branch operations.
Credit Limit & Bill Limit:
Example: The ledger balance cannot exceed ₹2,00,000 and the bill amount cannot exceed ₹1,00,000.
Cr Limit Var(%): This means that if a customer is a regular customer, you are providing them with an additional 10% discount beyond their credit limit.
Comm(%)-Dues: This means that if the payment for any bill is made before its due date, the applicable commission percentage will be displayed in the aging report.
Add %: This option enables you to specify an additional percentage in the sale rate for this particular account.
Default Pay Mode: Set the Pay Mode as Default.
Security Amount: Here, you can enter the amount taken as security deposit from the customer.
Overdue Days Limit: This option enables you to specify the Overdue Days Limit for this account.
Bank Guarantee Date: Here, you need to define the guaranteed date provided to the bank on behalf of the security amount.
Enter Food License Number, Drug License Number, and Expiry Dates.
Click on "Close" to finalize the account setup.
Lastly, click on the "Save" button to store the Account.
