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Account Types
There are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting.
Click on CREATE and enter details required to create account types.
| Field name | Description |
| Account type value | Enter the amount value type of the account |
| Account Type name | Enter the name of the account type of the ledger |
Balance Sheet index
The Index balance analysis is a powerful tool allowing the business owner and the analyst to develop indices and graphs that represent the economic performance, the balance sheet, and the company’s financial position.
| Field name | Description |
| Report type name | Enter the name of the report type of the ledger |
Fiscal Years
| Field name | Description |
| Fiscal year | Enter the fiscal year of the ledger. A Fiscal Year (FY), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statements. |
| Closed date | Select the closing date or last date of the fiscal year from the calendar |
| From date | Select the starting date of fiscal year from the calendar |
| To date | Select the end date of fiscal year from the calendar |
| Series | Select the series of the fiscal year from the calendar |
| Companies | Select the company name from the list |
Ledgers Mergers
A merge operation transfers balances from multiple source accounts into one or more target accounts.
| Field name | Description |
| Duplicate Ledger | Select the duplicate company of ledger from the list |
| Actual Ledger | Select the original company of ledger from the list |
| Delete Duplicate Ledger | User can click on the checkbox to delete the duplicate ledger account |
Ledger Types
This section contains the different categories of ledger types like General ledger, Sales ledger, debtor’s ledger, Purchase ledger or creditor’s ledger.
OVERVIEW
This section contains all the basic details about the ledger.
| Field name | Description |
| Ledger Name | Displays the name of the Ledger account |
| Ledger Group Name | Displays the name of the Ledger group to which the particular ledger belongs to |
| Opening balance date | The date of the Opening balance created is displayed. |
| Opening Balance | Displays the amount of the Opening balance. The opening balance is the amount of funds in a company’s account at the beginning of a new financial period. It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end. |
| Credit Amount | Displays the credit amount of the ledger. It is the amount with an arrangement to pay later. |
| Debit Amount | Displays the debit amount of the ledger. The sum owed by the customer or the consumer to the lender as an advance to purchase shares or other securities is known as the debit amount |
| Total Balance | The total balance amount of the ledger is displayed |
| Ledger Transactions | |
| Ledger Transactions | Displays the transaction details of the ledger. Ledger transactions are a summary of transactions made as journal entries to sub-ledger accounts |
| Opening balance | Displays the amount of the Opening balance of another ledger to which the transaction is made |
Click on CREATE to create a Opening balance and user can also EDIT changes of the already created opening balance.
OPENING BALANCE
This section contains the value of amount at the time of creating a ledger for the order. The opening balance is the amount of funds in a company’s account at the beginning of a new financial period. It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end.
Click on CREATE (+) to add a Opening Balance details in a sub-form
| Field name | Description |
| Company Name | Select the name of the company from the list |
| Op Balance Date | Select the opening balance date from the calendar. |
| Opening Balance | Enter the opening balance amount of the ledger |
| Cr/Dr Action | Select whether a credit or debit transaction action from the list |
Click on ADD to create opening balance and click on SAVE to save the details
ACTIVITY LOG
| Field name | Description |
| Comments | This section shows the brief description about the ledger account. |
| Audit | |
| Created Date | Displays the creation date of the ledger account |
| Created By | Displays the name of the person who created ledger account |
| Last Updated Date | Displays the last stage changed of the ledger |
| Last Updated By | The name of the person who updated ledger |
| Status | The current status of the ledger is displayed |
| Time-Line | This widget tracks all the activities within the app. |