Chart of Accounts

Chart of Accounts

35)  On the left side of the window various options are given at the top of which we click the 3^rd one that is “Maintain” when this option was clicked the software showed different items in the bar of which we select and click the 4^th item namely “Chart of Accounts”.  The following window now appears.  

  

36)  In the above window we will put the Chart of Accounts of our company. To record data we have to give the Account ID its Description and Account type. The example of which is given below:-

Account ID 100 Description Petty cash Account type Cash

The procedure of recording the data is that we give the Account ID then press the button “Tab” we directly come to the description and write the Description. Similarly when the button “Tab” is again pressed we come to the “Account Type”. To save this information we press the button “Alt + S”. Another way to save the information is to click the 2^nd option “Save” given on the top of the window at its left side. For selecting the type of account the relevant first alphabet letter of the groups of the accounts is pressed from the keyboard. This will show us all the accounts starting with the same alphabet.

For example In case our Account type is Accounts Payable we press the button “L” to search the same. Because account payable is our liability.

                       

                              

37)  In the above window we will click the “magnifying glass” and the above screen will appear to enable us to check and confirm that the chart of accounts have been saved correctly/properly. In case there be any error or mistake in the chart of accounts we can rectify the same by closing the existing window and reverting back to “Maintain” to reopen the “charts of accounts” wherein the mistake or error can be rectified. The following window now appears.

38)  The 4^th option at the top of the window is about the changing of ID in case the ID is wrongly mentioned. To activate this option the correct ID will be mentioned by selecting from the existing chart of accounts and click the “Change ID” button. The following window will now appear.

39)  In the above window which shows “Change Account ID” the incorrect ID will be mentioned against the “Current Account ID” while the corrected account will be written against “Enter New Account ID”.

For Example:- If the petty cash account ID which are 109 is wrongly mentioned we can correct it by following the above method. The correction made can be confirmed by reverting back to magnifying glass.

The 3^rd option “Delete” at the top of this window relates to deleting the chart of accounts etc. we write the account Id of that account which we want to delete. Then we click this option the account is deleted.  Similarly if new account is to be added we click the 5^th option namely “New” and the new account is incorporated in the chart of accounts. To confirm the corrections made again go to the magnifying glass and check that the relevant correction has been made. The next option “Inactive” is used to deactivate certain accounts for certain period which are thought to be reactivated in the near future. To confirm the change made by us the following procedure will apply.

40)  On the left side of the window various options are given at the top of which we click the 7^th one that is “Report”. This option when clicked the software showed different items in the bar of which we select and click the 4^th item namely “General Ledger”. After clicking general ledger another window opens wherefrom we select the option namely “Chart of Accounts”.  There from we shift to another window which displays the chart of accounts which we loaded in the software.  This process we do to confirm whether the chart of account that was inactivated still exists or not.

                                         

41)  In the window “ Maintain Chart of Accounts” there is another option titled “Beginning Balance” when we click this option the above window appears  from which we select the 2^nd option that is “From 1/1/11” it means that we started entering data from “March” and we need the trial balance of “January” that’s why we select the 2^nd option. After selecting this option the following window appears

42)  In this above window we put beginning balances of our trial balance and at the end the balances of both Debit and Credit side must be equal. If your balances is not matched then the computer shows you the massage that tells you that your balance is not matched and computer automatically manage so that your balance must be equal.

           

43)  To check the trial balance above procedure will apply.