How to add Journal Entry in iSocietyManager?

What Is a Journal Entry in Accounting?

A journal entry is a record of the business transactions in the accounting books of business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, a description of the transaction, and a unique reference number.

A journal entry is the first step in the accounting cycle. A journal details all financial transactions of a business and makes a note of the accounts that are affected. Since most businesses use a double-entry accounting system, every financial transaction impact at least two accounts, while one account is debited, another account is credited. This means that a journal entry has equal debit and credit amounts.

For keeping books updated for vendors, salaries, income or expenses, etc. you can pass a Journal Entry in the System.

  • Go to Accounting -> Create Journal Entry

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  • You will see the Journal Ledger UI , where you can:
    • Select accounts to debit or credit
    • Select as many accounts as you want by clicking button.
    • Select GST or TDS account as per applicability
    • Add narration
    • Add Reference Number & GSTIN Number of the Vendor/ Account
    • Print last Journal entry voucher

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You can add a new account or ledger name under any of the main groups. You can add a group as per your need. The main groups are:

  • Income: like- Maintenance Charge, etc.
  • Expense: like – Salary, etc.
  • Assets: like Sundry Debtors, Cash, Bank, etc.
  • Liabilities: like Sundry Creditors, Tax, etc.

To add a new account:

  • Go to Accounting -> Account Master

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  • You will see the accounting charter or account master. Enter details:
    • Account Name
    • Select Group
    • GL Code  ( General Ledger Code)

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  • Click  Add to save the new Account

Opening balances are normally added at the beginning of the financial year. The Indian accounting System’s financial year start from April 1st.

To add opening balance:

  • Go to Accounting-> Account Master

society accounting system

  • On account master or account charter UI, you can see the option to add Opening Balance at the top. You can edit opening balance by clicking the button ‘Update Opening Balance’ against each account.

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  • On click of Opening Balance, You can see the UI where you see different groups.
    • Select a particular account.
    • Fill details like date, opening balance, debit or credit then save.

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We create groups so that different ledgers can be merged and viewed together for better understanding. For example, All customer accounts grouped under Sundry Debtors.

To add a new group:

  • Go to Accounting -> Group Master

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  • You will see all the existing groups. To add a new group, fill the details under any of primary group. The primary groups available are:
    • Income: like- Maintenance Charge, etc.
    • Expense: like – Salary, etc.
    • Assets: like Sundry Debtors, Cash, Bank, etc.
    • Liabilities: like Sundry Creditors, Tax, etc.

society accounting system

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