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Importance of Other Master Lists

As we have seen previous that Master list useful for making entries of all types of Accounts, Items and Item types. with all this, here we will see other masters. which includes entries of Salary ( Allowances or Deductions ) and Account Group.

Account

In account, we can make entries of all tyopes of accounts which are necessary in our business. for ex. Customer, Supplier, Expenses, Bank, Employee tetc. Instead of these accounts , if you want to create some new account then you can also add new new account. while creating new account we have to select account group.


Bank Account

For making list of our Bank Accounts. While creating a bank account, Bank name, Bank account number and account type selection ( whether it is Saving, Current or Fixed deposite account ) are necessary.


Bank Loan Account

For Loan Accounts list. ( In this, generally we can make Cash-credit, Overdraft or Personal or others loan entries.)


Expense Account

T In this type generally we can make entries of our expenses for ex. Electricity Bill, Telephone Bill, Stationary Expenses, Salary Expenses, Transportation Expenses, Audit fees etc.


Employee

For making account list of our Employees. in this, we can add their detailed infiormation and create theri accounts.


Customer Types

In this we can make list of our various types of customers for ex. Cash, Credit, Wholesalor, Retailer and many other. it will help you to add different types of sale rates to your different types of customers in sale bill. customer type-wise additionn of sale will be helpful in creating tax invoice in case of different types of customers.


Salary

In this we can add salary Allowances or Deductions for salary calculation of our employees. this is opne time entry when you add allowance or deduction name with its percentage , it will be automatically calculated while salary calculation of the particular employee.


Area

In this you can add area of any party. we can also add area of party while creating its accounts means while creating customer or supplier account. but, if you haven't added area of the party while creating its account then you can add the areal list from this option in master list and area list will be created.


Account Group

The account group is a summary of accounts based on criteria that effects how master records are created.

By default account groups are already given here. but if the required account group is not given in the list, then you can create new Account Group by adding it to the master list.


While creating the a new Account group following things are mandatory :

  1. Account Group name
  2. Under which category
  3. Nature of the Group ( Whether it is Liabilities, Assets, Expenses or Income )
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