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Master list Creation

This chapter covers

  • Role of master list in accounting software.
  • How to create items list and add opening stock
  • Other master list
  • Import masters from excel.

Role of Master list in accounting software

For any accounting software, it is mandatory to first make entries of masters. master list is useful for making entries of All the acounts , Account groups , list of Items ( Goods ) , Item types etc. For all the regular entries first of all we have to make master list entries. In master list we have to make entries of all accounts. for ex. Accounts of our customers, suppliers, Expense account, bank account, loan account, employees, Customer types etc. also we can make entries of new account groups. and salary deductions and allownces. For our regular entries of transactions, goods list and their opening stock entries must be created so that it will be easy to make all transaction entries.


How to create items list and addition of opening stock


In Goods ( Items ) master, we can make the entries of all the items with its details. here, we can see the list of all items as well as we can also make item type-wise entries.

While creating items list following things are necessary

  • Item name
  • Item Type ( If required )
  • Unit
  • HSN/SAC Code ( mandatory only for turnover more than 1.5 crore )
  • MRP
  • GST Rates addition ( IGST, CGST & SGST, State-wise )
  • Maintain stock : keep this option as " True " in order to maintain stock of your goods otherwise you can keep this option as "false"(For services).
  • Opening Stock ( The stock available at the start of financial year) : We must add the opening stock of every item while creating item master. you can also add your godown-wise stock. you can select whether your stock is at counter or in godown. for that you have to first make entries of your godowns in the master list and then you can select the respective godown to add your stock. While adding opening stock , the entries of Purchase rate and godown selection is must.
  • Importing Opening Stock and masters from your old Balancebiz software to new Balancebiz while creating year, so that closing balances of the previous year will be converted into opening balances and closing stock for goods of the previous year will be converted into opening stock of the current year.

  • In addition to above things, we have also given an option of customer type-wise sale rate addition

  • Customer type wise Sale rate : We have also given an option of adding customer type wise sale rate. for ex. If you have different types of customers like Credit, Cash, Wholesalor, Dealer, Retailer, End-user etc. according to that you can add sale rates for different types of customers. it will make more easy for you to make entries of tax invoice for different types of customers.
  • Godown selection : If some of your stock is in your particular godown, then first you have to make entry of that godown in master list. and after that while entering the opening stock of any item you will select the particular godown.
  • If you want to add some extra colums for your items according to your requirement, you can choose it from the option given at the bottom "Set columns for Item Details" with the help of this option you can add the other details of that particular item. ( for ex. you can add Company name, Item code, Packing Size and many more options for that item ) also, we can set different columns for opening stock with the help of " Set Columns for Opening Stock".
  • We can select different columns as well as we can change the name of the columns according to our requirement.
  • Maintain Batch number-wise stock : If you have to make entry of the items which are having same item name with different serial numbers or with different batch numbers or different models, then you can make entry of such items and maintain stock of those items by selecting Batch number ( or rename it as model or serial no. as per our requirement ) option from " Set Columns for Opening Stock" button. and then add the opening stock of that item for its various models or serial numbers in such a way you can also maintain Batch number-wise stock of such items. While creating sale bill of such items you will get Batch number-wise details of that particular item then you can select the item of particular batch number.
  • After Creating the items in master list, you can view , modify or delete any entries of items. with the help of options given in of Display , Edit or Delete items.
  • If item is not created in the master list then also not to worry you can directly add new item while creating a Sale bill.
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