Ideal Steps of work in Accounting Software

A] Start of the year

Create Master List / Carry forward master list from previous year.

Create Accounts list : Create accounts of suppliers, customers, bank accounts, expenses with their opening balances

Create Items list : Create list of items with opening Stock

Tips :

You need list of masters (Accounts, Items, etc) with their opening balances, at the start of the accounting-year.

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B] Regular work : Transaction Entries

For example -

Purchase : Entry of Purchase of Stock.

Sale : Entry of Bill of Sale of Stock.

• print bill (invoice)

Receipt : Entry of money received (in cash/bank)

• print receipt

Voucher : Entry of money paid (by cash/bank)

• print voucher

Tips :

Transaction entries are the entries of daily work-done

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C] Regular work : Check and print reports

For example check reports -

Day-Book : Day-wise entries, day-wise balance, etc

Cash/Bank-Book : of given date.

Registers : Monthly-Purchase Register, Sales Registers, etc.

Ledgers : Account Reports of suppliers, customers, expenses etc.

Profit and Loss Reports :

Balance Sheet :

GSTR Reports : Monthly GSTR Reports - GSTR-1, GSTR-2, GSTR-3, etc.

Tips :

If you are doing regular transaction entries in your accounting software, then all effect of accounts and stocks are done by your accounting software. You can check any effect in the form of various reports. Reports are nothing but the extract and result of the entries.