Trading & Profit & Loss A/c Setup, Accounts Module
Trading & Profit & Loss A/c Setup; Accounts Module - Accounting Requirements, Promote Business Accounting Software and Earn Money - Free Accounting Lessons - Free Accounting Software Download, Accounting - sequential online bookkeeping lessons, Intro to Accounting - Simple - a complete online accounting course for beginners learning computerized accounting. Financial Accounting Software, (FAS), Web based Accounting, HiTech ’s FAS (Financial Accounting software) is a web based accounting software for global access to your financial accounts. FAS can be used globally from any computer using internet browser.
Trading & Profit & Loss A/c consists of accounts having type Income or Expenditure. This account type is setup in menu command Set Up Accounts
. According to this account type and the nature of balance the account finds its side in the Trading & Profit & Loss A/c. When you include control accounts then all the accounts belonging to that control account group are appended to the Trading & Profit & Loss A/c.
To set up balance sheet give Menu Command Trading & P/L A/c Setup
. Trading & P/L A/c setup window will be displayed. The accounts having type as Income or Expenditure will only appear in the list of accounts. Select a name in the list. Click the option button Trading A/C
if you want to include it in trading account. Click the option button P/L A/C
if you want to include it in profit and loss account. The selected account head will be included on the appropriate side of the trading / profit & loss A/C. If you include control account then all accounts belonging to that control account group will be removed from the Trading & Profit & Loss A/c and be appended to the Trading & Profit & Loss A/c. To delete account head from Trading & Profit & Loss A/c press command button Delete A/C from Setup
To save the current settings press command button Save Setup
To set up Trading & Profit & Loss A/c automatically press command button Auto Setup
. The auto setup will be done as per the definition of the account head given in the account head setup. If nothing is specified in the account head setup then the account head will be added to the profit and loss account. Control accounts will be included in the Trading & Profit & Loss A/c and accounts belonging to those control account groups will be appended group wise to the Trading & Profit & Loss A/c.
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