Things to Know

Things To Know:

1.      Trial  Balance amount must be equal on both sides i.e. Debit and credit.

2.      Opening balance must be equal for the Proper Record.

3.      While Map Billing to Finance all the Billing head Types i.e. Fee, Student, etc must be properly Mapped towards the Finance Ledger head.

a.      Billing head Type:- [Fee] must be mapped to the Finance Ledger head of their same Name which must be defined under the INCOME.

b.      Billing head Type:-  [Student] Must be mapped to Finance ledger head [Student Fee

Receivable] Which is defined under Sundry Debtors i.e. inside [Assets]

c.      Billing head Type:- [Student Deposit] must be mapped to Finance ledger head [Sundry Creditors] which is defined under [Liabilities].

4.      Adjustment Feature:

a. Edit voucher: All the vouchers will be updated with the same voucher number.

                                   i.     Note: On Receipt only [Date, Remarks, and Narration] can be editable.

b.      Adjust Voucher: All the voucher content can be editable but the voucher number will be changed to the latest one.

c.      Cancel voucher: It directly cancels the voucher.

Note: Narration is compulsory for [Edit, Adjust, and Cancel ] the vouchers.

5.      In receipt voucher: Only Cash and bank Accounts are placeable on the debit side 

6.      In Payment Voucher: Only Bank and Cash accounts are placeable on the credit side along with the [Taxes] which are defined under the Duties and Taxes Groups.

7.      Balance Sheet Total must be Equal.

8.      For Reconciliation of the balance sheet use [total assets = total liabilities + total equity].