5.1.1 Accounts

An Account is a summarized record of various transactions pertaining to a particular account head. It is commonly referred to as a Ledger Account. In BUSY, it is called Account master. All the transactions pertaining to a particular account head are recorded under one Account master. For example, all the transactions of cash payments and cash receipts are recorded under the Cash Account master. When you create a new company, 56 Account masters are created by default for your convenience. The default Account masters are:

Additional Tax / Surcharge on VAT

Advertisement & Publicity

Bad Debts Written Off

Bank Charges

Books and Periodicals

Busy Infotech Pvt. Ltd.

Capital Equipments

Cash

Central Sales Tax

Charity and Donations

Commission on Sales

Computers

Conveyance Expenses

Customer Entertainment Expenses

Depreciation Account

Development Tax

Earnest Money

Edu. Cess on Excise

Edu. Cess on Service Tax

Edu. Cess on TDS

Excise Duty