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Unit 5 – Masters 111

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Unit 5 – Masters 111

Width – Specify the number of characters to be used for the selected component.

Delimiter – Specify ‘Y’ in this data field if you want a delimiter sign after the component. Delimiter sign refers to a symbol to be used as a separator between two components. For example, while generating Print Name, you want that first three characters should be for Item Name and next three characters for Item Group. However, at the same time you want that after first three characters a hyphen (-) sign should be placed to differentiate between Item Name and Item Group. Hence, for this purpose, you can specify ‘Y’ in this data field. This data field does not appear for the last component, as there is no need to give a delimiter sign at the end of the Print Name.

Del Sign – This data field gets activated if you have if you have specified ‘Y’ in the Delimiter data field. Specify the delimiter sign to be used after the component.

After entering appropriate data in the data fields, click the Save button to save the Masters Configuration.

Review

ü You cannot create two Master with same Name but can create two Masters with same Print Name.

ü On creating a company, by default BUSY creates 56 Account masters and 29 Account Group masters for your convenience.

ü All the 29 Account Group masters and five Account masters created at the time of company creation are Predefined Masters.

ü Current year opening balance and previous year closing balance can be different only in case of Revenue Account Groups.

ü Primary Groups are at the top most level of hierarchy and does not fall under any other Group.

ü You can create infinite number of Standard Narrations for a voucher type. In the voucher, Standard Narrations can be picked by pressing <F4> key.

ü Unit Conversion refers to number of Sub units per Main unit.

ü Bill Sundry is an entity used to record extra income / expense over and above the items sale / purchase price.

ü It is up to you to include the Bill Sundry amount in the cost of goods. You can also specify the account in which the amount of Bill Sundry is to be posted.

ü Bill Sundries can be additive or subtractive in nature.

ü In a voucher, Taxable amount refers to the amount on which tax is to be charged, Items Basic amount refers to the value of item excluding any Bill Sundry charged and Nett Bill Amount refers to the value of item including the amount of Bill Sundry charged.

ü A Material Centre is a place where stock of item is kept.

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ü ST Forms are sales tax declaration forms used by registered dealer. The issuer (registered dealer) of this form does not pay tax directly but takes on the responsibility of collecting tax on further sale of goods.

ü Sale Type refers to the classification of sales on the basis of type of sale made.

ü You can specify different sales account to be credited for different tax rates.

ü With Multi-Tax option in Sale Type master, you can specify tax rate with each item of voucher.

ü With Tax Inclusive Item Price option, BUSY does a reverse calculation to separate the item amount and tax amount.

ü On selecting Tax Invoice option in Sale Type master, Tax invoice will be printed on the bill and the buyer will be entitled for Input Tax Credit.

ü You can freeze the tax rates to be used in voucher for different Sale Types.

ü Optional Fields are User-Defined fields. You can create ten Optional Fields for a master type.

ü You can generate Print Name of Account and Item master automatically by specifying the components to be used for generating Print name.

Exercise

1 . Two masters can have:

a) Same Alias c) Same Name

b) Same Print Name d) None of the above

2 . New Account Master cannot be created under Group:

a) Sundry Debtors c) Duties and Taxes

b) Sundry Creditors d) Revenue Account

3 . Balance of Account Master can be entered in:

a) Debit c) Either Debit or Credit

b) Credit d) By & To

4 . Different Current Year Opening balance and Previous Year Closing balance in Account Master can be entered for:

a) Current Assets Group c) Fixed Assets Group

b) Revenue Account Group d) Current Liabilities

5 . List of masters cannot be exported to:

a) MS-Excel c) MS-Word

b) Text File d) PDF file

6 . Standard Narration master can be created for:

a) Sale Voucher c) Journal Voucher

b) Purchase Voucher d) All of the above

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