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Unit 5 – Masters 71

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Unit 5 – Masters 71

Figure 5.2 Account Master – Add

In the Account Master – Add window, there are various data fields, in which data needs to be entered.

The data fields are:

Name

Enter name of the account to be created in this data field. For example, if you are creating account for party with whom you deal then you have to specify the name of the party in this data field. In the screenshot above, name of the party is Smart Traders Corporation.

Alias

Enter Alias for the account in this data field. In the screenshot above, Alias is STC.

Print Name

Enter Print name of the account in this data field.

Group

Select appropriate Parent Group under which the account falls. For example, you are creating an account for a party, which is a debtor of the company then you can specify the group as Sundry Debtor. Similarly, if you are creating an account for VAT then you can specify the Group as Duties & Taxes.

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On pressing the Enter Key in the Group data field, certain additional data fields and windows appear in Account master. Occurrence of these data fields and sub-windows is dependent on the Group selected for the account and the features enabled in Administration à Configuration à Features / Options menu (See Unit 4). In the data fields and sub-windows, additional information about the account, depending upon the type of account needs to be entered. Let us discuss these data fields and sub-windows one by one.

Tax Category

This data field appears if you have selected the Account Group as Duties & Taxes. Select the type of tax that the account pertains to in this data field. You need to specify the tax category for tagging the accounts. Tagging of accounts here refers to letting the BUSY software know that the account is for particular tax category and whenever this account is used in voucher, appropriate reporting windows should open. For example, if you are creating an account for VAT then you can select the Tax Category as VAT.

Maintain Bill-by-bill Balancing

This data field appears if you have selected the Account Group as Sundry Debtor / Creditor, Secured / Unsecured Loans and Loans & Advances and have enabled the Bill-by-bill Details feature (See Unit 4) in Administration à Configuration à Features / Options à Accounts tab. Specify ‘Y’ in this data field if you want to maintain bill-by-bill balancing for the account. On specifying ‘Y’ in this data field, two more data fields become active. The data fields are:

Credit Days for Sale – Specify the number of days for which credit is to be given to the party.

Credit Days for Purchase – Specify the number of days for which credit is to be taken from party.

If you have specified some opening balance for the account and have specified ‘Y’ in the Maintain Bill-by-bill Balancing data field then on saving the Account master, a Bill-by-bill Details of Opening Balance window appears. In the window, you can create references for the opening balance. Reference here refers to a bill with payment details, such as amount due, due date and so on. Given here is a screenshot of Bill-by-bill Details of Opening Balance window.

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