Home Busy Accounting Software Unit 5 – Masters 73

Unit 5 – Masters 73

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Unit 5 – Masters 73

Figure 5.3 Bill-by-bill Details of Opening Balance

In the Bill-by-Bill Details of Opening Balance window, a grid with various fields appears. Various fields in the grid are:

Ref. – Specify the reference number in this field. Reference number should always be unique to differentiate one reference from other.

Dated – Enter reference creation date in this field.

Amount – Enter due amount for the reference in this field.

D/C – Specify whether the reference amount is a debit amount or a credit amount. If you are creating a reference for the amount to be taken from the party then it will be a debit amount and if you are creating a reference for the amount to be paid to the party then it will be a credit amount.

Due Date – Enter due date for the bill in this data field. Due date is the date on which the reference or bill amount is to be paid.

Group – This field appears if you have enabled the option of Enable Grouping of Reference under Administration à Configuration à Features / Options à Accounts tab à Bill Reference Group window. Select the Bill Reference Group under which the bill reference falls. You can create the Bill Reference Group from this data field itself by pressing the <F3> key.

After entering the required data, click the Save button to save the details entered by you.

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Rate of Depreciation for the Account

This window appears if you have selected the Account Group as Fixed Assets. In the window, you can specify rate of depreciation to be charged according to the Company’s Act and according to the Income Tax Act and can specify the opening balance of the account for charging depreciation according to the Income Tax Act. Given here is a screenshot of Rate of Depreciation for the Account window.

Figure 5.4 Rate of Depreciation for the Account

In the Rate of Depreciation for the Account window, two groups with certain data fields appear. The groups are:

According to Income Tax Act – Under this group, following data fields appear:

o Annual Rate of Depreciation – This rate defines the rate at which annual depreciation will be charged. In other words, if you charge depreciation on an annual basis then specify the annual rate in this data field.

o Half Yearly Rate of Depreciation – This rate defines the rate at which half-yearly depreciation will be charged. In other words, if you charge depreciation on half-yearly basis i.e. twice a year then specify the appropriate rate. A default value is entered in this data field, which is equivalent to half the rate of annual rate of depreciation. For example, if the rate in the first data field is 3% then the default value in the second data field will be 1.5%.

o Opening Balance – This data field is active if Company’s Act Depreciation feature is enabled in Administration à Configuration à Features / Options à Accounts tab. The amount entered here represents the amount on which depreciation according to Income Tax Act will be charged. If you leave this data field blank then depreciation according to the Income Tax Act on opening balance will not be charged. This amount

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