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Unit 5 – Masters 77

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Unit 5 – Masters 77

financial year. However, in case of Revenue Account Group, you can have different previous year closing balance and current year opening balance. This is because the balances of revenue accounts are not carried forward to the next financial year. Thus, the opening balances of all revenue accounts are zero. Moreover, you are required to enter the previous year’s closing balance of revenue accounts as per Schedule IV of the Companies Act along with the current year’s balances.

Dr / Cr

Enter ‘D’ in this data field if the previous year balance is a debit amount or enter ‘C’ in this data field if the previous year balance is a credit amount.

Address

Enter address of the account in this data field. Four lines are provided for entering account’s address. You can enter address for the parties and banks. For rest of the accounts, you can leave these data fields blank.

Tel. No.

Enter telephone number in this data field.

Fax

Enter fax number in this data field.

Mobile No.

Enter mobile number in this data field.

Email

Enter Email address in this data field.

Contact Person

Enter name of contact person of the party or bank for which you are creating account.

IT PAN

Enter IT PAN of the party for which you are creating account.

Ward

Enter ward in this data field under which the party falls.

LST No.

Enter Local Sales Tax Number of the party for which you are creating account.

CST No.

Enter Central Sales Tax Number of the party for which you are creating account.

78

TIN

Enter TIN of the party for which you are creating account.

After entering appropriate details in the data fields, click the Save button to save the Account master.

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