What is Account Master & How to Create Modify and Delete

By amitgupta

Posted on 2 weeks ago

109 min read

What is Account Master & How to Create Modify and Delete

Administration > Masters > Account Master

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, several Account masters are created by default for your convenience. The default Account masters in case tax type selected at the time of company creation is GST for country India are:

·Add. Cess Adjustable Agnst. Advance

·Add. Cess on GST Input

·Add. Cess on GST Output

·Advertisement & Publicity

·Bad Debts Written Off

·Bank Charges

·Books & Periodicals

·Busy Infotech Pvt. Ltd.

·Capital Equipments

·Cash

·Cess Adjustable Agnst. Advance

·Cess Input Available (RCM)

·Cess on GST Input

·Cess on GST Output

·Cess Output (RCM

·CGST Adjustable Agnst. Advance

·CGST Input

·CGST Input Available (RCM)

·CGST Output

·CGST Output (RCM)

·Charity & Donations

·Commission on Sales

·Computers

·Conveyance Expenses

·Customer Entertainment Expenses

·Depreciation A/c

·Earnest Money

·Edu. Cess on TDS

·Excise Duty

·Freight & Forwarding Charges

·Furniture & Fixture

·IGST Input

·IGST Input Available (RCM)

·IGST Output

·IGST Output (RCM)

·IGST Refundable Agnst. Export / SEZ Unit

·KKC on Service Tax

·Legal Expenses

·Miscellaneous Expenses

·Office Equipments

·Office Maintenance Expenses

·Office Rent

·Plant & Machinery

·Postal Expenses

·Printing & Stationery

·Profit & Loss

·Purchase

·Rounded Off

·Salary

·Salary & Bonus Payable

·Sales

·Sales Promotion Expenses

·Service Charges Paid

·Service Charges Receipts

·SGST Adjustable Agnst. Advance

·SGST Input

·SGST Input Available (RCM)

·SGST Output

·SGST Output (RCM)

·SHE Cess on TDS

·Staff Welfare Expenses

·Stock

·TCS (Tax Collected at Source)

·TDS (Commission or Brokerage)

·TDS (Contracts to Individuals/HUF)

·TDS (Contracts to Others)

·TDS (Contracts to Transporter)

·TDS (Interest from a Banking Co)

·TDS (Interest from a NonBanking Co)

·TDS (Professionals Services)

·TDS (Rent of Land)

·TDS (Rent of Plant & Machinery)

·TDS (Salary)

·Telephone Expenses

·Travelling Expenses

·Water & Electricity Expenses

The default Account masters in case tax type selected at the time of company creation is VAT are:

·Advertisement & Publicity

·Bad Debts Written Off

·Bank Charges

·Books & Periodicals

·Busy Infotech Pvt. Ltd.

·Capital Equipments

·Cash

·Central Sales Tax

·Charity & Donations

·Commission on Sales

·Computers

·Conveyance Expenses

·Customer Entertainment Expenses

·Depreciation A/c

·Development Tax

·Earnest Money

·Edu. Cess on TDS

·Excise Duty

·Freight & Forwarding Charges

·Furniture & Fixture

·KKC on Service Tax

·Legal Expenses

·Miscellaneous Expenses

·Office Equipments

·Office Maintenance Expenses

·Office Rent

·Plant & Machinery

·Postal Expenses

·Printing & Stationery

·Profit & Loss

·Purchase

·Rounded Off

·Salary

·Salary & Bonus Payable

·Sales

·Sales Promotion Expenses

·SBC on Service Tax

·Service Charges Paid

·Service Charges Receipts

·Service Tax

·SHE Cess on TDS

·Staff Welfare Expenses

·Stock

·TCS (Tax Collected at Source)

·TDS (Commission or Brokerage)

·TDS (Contracts to Individuals/HUF)

·TDS (Contracts to Others)

·TDS (Contracts to Transporter)

·TDS (Interest from a Banking Co)

·TDS (Interest from a NonBanking Co)

·TDS (Professionals Services)

·TDS (Rent of Land)

·TDS (Rent of Plant & Machinery)

·TDS (Salary)

·Telephone Expenses

·Travelling Expenses

·VAT

·Water & Electricity Expenses

Out of the above default Account masters there are five pre-defined Account masters:

·Cash

·Profit & Loss

·Purchase

·Sales

·Stock

The pre-defined Account masters cannot be deleted. The names of the pre-defined Account masters are Reserved Names i.e. these names cannot be used to create a new Account master or to rename an existing master. For example, Cash is a pre-defined Account master. You can rename the account to Cash-in-Hand but you cannot create a new Account master with the name Cash or rename any existing Account master to Cash. Thus, you can only rename the pre-defined Account masters. For other default Account masters, you can modify or delete them as per your convenience.

To create, modify, or delete an Account master, the Masters menu provides the Account option. To use the option, click Administration > Masters > Account.

On clicking the Account option, various options are displayed. The options are:

·Add

·Modify

·List

Add
On clicking the Add option, you can create an Account master. On selecting this option, an Add Account Master window appears. Given here is a screenshot of the Add Account Master window.

Add Account Master window

At the top left corner of the Add Account Master window, there are three buttons:

·List

·Copy

·Paste

For information about the function of the buttons, click the buttons. To enter information for an account, there are two sub-windows:

·General Info.

·Other Info.

General Info.
In the General Info. Sub-window, there are following data fields:

·Name

·Alias

·Print Name

·Group

·Category

·Op. Balance

·Dr/Cr

·Prev. Year

·Dr/Cr

·Address

·Country

·State/POS

·Type of Dealer

·GSTIN/UIN

·Validate GSTIN Online

·Aadhar No.

·TIN

·IT PAN

·Ward

·E-mail

·Mobile No.

·Tel. No.

·Fax

·Contact Person

·Transport

·Station

·PIN Code

·Distance

·Mode

Name
Enter the name of the account to be created. You can enter a name up to 40 characters.

Alias
Enter an abbreviation or a short name for the account. For example, if your account is for Rohan Kapoor then you can enter the Alias as RK.

Print Name
Enter the Print Name for the Account master.

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If you have specified ‘Y’ in the ‘Generate Print Name Automatically’ data field in the Administration > Configuration > Masters Configuration then Print Name as configured in Masters Configuration will appear automatically. However you can change it as per your requirement. Also in this case the Print name data field will appear after the Group data field.

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Group
Select the appropriate Account Group from the pop-up list of the Account Groups that appears when you enter text in the Group data field. When you create a new company, 29 pre-defined Account Groups are created by default.

Category
A Tag Account Category window appears if you have enabled Maintain Account Category feature in Administration > Configuration > Features / Options > Accounts Tab. The Caption will depend upon the Caption Name specified by you at the time of enabling Maintain Account Category feature. You can specify different Account Categories i.e. sub-groups of a single Account in this window. For Example, you can categorize Debtors under different categories (zone wise) such as : North Debtors, East Debtors, etc. and can view reports by applying filter of Account Category. You can create a new Account Category by pressing F3 key.

For more information click the relevant topic, Name, Alias, Print Name and Group.

Depending on the Account Group selected in the Group data field, more information needs to be entered in group specific data fields. In certain Account Groups, additional data fields appear. Let us now discuss the Account Groups in which groups specific data fields appear.

Duties & Taxes Account Group
When the group selected is Duties & Taxes then group specific data fields appear. Given here is a screenshot of the Account Master – Add window with group specific data fields for Duties & Taxes group.

Group specific data fields for Duties &Taxes group

The group specific data fields is:

·Tax Type – Select the type of tax that the account pertains to. You need to specify the Tax Type for TDS and Excise Duty related accounts for the purpose of tagging the accounts. Tagging of the account refers to letting BUSY software know that account is for a particular tax type and whenever this account is used in a voucher the appropriate reporting window should open. In the screenshot given above, the account is for TDS (Dividend). Thus, in this case the tax type is TDS.

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The options for Tax Type that appears in the list depend on the features enabled in the Configuration menu. For example, the TDS option appears in the list since TDS Reporting has been enabled in Features/Options under Configuration menu. Let us take another example, if the state selected is Uttar Pradesh and Entry tax is enabled in Features/Options > Sales Tax & VAT tab then the option of Entry tax appears in the list.

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Fixed Assets Account Group
When the group selected is Fixed Assets then a Rate of Depreciation for Account: window appears containing group specific data fields. Given here is a screenshot of the Rate of Depreciation for Account window.

Rate of Depreciation for Account window

The group specific data fields are:

·According to Income tax Act

oDepreciation for Ist Half of Year – 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.

oDepreciation for IInd Half of Year – 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 that is equivalent to half the rate of depreciation for Ist half of year. 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%.

oOpening Balance – This data field is active if Company’s Act Depreciation feature is selected in Administration > Configuration > Features/Options > Account 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 can be different from the opening balance amount specified in the General Info. window.

·According to Company’s Act

oRate of Depreciation – This field is active if Company’s Act Depreciation feature is selected in Administration > Configuration > Features/Options > Account tab. This rate defines the rate at which depreciation will be charged on the fixed asset. This rate will be applied to the opening balance specified in the General Info. window.

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Companies that need to maintain the books of accounts according to the Company Act as well as Income Tax Act need to enable the Company’s Act Depreciation feature. The need for this feature arises on two counts. Firstly, there is a requirement that depreciation should be charged in the books of accounts according the Company’s Act. Secondly depreciation according to the Income Tax Act should be reflected in the books of account for tax calculation purpose.

Let us understand with the help of an example. There is a fixed asset worth Rs. 100,000. According to the Company Act, depreciation is Rs. 20,000 while according to the Income Tax Act, depreciation is Rs. 25,000. Now in the books of account, journal entry for depreciation of Rs. 20,000 will be entered. According to the Income Tax Act, depreciation of Rs. 25,000 will be reflected in the Balance Sheet manually for tax calculation purpose. Thus, when the balances are carried forward to next financial year, the opening balance for the fixed asset will be Rs. 80,000 as per the Company Act whereas the opening balance according to the Income Tax Act will be Rs. 75,000. This amount of 75,000 will be entered in the Opening Balance data field in Rate of Depreciation window explained above.

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Type of Dealer
When the group selected is Sundry Debtors/Sundry Creditors and GST as tax type at the time of company creation, a Type of Dealer option appears. Select the type of dealer from the list. Following four options appear in the list.

·Registered – Select this option when party is a registered dealer i.e. party is having GSTIN No.

·Un-Registered – Select this option when party is a un-registered dealer i.e. party is not having GSTIN No.

·Composition – Select this option when party is a composite dealer i.e. party is a small assesse and its turnover is less than 75 lacs in previous year.

·Govt. Body – Select this option when party is a government organisation.

·UIN Holder – Select this option when party is a UIN Holder. A party will be UIN Holder under following cases:

oAny specialized agency of the United Nations Organization or

oAny Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947),

oConsulate or

oEmbassy of foreign countries ;

oAny other person or classes of person notified by the Commissioner

·Overseas Tourist – This option will appear only when country selected is U.A.E. Select this option when party is a tourist from any country other than U.A.E.

Filing Frequency

Under this field, you can select the report filing frequency of the party. For this there are three options are provided:

oNot Known – Select this option if the return filing frequency of the party is not known to you.

oMonthly – Select this option if the Party files GST returns on monthly basis.

oQuarterly – Select this option if the Party files GST returns on quarterly basis.

GST Details
When the group selected is Expenses and GST as tax type at the time of company creation, a GST Details option appears. Given here is a screenshot of the Account Master – Add window with group specific data fields for Expenses group.

Group specific data fields for Expenses group

The group specific data fields are:

·GST Type – Under this data field, following options appear:

oGST Applicable – Select this option when GST is applicable on expense i.e. you are liable to pay GST on expense account that you are creating. For example, Expenses incurred on office stationery, food & beverages, cab rental, telephone services, etc. attracts GST. Each expense will have a specific GST Rate, SAC/HSN Code, Reverse Charge Nature and Input Tax Eligibility. These expenses need to be configured and booked with utmost care as all the details related to these expenses will be reflected in GST reports.

oGST Not Applicable – Select this option when GST is not applicable on expenses like Salary&Wages to staff, Interest on loan, Bank Interest etc. These expenses do not attract GST and need not to be reported in GST reports.

oNon-GST – Select this option when expense account is Non-GST, means some other tax is levied on it. Expenses like Electricity, Water, and Petrol& Diesel are Non-GST Expenses. Although GST is not applicable on these expenses, they need to be reported as Non-GST supplies in GST reports.

·Tax Category – In the Tax Category data field, you need to specify the rate at which GST will be charged whenever this account is debited.

·HSN/SAC Code – In the HSN/SAC Code data field, you need to specify the HSN/SAC Code for the expense account you are creating. On the basis of HSN/SAC Code, specified expenses will be bifurcated in GST reports.

·ITC Eligibility – Under this data field, following options appear:

oInput Goods – Select this option if the Input tax Credit you are claiming is for input goods.

oInput Services – Select this option, if the Input Tax Credit you are claiming is for input services i.e. you have taken / made expense on services.

oCapital Goods – Select this option, if the Input Tax Credit you are claiming is for Capital goods.

oNone – Select this option if Input Tax credit is not allowed for this expense like Food & Beverages, Cab Rentals, Club Membership.

·Reverse Charge – Select the nature of Reverse charge from the list. Following options appear in the list:

oBased on Daily Limit – Select this option if tax payable under RCM on expense is based on daily expense limit i.e. if daily consolidated expense will be greater than Rs. 5000 then it will be liable for RCM.

oCompulsory – Select this option if it is compulsory to pay tax under RCM on the expense account.

oService Import – Select this option if the expense account belongs to the services taken from a foreign company. If you select this option then tax under RCM will always be payable on the payment made for this account / expense. For example, you have taken Server hosting space from USA then whenever you make payment for this, you need to pay tax to the government under RCM.

oNot Applicable – Select this option, if tax is not applicable under RCM on the expense account.

In addition to the group specific data fields, there are certain data fields that appear depending on the configuration setting. There are certain configuration settings that affect the creation of an Account master. These are:

·Master Series Group Tagging

·Bank Reconciliation

·Bill-by-Bill Details

·Broker -wise Reporting

·Credit Limits

·Budgets

·Targets

·Fringe Benefit Reporting

·Allocate Expense/Purc. to Items

·Multiple Price List for Items

·Excise Reporting

·TDS Reporting

·Multi Currency

·Ledger Type

·Interest Rate (Payable)

·Interest Rate (Receivable)

·Allow Web Based Reporting

·Type of Dealer

Master Series Group Tagging
If you have enabled the feature of Master Series Group Tagging for Account master in Select Master Type for Master Series Group Tagging window that appears while configuring Master Series Group Tagging feature in Administration > Configuration > Features / Options > Enterprise Features tab then while saving Account master, a Tag Master Series Group window appears. Given here is a screenshot of Tag Master Series Group window.

Tag Master Series Group window

In the Tag Master Series Group window, you can select the Master Series Groups to which you want to add the Account master. Tagging Account master to a Master Series Group refers to adding master in the Master Series Group. The Users who are tagged to a particular Master Series Group will be able to access only those Masters that are tagged to the Master Series Group allotted to them. A Master Series Group can have various Masters of different Master Types. For example, in a single Master Series Group, you can tag Account, Item, Material Centre and other Masters.

Bank Reconciliation
If you enable Bank Reconciliation feature in Configuration > Features/Options > Accounts tab and select the Account Group as Bank or Bank O/D then while saving the Account master an Uncleared Entries – Cheque Deposited/Issued window appears. In the window you can specify details regarding the uncleared bank entries. Given here is a screenshot of Uncleared Entries – Cheque Deposited window.

Uncleared Entries – Cheque Deposited window

In the Uncleared Entries – Cheque Deposited window, various data fields are:

·Date – Enter the date on which cheque is deposited/issued in/from the bank and which are not yet cleared.

·Account – Select the party from whom the cheque has been received.

·Amount – Enter the cheque amount in this data field.

·Short Narration – Enter the short narration or description about the entry in this data field. You can also enter the cheque number in this data field for your convenience.

This window helps in preparing the Bank Reconciliation Statement.

Bill-by-Bill Details
If you enable Bill-by-Bill Details feature in Configuration > Features/Options > Accounts tab and have enabled the option of Enable Bil-by-bill for All Accounts then a Maintain Bill by Bill Balancing option will appear for all the Account Groups. Otherwise the option will appear only for following Account Groups:

·Secured Loans

·Sundry Creditors

·Sundry Debtors

·Unsecured Loans

·Loans & Advances

Given here is a screenshot of an Account Master – Add window with the data field for Bill by Bill Details.

Data fields for Bill by Bill Details settings

If you enter ‘Y’ in the Maintain Bill by Bill Balancing data field, two data fields become active. These are:

·Credit Days for Sale – Enter the credit days for sale given to the debtor.

·Credit Days for Purchase – Enter the credit days for purchase given by the creditor.

Similar data fields appear for Sundry Debtors, Secured Loans, Unsecured loans account groups.

If you have specified a value greater than zero in OP. Bal data field then on clicking the Save button, a Bill-by-bill Details of Opening Balance window appears. Given here is a screenshot of Bill-by-bill Details of Opening Balance window.

Bill-by-bill Details of Opening Balance window

In the window, you can specify references for opening balances. There is a data grid in the Bill-by-bill Details of Opening Balance window. Various data fields in the grid are:

·Ref. – Specify the reference number in this data field. After specifying the reference number, a Broker Details window appears. This window appears if you have enabled the Broker-wise Reporting option in the Administration > Configuration > Features/Options > Accounts tab. In the Broker Details window following two data fields appear:

oThrough Broker – Specify ‘Y’ in this data field if you make sale/purchase transactions to the party through brokers.

oBroker Name – Select the name of the required broker from the list.

·Dated – Enter the date for the reference.

·Amount – Enter the amount due in this data field.

·D/C – Enter D for debit or C for credit in this data field.

·Due Date – Enter the due date of the bill in this data field.

·Group – This field appears if you have enabled the option of Enable Grouping of Reference under Administration > Configuration > Features/Options > Accounts tab > Bill Reference Group window. Select the Bill Reference Group under which the bill reference fall. You can create the Bill Reference Group here itself by pressing the <F3> key. Let us understand the relevance of Bill Reference Group with the help of an example. Smart Clothing Company supplies fabric of Raymonds and Reid & Taylor company to Rich Styles company. Now whenever it sells the fabric of Raymond company, it creates a bill and specify its group as Raymond and whenever it sells fabric of Reid & Taylor, it specifies the Bill Group as Reid & Taylor. Now its very easy for the Smart Clothing company to differentiate between the bills to be collected for Raymond fabric and bills to be collected for Reid & Taylor fabric.

·Narration – This data field appears if you have enabled the option of Enable Bill Reference Grouping under Administration > Configuration > Features/Options > Accounts tab > Bill Reference Group window. Enter the required narration in this field.

Broker-wise Reporting
If you enable Broker-wise Reporting feature in Configuration > Features/Options > Accounts tab and select the Voucher Level option in the Brokerage to be Applied at group then while saving the Account master, a Broker Details window appears. However this window appears only for following Account Groups:

·Sundry Debtors

·Sundry Creditors

·Bank

·Cash-in Hand

Given here is a screenshot of Broker Details window.

Broker Details window

In the Broker Details window, various data fields appear. The data fields are:

·Specify Default Broker – Specify ‘Y’ in this data field to specify default broker for the Party.

·Broker Name – This data field gets active on specifying ‘Y’ in the above data field. Select the required broker from the list.

·Freeze Broker – Specify ‘Y’ in this data field to freeze selected broker with the party. In other words, on specifying ‘Y’ in this data field, the broker as specified in the Broker Name data field will be freezed with the Party and no other broker will allowed to be used with party.

·Specify Default Brokerage – This group gets active only if you have selected Party master option in the Default Brokerage to be picked from group under Broker Configuration window that appears while configuring Broker-wise Reporting in Features / Options.

·Brokerage Details – This group gets active only if you have specified ‘Y’ in the above data field. Various options that appear under this group are:

oMode – Select the mode of brokerage.

oBrokerage Percent – Specify the rate / percentage at which brokerage is to be charged.

oFreeze Brokerage – Specify ‘Y’ in this data field to freeze rate / percentage of brokerage with the party.

Credit Limits
If you enable Credit Limits feature in Configuration > Features/Options > Accounts tab then while creating certain types of accounts, BUSY will ask you whether you want to define credit limit for the accounts. The accounts for which such a data field appears depends on the Account Group. Credit Limit window will appear for the following Account Groups:

·Sundry Creditors

·Sundry Debtors

Given here is a screenshot of a Credit Limit window.

Credit Limit window

If you enter ‘Y’ in the Want to Define Credit Limit data field, a data field becomes active. The data field is:

·Maximum Credit Allowed – Enter the maximum amount up to which you can extend credit to your debtor.

This feature helps you keep a track of the credit limit for your parties through the Credit Limit Variance report.

Budgets
If you enable the Budgets feature in Configuration > Features/Options > Accounts tab then while creating certain types of accounts, BUSY will ask you whether you want to define an annual or monthly budget for the accounts. The accounts for which such a data field appears depends on the Account Group. Budgets for the Account window will appear for the following Account Groups:

·Expenses (Direct/Indirect)

·Investments

·Fixed Assets

Given here is a screenshot of a Budgets for the Account window.

Budgets for the Account window

If you enter ‘Y’ in the Want to Define Budgets data field, certain data fields become active. These are:

·Annual Budget – You can enter the annual budget allocated for the expense/investments/fixed assets in this data field.

·Month-wise data fields – You can enter the month-wise budget allocated for the expense/investments/fixed assets.

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If you do not enter any amount in the Month-wise data fields then the amount entered in the Annual Budget data field is divided by 12 and the resultant amount is entered in all the month-wise data fields by default. You can change the default amount in the Month-wise data field according to your requirement. Moreover, Monthly Budget amounts may or may not add up to the Annual Budget amount.

In the screenshot, the Annual budget is Rs. 12,000 and this amount is automatically divided by 12 and entered in the Month-wise data fields. In the last month-wise data field for March, the default amount of Rs.1,000 has been changed to Rs.500.

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Similar data fields appear for Expenses (Direct), Investments, and Fixed Assets Account Groups.

Fringe Benefit Tax (FBT) Reporting
If you enable the Fringe Benefit Tax Reporting feature in Configuration > Features/Options > Accounts tab then while creating certain type of account, BUSY will ask you whether you want to enable Fringe Benefit Tax Reporting for the account. The accounts for which such a data field will appear depends on the Account Group. FBT Details for Account: window appears for the Expense Account Group. Given here is a screenshot of the FBT Details for Account window.

FBT Details for Account window

If you enter ‘Y’ in the Enable FBT Reporting data field, a data field become active. The data field is:

·% of Expense to be taken as FBT – Specify the percentage of expense on which FBT is to be levied. For example, there is a Travelling expense of Rs 100 and you have entered 30 in this data field. Now FBT will be levied on 30% of travelling expense (Rs 100) i.e. FBT will be levied on Rs. 30 (30% of 100).

Cost Centre
If you have enabled the feature of Cost Centre in Configuration > Features/Options > Accounts tab then a Cost Centre Information window appears asking you that whenever this account will be debited or credited in the vouchers, its amount would be allocated to a Cost Centre or not. Given here is a screenshot of Cost Centre Information window.

Cost Centre Information window

·If you specify ‘Y’ in the Allocate Amount to Cost Centres data field then an Allocation of Amount to Cost Centre window will appear in the voucher whenever this account will be debited or credited.

Allocate Expense/Purc. to Items
If you enable Allocate Expense/Purc. to Items feature in Configuration > Features/Options > Inventory tab then while creating certain types of accounts, BUSY will ask you whether you want to allocate amount to items. The accounts for which such a data field appears depends on the Account Group. Allocate Amount to Items data field appears for the following Account Groups:

·Expenses (Direct/Mfg.)

·Purchase

Given here is a screenshot of an Account Master – Add window with the Allocation of Amount to Items data field.

Data field for Allocation of Amount to Items Settings

If you enter ‘Y’ in the Allocate Amount to Items data field then while entering vouchers, BUSY will ask you to allocate the expense/purchase to items. Similar data fields appear for Purchase Account Group.

Multiple Price List for Items
If you enable Multiple Price List for Items feature in Configuration > Features/Options > Inventory tab > Item Pricing Mode in Vouchers option and disable the Apply Price Category at User level instead of Party then while creating certain types of accounts, BUSY will ask you whether you want to specify a price category for the account. The accounts for which such a data field appears depends on the Account Group. Price Category data field appears for the following Account Groups:

·Sundry Creditors

·Sundry Debtors

·Cash-in-Hand

·Bank Accounts

Given here is a screenshot of Account Master – Add window with the Price Category data field.

Data field for Multiple Price List Settings

In the Price Category data field, you can specify the category that you want to associate with the account. The relevance of price category can be understood where there are multiple price lists for a single item. You can define the different price lists for an item by specifying different categories in the Item master. Similar data fields appear for Sundry Creditor, Cash-in-Hand and Bank Accounts Account Groups.

For more information on defining price list for an item, click Multiple Price List for Items topic.

Excise Reporting
If you enable the Excise Reporting feature in Configuration > Features/Options > Excise tab then while creating certain types of accounts BUSY allows you to enter excise related information for the account. The accounts for which such a data field appears depends on the Account Group. Excise Information for Account: window appears for the following Account Groups:

·Sundry Creditors

·Sundry Debtors

Given here is a screenshot of the Excise Information for Account window.

Excise Information for Account window

There are seven data fields that appear in the message box. These are:

·Excise Reg. No.

·ECC Code

·PLA No.

·Range

·Division

·Collectorate

·Supplier Type

Excise related information needs to be entered in the data fields. This information is given by the excise department except for the Supplier Type information. Similar data fields appear for Sundry Creditor Account Group.

TDS/TCS Reporting
If you enable the TDS/TCS Reporting feature in Configuration > Features/Options > TDS/TCS tab then while creating certain types of accounts BUSY will ask you whether you want to enter TDS/TCS related information for the account. The accounts for which such a data field appears depends on the Account Group. TDS/TCS Information for Account window appears for the following Account Groups:

·Sundry Creditors/Sundry Debtors

·Expenses (Direct/Indirect)

·Duties & Taxes

Given here is a screenshot of the TDS/TCS Information for Account window for Sundry Creditor Account Group.

TDS/TCS Information for Account window

If you specify ‘Y’ in the TDS Applicable or TCS Applicable data field, Party Payee Category data field becomes active.

·Select the Party Payee Category for the party from the list displayed in the data field.

Similar data field appears for Sundry Debtor Account Group.

Similarly, a data field appears for Expenses Account Group. Given here is a screenshot of the TDS/TCS Information for Account window for Expenses Account Group.

TDS/TCS Information for Account window

If you specify ‘Y’ in the TDS Applicable data field, TDS Category data field becomes active.

·Select the TDS Category for the party from the list displayed in the data field.

A data field appears for Duties & Taxes Group when Tax Type selected is TDS(Non Salary). Given here is a screenshot of the TDS Information for Account window for Duties & Taxes Group.

TDS Information for Account window

Select the TDS Category for the account from the list displayed in the data field. TDS Category specified here will be used to deduct TDS (i.e. threshold limit will be determined on the basis of TDS Category specified) at the time of entering advance payment voucher.

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TDS Categories refer to the different types of income on which TDS deductions can be made. For example, rent, salaries, fees for professional services and so on are TDS categories. Default TDS categories are the commonly used general TDS categories such as Advertisement, Rent and so on. In case of Expenses-TCS is not applicable.

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Multi Currency
If you enable Multi Currency feature in the Configuration > Features/Options > Accounts tab then a Multi Currency data field appears in the Accounts – Add window. Specify ‘Y’ in this data field if you want to enable multi currency for the specified account. On specifying ‘Y’ in the data field, an Opening Bal (Composite) data field and a Currency-wise Opening Balance window appears. In the Currency – wise Opening Balance window, you have to specify the opening balance of account in different currencies. The total of opening balance of all the currencies (converted to base currency) will then appear in the Opening Balance (Composite) data field. Given here is a screenshot of Currency – wise Opening Balance window.

Currency – wise Opening Balance window

In the Currency – wise Opening Balance window there is a grid in which there are various fields. The fields are:

·Currency – Select the required currency from the list.

·Op. Bal – Enter the opening balance as per the the selected currency.

·D/C – Enter D for debit balance or C for credit balance.

·Op. Bal (Base Currency) – Enter the opening balance of the selected currency according to the base currency. For example, base currency is Rs and you have specified opening balance of 100 Dollar. Now 1 dollar = approximately 40 Rs which means 100 dollar = 4000 Rs. Hence in this column you have to specify the value as Rs 4000. An important point to note here is that you can also specify the opening balance for base currency in which value in Op. Bal. and Op. Bal (Base Currency) fields will remain same.

·After entering the value in all the fields, click the Ok button. On clicking the Ok button, focus will shift to Op. Bal (Composite) data field which will display the total of Opening Balance (base currency) field.

Ledger Type
This data field appears if you have enabled the Maintain Sub Ledger feature under Administration > Configuration > Features / Options > Accounts tab. Select from the list that the account you are creating is General Ledger or Sub Ledger. On selecting the Sub Ledger option, a data field gets activated. In the data field, you have to select the Main account under which the sub account you are creating will be tagged. For example, you want to tag Petty Cash account under the Cash Account master. For this purpose, while creating Petty Cash Account master, you will select the Ledger Type as Sub Ledger and in the next data field, you will select the Main Ledger as Cash.

Interest Rate (Payable)
This data field appears if you have enabled the option of Account wise Interest Rate in Administration > Configuration > Features / Options > Accounts tab. Specify the rate of interest applicable for the bills payable amount.

Interest Rate (Receivable)
This data field appears if you have enabled the option of Account wise Interest Rate in Administration > Configuration > Features / Options > Accounts tab. Specify the rate of interest applicable for the bills receivable amount.

Allow Web Based Reporting
This data field appears if you have enabled the option of Enable Party-wise Web Based Reporting in Administration > Configuration > Features / Options > Enterprise Features tab. On enabling this option, a Configure button appears on clicking which you need to specify User name and Password for the party.

Now that we have discussed specific data fields for the Account master, let us move on to other data fields in the Account master.

Op. Balance
Enter the opening balance for the account. The opening balance for an account is the balance in the account at the beginning of the financial year. For example, on March 31, 2005 fixed assets stood at Rs. 40,000 thus the opening balance for the Fixed Assets account is Rs. 40,000 since on April 1,2005 the fixed assets stood at this amount.

Dr/Cr
Enter D or C in this data field to indicate whether the amount in the Op. Balance data field is debit or credit.

Prev.Year
Enter the closing balance of the previous year of an account in this data field. You can enter the previous year balance for an account only if it is a Revenue Account. 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 or C in this data field to indicate whether the amount in the Prev. Year data field is debit or credit.

Address

Enter the Address of the party in this data field.

Country

Select Country from the list.

State/POS

This data field appears if the Parent Group selected belongs to Sundry Debtors or Sundry Creditors. Select the state to the which the party belongs to. Based on State selected, BUSY will show state code in front of state. If you want to modify the state code press Alt+M key. A state master window will open in modify mode. Given here is a screenshot of State Master – Modify window.

State Master-Modify window

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Please make sure that State code is correct as it will be required in GST related reports.

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GSTIN/UIN

This data field appears if the Parent Group selected belongs to Sundry Debtors or Sundry Creditors. Specify the GSTIN/UIN number of the account in this data field.

Validate GSTIN Online

This option appears if the Parent Group selected belongs to Sundry Debtors or Sundry Creditors. You can click on this button to validate GSTIN No. of party. On clicking this button, a Validate GSTIN window will appear showing the status and details of GSTIN entered by you. In case there is a mismatch between the Type of Dealer as entered by you and as searched on Portal then BUSY will ask you to change the Type of Dealer to match with the one as entered on Portal.

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·It is mandatory to have direct internet connection on the computer system to use this utility.

·’GSTIN Validation’ Service is available in Standard & Enterprise edition only with an active BUSY License Subscription.

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Aadhar No.

Specify Aadhaar No. of party in this data field.

TIN

Specify the TIN number of the party in this data field.

IT PAN

Specify PAN No. of party in this data field.

Ward

Specify ward no. in this data field.

E-mail

Enter Email address of the party in this data field.

Mobile No.

Enter mobile number of the party in this data field.

Tel. No.

Enter telephone no. of party in this data field.

Fax

Enter fax no. of party in this data field.

Contact Person

You can enter the name of the person to be contacted in relation to the account. For example, if you are creating an account for a supplier company, Blue Seas System then you can enter the name of the sales officer with whom you regularly communicate for the supplies.

Transport
Specify the default transporter to be used with the party.

Station
Specify the default station i.e. place where goods have to be dispatched for the party.

PIN Code

Specify PIN Code of the station/place.

Distance

This data field appears only if you have enabled ‘E-Way Bill Required’ feature from Administration > Configuration > Features/Options >GST/VAT Tab. Specify approximate distance between ‘From and To Place’.

Check Distance

This button appears only if you have enabled ‘E-Way Bill Required’ feature from Administration > Configuration > Features/Options >GST/VAT Tab. You can check the distance between Party Pin Code as specified above and Company Pin Code as specified while configuring E-Way Bill Configuration by clicking on this button. On clicking this button, a Check and Update Distance window appears displaying distance between two Pin Codes. You can check the distance and can click on Update Distance button to update the distance in Distance data field automatically.

Mode

This data field appears only if you have enabled ‘E-Way Bill Required’ feature from Administration > Configuration > Features/Options >GST/VAT Tab. Select Mode of Transport for the party in this data field.

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In case of Country U.A.E following data fields will appear:

·Emirates

·Emirates ID

·TRN

Enter the relevant data in the data fields.

In case of Country Saudi Arabia, TRN data field will appear. Enter the TRN No. of your company in the data field.

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Other Info.
Specify Default Sale Type
Specify ‘Y’ in this data field to tag a Sale Type with the Account Master. By tagging the Sale Type with the Account master, whenever the Account master will be used in a Qty Out. voucher, the Sale Type tagged with it will automatically be loaded in the voucher.

Sale Type
This data field gets active on specifying ‘Y’ in the Specify Default Sale Type data field. Select the Sale Type from the list which is to be tagged with the Account master.

Freeze Sale Type
This data field gets active on specifying ‘Y’ in the Specify Default Sale Type data field. Specify ‘Y’ in this data field to freeze the Sale Type used with the Account Master. By freezing Sale Type with Account master, no other Sale Type will be allowed to used with the Account master.

Specify Default Purchase Type
Specify ‘Y’ in this data field to tag a Purchase Type with the Account Master. By tagging the Purchase Type with the Account master, whenever the Account master will be used in a Qt. In voucher, the Purchase Type tagged with it will automatically be loaded in the voucher.

Purchase Type
This data field gets active on specifying ‘Y’ in the Specify Default Purchase Type data field. Select the Purchase Type from the list which is to be tagged with the Account master.

Freeze Purchase Type
This data field gets active on specifying ‘Y’ in the Specify Default Purchase Type data field. Specify ‘Y’ in this data field to freeze the Purchase Type used with the Account Master. By freezing Purchase Type with Account master, no other Purchase Type will be allowed to used with the Account master.

CST No.

Specify the CST number of the account in this data field.

LST No.

Specify the LST number of the account in this data field.

IE Code

Specify Import Export code in this data field.

Beneficiary Name

Specify Beneficiary Name i.e. Bank Account Holder Name in this data field. By default Company Name will appear in this data field. This is required to maintain bank details of the party which will be used at the time of making payment (RTGS,NEFT) to the party.

Bank Name

Specify Bank Name i.e. Bank in which Company has its Account.

Bank A/C No.

Specify Bank Account Number in this data field.

IFSC Code

Specify Bank IFSC Code in this data field.

TDS Applicable u/s 194Q

Specify ‘Y’ in this data field, if you want a Warning message for deduction of TDS should appear even if threshold limit of INR 50 Lakhs is not crossed in the voucher.

TCS Applicable u/s 206C(1H)

Specify ‘Y’ in this data field, if you want a Warning message for collection of TCS should appear even if threshold limit of INR 50 Lakhs is not crossed in the voucher.

Enable SMS Query

This data field appears if you have specified ‘Y’ in the Allow SMS Query to your Parties feature that appears while configuring Enable SMS Query feature under Administration > Configuration > Features / Options > Enterprise Features tab. Specify ‘Y’ in this data field if you want to allow party to query through SMS on BUSY data. Basically on specifying ‘Y’ in this data field, party will be able to get its account details through SMS.

Enable Email Query

This data field appears if you have specified ‘Y’ in the Allow Email Query to your Parties feature that appears appears while configuring Enable Email Query feature under Features / Options > Enterprise Features tab. Specify ‘Y’ in this data field if you want to allow party to query through Email on BUSY data. Basically on specifying ‘Y’ in this data field, party will be able to get its account details through Email.

BDEP ID

This data field appears if you have enabled Enable ‘BUSY Data Exchange Platform’ (BDEP) option in the Administration > Configuration > Features/Options > General tab. Specify BDEP ID of party in this data field.

·A ‘Search BDEP ID’ button is provided in front of BDEP ID data field. On clicking this button, a BDEP ID for GSTIN/UIN/Mobile No./E-Mail ID window appears displaying BDEP ID for the GSTIN/UIN/Mobile No./E-Mail ID as specified above in the party master.

·You can also verify the BDEP ID of party by clicking ‘Verify’ button. On clicking ‘Verify’ button, a BDEP Details window appears displaying the details of that BDEP ID. You can verify the details of the party i.e. the BDEP ID specified by you belongs to same party or not. An ‘Update back ‘BDEP Details’ to Master’ button is provided on BDEP details window. On clicking this button, BDEP details of the party will be updated in the master.

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To use BDEP service, both the Parties (seller & buyer) must have registered for BDEP service and should have specified each other’s BDEP ID in Account Master in order to exchange data from BDEP.

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Allow Access to Mobile App

This data field appears if you have enabled ‘Enable Mobile App for Parties’ option under ‘Enable BUSY Mobile App’ feature in the Administration > Configuration > Features/Options > General tab. Specify ‘Y’ in this data field to allow the party to access its Account ledger, Bills Receivable/Bills Payable and Stock Status reports. On specifying ‘Y’ in this data field, a Config button appears. On clicking Config button a ‘Party Mobile App Details’ window appears. In ‘Party Mobile App Details’ window following data field appears:

·User Name – Specify a unique User Name here which is to be used by the Party while login to the Mobile App.

·Password – Specify Password here which is to be used by the Party while login to the Mobile App.

·Allow Stock Status – Specify ‘Y’ in this data field if you want to allow the Party to view Stock Status report also.

D.L. No.

This data field appears if you have enabled the Maintain Drug License Number option in the Administration > Configuration > Features/Options > Inventory tab and Parent Group selected belongs to Sundry Debtors or Sundry Creditors. Specify the drug license number of the party in this data field.

Enable Cheque Printing

This data field appears if you have enabled Cheque Printing option in the Administration > Configuration > Features/Options > Accounts tab. Specify ‘Y’ in this data field to enable cheque printing for this bank.

Default Format

Select default format to be used for printing cheques of this bank. You can create formats by using the Administration > Configuration > Cheque Printing option.

Cheque Printing Name

Specify name of the account which is to be printed on the cheques.

Apart from these data fields, certain buttons also appear in the Account master. Let us discuss these buttons in detail.

Second Language

This button appears only when you have enabled ‘Enable Second language Support’ option that appears under Administration > Configuration > Features/Options > General tab. On clicking this button a ‘Second language details’ window appears. You can specify Account Name, Alias, Print Name and Address in any other language specified by you at the time of enabling this feature. This will be helpful at the time of Invoice printing where the specified data can be print in second language. Given here is a screenshot of Second Language Details window.

Notes
Click this button to enter Notes for the Account master. On clicking this button, an Account Notes message box appears. This message box appears if you have not enabled the feature of Maintain Notes with Account master in Administration > Configuration > Features / Options > Accounts tab. Otherwise, if you want to enable this feature from Account master itself then click Yes button in the message box. After enabling this feature, you can enter Notes for the Account master. For adding Notes, a Notes window appears on clicking the Notes button. Enter appropriate Notes in the window. Given here is a screenshot of Notes window with Notes entered in it.

Notes window

Optional Fields
Click this button to enter value for the Optional Fields of Account master. On clicking this button, an Optional Fields message box appears. This message box appears if you have not enabled the Optional Fields for Account master in Administration > Configuration > Masters Configuration option. Otherwise if you want to enable and configure this feature from Account master itself then click Yes button in the message box. After enabling and configuring this feature, you can enter value for the Optional Fields. To enter value for Optional Fields, click the Optional Fields button provided in the Account master. On clicking the Optional Fields button, an Optional Fields window appears in which you can enter the required values. Given here is a screenshot of Optional Fields window.

Optional Fields window

Multiple Alias
Click this button to maintain multiple aliases with Account master. On clicking this button, a Multiple Alias message box appears. This message box appears if you have not enabled the Maintain Multiple Account Aliases option in Administration > Configuration > Features / Options > Accounts option. Otherwise if you want to enable and configure this feature from Account master itself then click Yes button in the message box. After enabling and configuring this feature, you can enter multiple aliases with different Address, GSTIN and Contact details for a single account.

To enter multiple aliases for an account, click Multiple Alias button provided in the Account master. On clicking the Multiple Alias button, a Multiple Aliases window appears in which you can enter multiple aliases with different Address, GSTIN and Contact details for a single account. Given here is a screenshot of Multiple Aliases window.

Multiple Alias window

Connected Contacts
This button appears if you have enabled the Enquiry or Support Management feature in Features / Options > Enquiry / Support Management tab. Click this button to view list of contacts that are connected with the Account master.

Create Contact
This button appears if you have enabled the Enquiry or Support Management feature in Features / Options > Enquiry / Support Management tab. Click this button to create a Contact master for the Account.

Acc Image
This button displays the image of the Account master if it exists in the folder specified for the Accounts images in the Administration > Configuration > Features/Options > Accounts tab. Otherwise, if no image is found for the Account master then it will display the text as AccImage.

·After you have entered the appropriate information in all the data fields, click the Save button to save the new account information. If you do not want to create a new account then click the Quit button.

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If screen resolution of your machine is 1280 and above, extra space in right hand side of the voucher will show extra information entered in optional fields or in pop-up windows at the time of entering voucher.

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Modify
With the Modify option, you can make modifications to the account details as per your requirements. For example, you can change the name, alias and other information of the account. To modify the account details, click Administration > Masters > Account > Modify option.

·On clicking the Modify option, a Select Account to Modify window appears.

·Select the account that you want to modify and click the Select button. Next an Account Master – Modify window appears. This window is similar to the Account Master – Add window. You can make appropriate changes in the Account Master – Modify window.

At the top left corner of the Account Master – Modify window, there are six buttons:

·Delete – You can delete a master based on certain conditions.

·Next

·Previous

·List

·Copy

·Paste

For information about the function of the buttons, click the buttons. There are certain limitations in modifying the account information. Let us discuss these limitations in detail. You cannot modify the data fields listed here:

·Group

·Op. Bal.

·Prev. Year

Group
You cannot modify the Group data field in the conditions listed here:

·Account is a pre-defined account.

·Data for the company is frozen.

Op. Bal.
You cannot modify the Op. Bal. data field in the conditions listed here:

·Current F.Y is not same as the Beginning F.Y – Let us understand this with the help of an example. You opened an account for Mr. Sharma in 2004-2005 with the opening balance of Rs. 1,000. You switch the accounts to next year i.e. 2005-2006. Now the current F.Y (2005-06) is not the same as the Beginning F.Y. (2004-05), thus you cannot change the opening balance for Mr. Sharma’s account.

·Data for the company is frozen.

Prev. Year
You cannot modify the Prev. Year data field in the conditions listed here:

·Current F.Y and the Beginning F.Y are not same.

·Data for the company is frozen.

·Account is a non-revenue account.

Now that you are aware of the limitations, you can make suitable modifications in the data fields.

·After you have made the modifications in the account information, click the Save button to save the changes.

List
List menu option allows you to generate a list of all the accounts of your company. On clicking the List option, a List of Accounts message box appears. In the message box, there are two options:

·Screen – If you want the list of accounts on the screen, click the Screen button.

·Printer – If you want the list of accounts to be printed, click the Printer button.

Screen
On clicking the Screen button, a Report Options message box appears. In the message box, there are three options:

·Standard Format – This option displays accounts in the standard format as set by BUSY.

·Configurable (Alphabetical) – This option displays all the accounts in an alphabetical order.

·Configurable (Hierarchical) – This option displays all the accounts in a hierarchy of the Account Groups.

Standard Format
Select this option to view list of accounts in the standard format as set by BUSY. On selecting this option, an Accounts List message box appears. In the message box, there are two options. The options are:

·All Accounts – This option displays all the accounts in the company.

·Group of Accounts – This option displays only those accounts that come under the Account Group specified by you.

On selecting either of the options, a List of Account window appears with following options.

·Group Name – This option appears if you have selected Group of Accounts option in the Accounts List message box. Select the required Account Group for which you want to view the list.

·Select Master Series Group – This option appears if you have enabled the Enable Master Series Group feature under Administration > Configuration > Features / Options > Enterprise Features tab. Select the required Master Series Group, accounts tagged under which will be displayed in the list.

On selecting any of the above option, a List of Accounts window appears displaying list of accounts as per the criteria specified by you. At the top left corner of the List of Account window, there are various buttons. The buttons are:

·Email

·Print

·Refresh

·Export

·Filter

·Search

Configurable (Alphabetical)
Select this option to view list of accounts in an alphabetical order. On selecting this option, an Accounts List message box appears. In the message box, there are two options. The options are:

· All Accounts – Select this option to view list of all the accounts.

·Group of Accounts – Select this option to view list of accounts falling under a particular Account Group.

·Export

·Refresh

Configurable (Hierarchical)
Select this option to view list of accounts in the hierarchy of their Account Groups. On selecting this option a Chart of Accounts window appears. Given here is a screenshot of the Chart of Accounts window.

Chart of Accounts window

Chart of Accounts window displays the account in the hierarchy of Account Groups. At the top and bottom of the window there are certain options:

·Export – This option allows you to export the account information to another format such as HTML, MS Excel format or Text file.

·Refresh – This option allows you to refresh the list of accounts.

·Select Fields – This option allows you to customize the data fields that are displayed in the window. By default five data fields appear. These data fields are Name, Alias, Group, Op. Bal., and Prev. Year. You can add or delete any data field according to your requirement.

·Add New Accounts – This option allow you to add a new Account master.

·Quit – This option allows you to close the window.

Printer
On clicking the Printer button, a List of Accounts message box appears with two options:

·All Accounts – This option prints all the accounts in the company.

·Group of Accounts – This option prints only those accounts that come under the Account Group specified by you.

On selecting any of the two options, a Printing Options window appears. You need to enter the appropriate information in the data fields in the window. Some of the common data fields that appear are:

·Group Name – This option appears if you have selected Group of Accounts option in the List of Accounts message box. Select the required Account Group.

·Starting Page No.

·Print Page No. on Report

·Printer Driver

·DOS Emulation

·Spool File Name

For information on the printing options, click Printing Options. You can enter the information in the data fields for printing purpose.

·After you have entered the information, click the Ok button to print the account information.

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