Computerized Accounts by using any Popular Accounting Software: Creating a Company; Configure and Features Settings; Creating Ledgers and Groups; Creating Stock Items and Groups; Voucher Entries

Computerized Accounting using Popular Accounting Software means maintaining and managing financial records with the help of software like Tally, QuickBooks, or Zoho Books instead of manual books. It involves recording transactions, creating companies, ledgers, stock items, and groups, and generating vouchers for receipts, payments, sales, and purchases. The software allows configuring features such as GST, inventory management, multi-currency, and cost centers. It ensures accuracy, faster processing, easy reporting, and compliance with accounting standards and tax laws. Computerized accounting reduces errors, saves time, provides instant financial statements, and helps in efficient decision-making for businesses of any size.

1. Creating a Company

• Open the accounting software and select Create Company.

• Enter Company Name, Address, Financial Year, and Currency.

• Set Base Currency and Accounting Features.

• Save the company to start accounting.

2. Configure and Features Settings

• Go to Features/Configuration menu.

• Enable required features like:

  • Inventory Management (for stock tracking)

  • GST/Tax (for tax compliance)

  • Multi-Currency (if needed)

  • Cost Centers (for departmental accounting)

• Save the settings to apply to the company.

3. Creating Ledgers and Groups

• Groups: Categories for ledgers, e.g., Assets, Liabilities, Expenses, Income.

• Ledgers: Accounts under groups, e.g., Cash, Bank, Sales, Rent.

• Steps:

  • Go to Accounts Info → Groups → Create (for groups)

  • Go to Accounts Info → Ledgers → Create (for ledgers)

  • Assign ledger to proper Group.

4. Creating Stock Items and Groups

• Stock Groups: Categories of items, e.g., Raw Material, Finished Goods.

• Stock Items: Individual products, e.g., Pen, Notebook.

• Steps:

  • Go to Inventory Info → Stock Groups → Create

  • Go to Inventory Info → Stock Items → Create

  • Enter Unit of Measure, Rate, and Group

5. Voucher Entries

• Used to record transactions in the system.

• Common voucher types:

  • Payment Voucher: Cash/Bank payments

  • Receipt Voucher: Cash/Bank receipts

  • Sales Voucher: Selling goods/services

  • Purchase Voucher: Buying goods/services

  • Journal Voucher: Adjustments, opening balances

• Steps:

  • Go to Accounting Vouchers

  • Select Voucher Type

  • Enter Ledger, Amount, and Details

  • Save the voucher