Ledger Master

A Ledger is a set of numbered accounts of a business used to keep a track of its financial transactions and to prepare financial reports. Each account is a unique record summarizing each type of asset, liability, revenue and expense.

Working with Ledger Master in RealBooks

Creating of Ledger Master

STEP 1: Go to Masters ⇒ Accounts ⇒ Ledger ⇒ Create

STEP 2: After selecting create option, fill in the details provided :

Ledger Name : Name of the Ledger

Ledger Code : Code of the Ledger (If required)

Ledger Group : Group of the Ledger

Rate of Interest : If interest calculation required then put the Rate of interest.

Ledger Category : Here you will find four type of ledger categories available in RealBooks.

a) Regular – Used for general ledger.

b) Party – Used for any kind of party ledger like Debtors, Creditors

c) Bank – Used for the bank ledger

d) Tax – Used for any kind of tax ledger like TDS, GST, VAT, Excise, etc

A. If we select Regular as Ledger Category –

In this category you will be able to add SAC code of this ledger and Nature of Supply Under (GST) like Exempt, Non GST, Nil Rated, Taxable. When it is marked as taxable then Tax Configuration tab will appear. To do auto computation of GST, you need to fill the following details:

GST Taxable ( % ) will be 100 if no abatement present or any other % for abatement ledger.

To configure the taxes for the ledgers fill in the following details:

Tax Group – Select the tax group
Tax Type – Tax type is auto selected on the basis of tax group
Ledger Name – Name of the Tax ledger for posting tax amount.
Rate
The tax rates applicable for the ledger as per the HSN/SAC.
Avail Credit
– Select yes to avail credit.

Click on Plus or press Enter to add new row.

Once the details has been feeded click on save option.

B. If we select Party as Ledger Category –

For any kind of party ledger like Debtors, Creditors select ledger category as Party and it will lead you to Party Info tab. Here fill in the following details :

i) Contact person – The name of the concerned person or the point of contact person.

ii) Under – To maintain the same as a sub-ledger, assign it under any other ledger.

iii) Party Type – This field classifies multiple ledger falling under same ledger group, depending upon their usage/nature/location, etc. For example: Say you are in a retail business, having multiple salesman, so you can group them under Ledger group- Salary/Employee, and further sub-classify them as salesman in party type.

iii) Organization – Text field for printing purpose.

iv) GST Registration Type – Select the same as per the registration status of the party.

a) Unregistered – Mark ledgers as “Unregistered”, for those who are not registered under GST Registration Act.

b) Registered – Mark ledgers as “Registered”, for those registered under GST Registration Act, when a ledger is marked as registered person, following detail needs to be filled.

1) Nature of registration – Select either of the options depending on the nature of registration of the party –
Regular
Composite
Government
E commerce
ISD

2) GSTIN No – Enter the GSTIN of the Party.

3) State – The system auto picks the state on the basis of GSTIN provided.

c) Foreign Person– When dealing with a party other than domestic resident, the ledger needs to be marked as foreign person.

d) Remind me later– When at the point of ledger creation the registration details/state of party is not known, then a party can be marked as remind me later.

e)VAT No– The VAT registration number if any, can be filled in this field.

f) TIN No -The TIN number can be filled in this field.

g) PAN No – The PAN number can be filled in this field.

h) Add Bank A/C Details – Bank A/c details of the party can also be fed in the ledger master.

Addresses

The next tab to party info is Addresses, enter the address details of the party, which is printed on all reports generated & invoices raised on the party. The system allows multiple address creation for a single ledger.

To edit/ fill the address Click on the pencil icon given on the right corner of the address line

To add multiple addresses Click on the “+” sign given on the right corner of the address line.

C. If we select BANK as Ledger Category –

All such ledgers are required to be marked as bank which is used for banking.

Once you mark a ledger as bank, another tab appears, named bank details, wherein you need to fill various details as follows:

a) Bank Name For CSV – Bank name for CSV upload in bank portal.
b) Account Number- This field contains the account number held by the user in such bank, on the name of which the ledger is being created
c) Bank Overdraft – Enable the key to mark a ledger as bank overdraft
Overdraft Limit- On marking a ledger as over daft, another field opens, namely Overdraft limit, wherein the user can specify the limit of overdraft allowed.

d) Bank Master- Select the name of the bank from the drop down list

e) Cheque Type- Select the cheque type, i.e whether it is current a/c cheque, or a savings a/c cheque.

Depending on the selections for (d) & (e), the cheque co-ordinate details are auto picked. Also it is editable as per the user requirements.

f) Cheque Print NEFT Prefix – Enter the prefix to be printed on the cheques issued for NEFT

g) Cheque Print RTGS Prefix – Enter the prefix to be printed on the cheques issued for RTGS

h) MT940 A/C No- Account no as per MT940 format of the bank.

i) IFSC Code – This field contains the IFSC code of such bank, on the name of which the ledger is being created.

j) Swift Code- This field contains the Swift code of such bank, on the name of which the ledger is being created.

k) Account Type – Here the user needs to select the type of account

l) Corporate ID- This field contains the Corporate ID of the bank a/c.

D. If we select TAX as Ledger Category –

Ledgers used for recording the taxes are to be marked as tax.

Once you mark a ledger as tax, another tab appears, named taxes info, wherein you need to fill various details as follows:

For GST

GST Type – Select whether it is an inter/intra state tax or an input/output tax.

Rate ( % )- Put the tax rate in the box

Date – Put the date from which the rate is to be taken into effect.

For TDS

Rate ( % ) – Put the tax rate in the box

Date – Put the date from which the rate is to be taken into effect.

TDS Section – Select the TDS section

Threshold Value – Put the limit beyond which TDS is to be deducted.

For VAT

Available Credit – Select yes where input credit is available

Rate ( % ) – Put the tax rate

Date – Put the date from which the rate is to be taken into effect.

Further additional details to be enabled in the general tab are as follows:

Visible – To keep the ledger active for transactions & reports, it needs to be enabled
Activate Cost Center – To use cost center for ledger, activate this feature

Activate Bill – To use bills for party ledger this feature needs to be enabled
Activate Interest – To calculate interest on ledger balances, it needs to be enabled.

STEP 3: Click on save to create the ledger.

Viewing of Ledger Master

STEP 1: Go to Masters => Accounts => Ledger => View

STEP 2: Once you Click on view a search screen appears, as displayed below, here you can view the entire list of ledgers created. To search a name, minimum 3 characters are to be provided in the search box.

STEP 3: Type all in “search name” <box> click enter or the search icon to view all the ledgers created.

STEP 4: Alternatively, you can view individual ledgers, in the same manner.

STEP 5: Quick search from the list can also be made by using the above highlighted fields.

STEP 6: Click on the setting icon provided at the right end corner of ledger name to view the ledger detail.

Editing of Ledger Master

STEP 1: Go to Masters => Accounts => Ledger => Edit

STEP 2: Once you Click on EDIT, a search screen appears, as displayed below, here you can view the entire list of ledgers created. To search a name, minimum 3 characters are to be provided in the search box.

STEP 3: Type “cash” in search name <box> click enter or the search icon, all ledgers or ledger groups having the same name, shall appear on the screen.

STEP 4: Once the ledger list appears, click on the setting icon provided beside the ledger, or click enter, in order to edit the same.

STEP 5: The edit screen named “Update Ledger Master” appears, where the ledger details can be edited.

STEP 6: Alternatively, you can search “all” ledgers also, in the same manner.

Deleting of Ledger Master

STEP 1: Go to Masters => Accounts => Ledger => Delete

STEP 2: Once you Click on DELETE, a search screen appears, as displayed below.

STEP 3: Type “ledger name” in search name box and click enter or the search icon, ledger name will appear on the screen.

STEP 4: Once the ledger appears, click on the highlighted icon provided beside the ledger, or press delete, in order to delete the same.