VVSD - Chart of Accounts

This is the section where the ledgers (Accounts) are created. During the creation of ledgers (Accounts), there is need to categorize them in-order for the system to group similar accounts and be able to prepare and illustrate the financial reports.

In the system the Ledgers are grouped into 2 levels, that is PARENT and CHILD ACCOUNT. Each PARENT ACC will have its own CHILD ACC and each CHILD ACC will have its Ledgers (Accounts). That is the Ledger (Account) will be attached to a particular SUB Group and that CHILD ACC will be attached with a particular PARENT ACC. (E.g. a Ledger (Account) called “CASH A/C” will be Under CHILD ACC “Cash-in-Hand” and CHILD ACC “Cash-in-Hand” will be under PARENT ACC “Current Asset”).

1. PARENT ACCOUNT(TOP GROUP FORM)

Parent Account will help system to decide whether this particular Ledger (Account) goes in Trading Profit & Loss A/C or Balance Sheet and if it is an asset or a liability. By default 15 Parent Accounts are created. For creating additional top Groups, Click on Add New Account Button and write a Select Parent Account Name from the List, then Check box the Is Group. Click on Save Button to Save.

2. CHILD ACCOUNT(SUB GROUP FORM)

Child Account will further Group the Parent Account in detail. By default 19 Child Accounts are created. For creating additional Child Account, Click on Add New Account Button and write a Select Parent Account Name from the List, then write the Child Account Name and the Branch were necessary. Click on Save Button to Save.

Note: Do not check box the Is Group for a Child Account