How to upload the Last Year's Financial Statement?
When you start updating the accounting entries on ADDA, you can update the Last Year Financial Statement by creating journal entries:
For example, if you have a Balance Sheet for the Year 2019-20, you can enter the details as opening balance as of 01-04-2020 by following the below steps:
Step 1: Go to Admin -->> General Ledger -->> Journal Entries.
Step 2: Click on the "Create Journal Entry" Tab.
Step 3: Enter the Journal Notes i.e. Narration
Step 4: Enter the Journal date and Amount.
Step 5: Select the Debit Account And Credit Account respectively. In Incase of Asset Entry, Select the Asset Account as Debit and Opening Balance as Credit. In the case of Laibility entry, Select the Liability entry as Credit and Opening Balance entry as Debit.
Note: Assets and Liability Accounts can be created by following the below link:
What is financial statement?
A financial statement is a formal record of the financial activities of a business, person, or other entity reflecting true and fair financial information. Relevant financial information is presented in a structured manner and in a form easy to ...
Financial data migration on ADDA
The System allows bringing in ACTIVE Financial transactions of the Current Financial Year. This is possible if the Subscription has started before 1-January of the current Financial Year. If Subscription has Started on 1-January and later, ...
How to reverse the provisions of expenses made in last year which was not paid or half paid?
If provisions are passed through Journal Entry then the entry will be(Payment is not made) - Debit Credit Provision for expense A/c Expense A/c To Pass Journal entry, login to Admin Dashboard>>>General Ledger>>Journal Entries. If provisions is passed ...
How to create provision for this year?
Please follow the steps below to create provision for this year : Expense Tracker >> By Vendors >> Pass invoice entries as per provisional figures as on 31st March. This all will be shown as payable in report# 6. Outstanding Payments - By Expense ...
How to store a financial asset on ADDA?
Follow the steps below to store a financial asset on ADDA: Step 1: Login to ADDA >> Admin >> Asset & Inventory >> Asset >> Create an asset category as 'Financial' under the Setup tab>> Save Changes. Step 2: Click on 'Add Asset' under the Assets tab. ...