Journal Entries
How to upload the opening balances for assets and liabilities?
Step 1: Go to the General Ledger section -->> Select Journal Entries -->> Click on Bulk Posting -->>Then, choose "Batch upload Opening Balance from Excel." Step 2: Download the provided template from Step 1 and input the relevant data: Account: Get ...
How to pass accounting entry for FD Matured and Credited to Bank?
Pass the following journal entry at the time of Fixed Deposit Matured and Credited to Bank. Dr.Bank A/c XXX Dr.TDS Receivable XXX Cr.Interest Received on FD XXX Cr.Fixed Deposit Account XXX
How to pass accounting entry for FD Investment?
Follow the steps below to meet your requirement : Step 1 - Create a GL for Fixed Deposit Under General Ledger>>Chart of Accounts >>Assets>>Asset Accounts Step 2 - Pass the following Journal Entry Account Dr Fixed Deposit A/c XXX Cr Bank A/c XXX
What is Reverse Charge Mechanism (RCM) and How to handle RCM on ADDA?
Reverse charge is a mechanism where the recipient of the goods or services is liable to pay Goods and Services Tax (GST) instead of the supplier. Follow the steps below to handle RCM on ADDA: Step 1 - Create a GL "Tax Pain on RCM" under General ...
Association paid Loan to staffs. How to handle this on ADDA?
Follow the steps below to meet your requirement : Step 1 - Create the Staff Name GL Go to General Ledger>>Chart of Accounts>>Assets>>Add the staff name and group it under (Loans and Advances) Step 2 - Pass the following journal entries. Payment Entry ...
MC or Auditor or a Staff Paid the expenses on be half association and later on Association reimbursed the amount to the MC or to the Auditor or to the Staff. How to account this on ADDA?
In such use cases, you need to Knock off TDS Payable entry with MC or Auditor or Staff GL who have actually paid the amount on behalf of the association and issue the cheque or initiate the online payment to the MC or to the auditor or to the Staff ...
How to post Journal Entries?
Log in to ADDA -->> Admin Dashboard -->> General Ledger -->> Journal Entries -->> Enter the details of the Journal Entry like the Debit Amount, Credit Amount, Select the GL Account, Journal Date, etc-->> Click on Submit.
How to upload the opening balance of the bank?
Please follow the below steps to update the opening balance of the bank: Step 1: Login to ADDA -->> Update the bank name from General ledger -->> Chart of Accounts -->>Assets. You will have to pass the journal entry to post the bank opening balance ...
How to record a Capital Expenditure or Capitalized Fixed Assets?
Recording a Capital Expenditure or Capitalizing Fixed Asset have 5 major steps. Step 1: Creating Asset Account A. Go to Admin -->> General Ledger -->> Chart of Accounts B. Click on Assets Tab C. Create assets accounts as mentioned at this link Note: ...
If I had purchased an asset before 01-04-2013 then how can I account for it?
If the Assets are purchased in the Last year, you can consider them as an Opening Balance. To record it, please pass a journal entries by following the below steps: Step 1: Login to ADDA -->> General Ledger --->> Journal Entries -->> Create Journal ...
How do you round off Paisa balance in Sundry Debtors at the time of closing the books of accounts?
Please follow the steps below to round off Paisa balance in Sundry Debtors at the time of closing the books of accounts Under chart of accounts >> Income a head called Round off is available- Post invoices(Select income account "Round off") where ...
What is the Journal Entry to transfer SGST/CGST(Input/Output) to GST and also please show the GST remittance entry?
Please login to Admin Dashboard>>Bank and Cash>>Taxes(To find the GST Payable amount). To pass journal entry, Login to Admin Dashboard>>General Ledger>>Journal Entries. Debit Credit 1) State GST A/c Input State A/c GST 2) Output State GST A/c State ...
What do you mean by GST?
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST ...
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 pass a journal entry?
Journal entries can be used when setting up ADDA and when closing account books. Opening Balances can be added to ADDA by posting the Journal entries and other entries like Depreciations, provisions etc. can be updated through journal entries. Please ...
How to delete a Journal Entry?
Please follow the below steps to reverse Journal Entries: Step 1: Login to ADDA -->> Admin -->> General Ledger -->> Journal Entries. Step 2: Click on "Old Journal Entries". Note: Old journal entries will be shown on screen from the start date of the ...
How to upload the opening balance of particular ledger account?
Please follow the below steps to upload opening balance of particular ledger account: Step 1: Go to Admin -->> General Ledger -->> Journal Entries Step 2: Click on "Create Journal Entry" Step 3: Enter Journal Notes (Narration), Date and amount in the ...
How to upload the journal entries in batch ?
Bulk upload can be done using an excel file: Step 1: Login to ADDA -->> Admin -->> General Ledger Step 2: Click on the "Journal Entries" Tab -->> Bulk Posting. Step 3: Click on “Batch Upload Journal Entries From Excel” Step 4: Download .csv File ...
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 ...
How to show the Prepaid Expense?
Please follow the below steps to show prepaid expenses: Step 1: Book an Invoice for the whole amount under Expense Tracker and pass the relevant Payment Entry. Step 2: Create a ledger head "Prepaid Expense (E.g. Prepaid AMC-Lift) under General ...
How to pass an Expense provision Entry if we have not received the Bills ?
Step 1. Create a Ledger "Provision For Expense"(E.g. Provision for Electricity) under General Ledger-->>Chart Of Accounts-->>Liabilities. Step 2. Go to General Ledger--->>Journal Entries Step 3. Pass a journal Entries Debit Expense Account and Credit ...
What changes to be made on ADDA in case of below scenario: A Maintenance company/Builder was maintaining ADDA. Now it will be maintained by the newly formed Association. New Association wants accounts to continue uninterrupted and just this Entity change should happen.
To meet your requirement please ensure below checks: 1. All P&L Accounts need to be renamed to identify the new Entity's Accounts. Best to rename the Old Accounts as those would anyway get deactivated after Audit is done. 2. All Balance Sheet ...
Where we track Property Tax payment made to Government?
This can be achieved by 2 steps. A. Create a Vendor Account for Concerned Authority B. Update payment made to Government for Property Tax. A. Create a vendor account for concerned authority eg. T.M.T or MCGM in expense tracker as per process ...
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, Financial ...
What changes to be made on ADDA in case of below scenario: A Maintenance company/Builder was maintaining ADDA. Now it will be maintained by the newly formed Association. New Association wants accounts to continue uninterrupted and just this Entity change should happen.
To meet your requirement please ensure below checks: 1. All P&L Accounts need to be renamed to identify the new Entity's Accounts. Best to rename the Old Accounts as those would anyway get deactivated after Audit is done. 2. All Balance Sheet ...
What is the Journal Entry for Asset Depreciation?
Reduction in value of tangible fixed assets due to normal usage, wear and tear, new technology or unfavorable market conditions is called Depreciation. Journal entry for depreciation depends on whether the provision for depreciation/accumulated ...