What is FACT Accounting?

What is FACT Accounting?

FACT
–    Type name of Company, Address, Short name, Income tax no.
–    Install AR/AP (Type yea is we wish to install AR/AP & Inventory.
–    Install Sample Date: Select none
–    Then Save (Alt+S)

PREFERENCE

    Select Account
    Select Preference
    Select System control
(a) Account Code Type
    Select Alpha or Numeric
(b) Customer vendor code type
    Select Alpha & Numeric
    Save
    Close

OPENING A COMPANY
    Select Account
    Select Open
    Select the Company (Press Enter)
    User - Type user name (Manager) (Press Enter)
    O.K.

MODIFY A COMPANY
    Select Account
    Select Modify
    Type initial or we can select from the list (F1)
    After modifying select Save


DELETING A COMPANY
It is actually not equal to throwing a company out of the system but it is rather throwing a company from the list. If we really required to delete, we can delete by window system.
    Select Account
    Select Delete
    Select the Company
    Then O.K.

RESTORATION
    Select Account
    Select New
    Type delete initial of Company
    Type the name of Company
    Save it

Initials
Enter (meaningful) Initials within three characters for the Account you are installing. This is the unique identifier by which the Account will be referred by the System during any time when the Account is accessed.
Concepts - General Ledger Accounts

After an Account is installed, the first thing you need to do is to set up the Chart of Accounts. Before you proceed doing so, what you need is to make a list of your General Ledger Accounts.

Coding Structure
FACT does not have pre-set Codes for Assets, Liabilities, Income & Expenses. You may assign any code to any General Ledger Account. But it is a good practice to broadly club the same type of General Ledger Accounts for easier identification and ease of use.

CREATING A LEDGER( APART FROM CASH AND BANK A/C)
    Select Master
    Select chart of account
    Select general ledger
(Creation box will be appear)
    Select Add
    Type General ledger Code
For Eg. E001, I001
    Description: Name of Ledger
    Select Profit/Loss Account or Balance Sheet Type
    Cash/Bank Book – Yes
    It active only in balance sheet
    Type initial of Bank/Cash
    Cash or Bank code: Two digit only
    Minimum Balance:
    Alternate General ledger (G) code:
1    Save
CREATING A LEDGER OF CASH A/C
    Select Master
    Select chart of account
    Select general ledger
(Creation box will be appear)
    Select Add
    Type General ledger Code
For Eg. E001, I001
    Description: Name of Ledger(cash a/c)
1    Balance Sheet Type
2    Choose cash and bank balance from b/l subgroup
3    Cash/Bank Book – Yes
4    Choose yes from cash book
    Type initial of Bank/Cash
    Cash or Bank code: Two digit only
    Minimum Balance:
    Alternate General ledger (G) code:
5    Save
CREATING A LEDGER OF BANK A/C
    Select Master
    Select chart of account
    Select general ledger
(Creation box will be appear)
    Select Add
    Type General ledger Code
For Eg. E001, I001
    Description: Name of Ledger(Himalayan bank a/c)
    Balance Sheet Type
6    Cash/Bank Book – Yes
7    Choose no from cash book
    Type initial of Bank/Cash
    Cash or Bank code: Two digit only
    Minimum Balance:
    Alternate General ledger (G) code:
8    Save

To View General Leger
    Select Ledger Menu
    Select listing of Master
    Select general ledger code
9    O.K.
Entry of journal voucher
1.    click on journal of entry menu.
2.    click on ledger
3.    click on add tab
4.    type the voucher no. narration, and date
5.    click on gl code
6.    press f1 select required debit ledger
7.    type the debit amount
8.    click on gl code of serial no2 select credit ledger
9.    click on save.or press alt+s
Entry of receipt voucher
1.    click on vouchers receipt/payment of entry menu
2.    click on one dr/cr or many dr,cr
3.    click on add tab
4.    select default
5.    choose required voucher type e.g receipt
6.    type the voucher no. and date
7.    click on gl code and select credit ledger
8.    click on bank/cash box
9.    select debit ledger
10.    press enter type the amount
11.    click on save

Entry of payment voucher
1.    click on vouchers receipt/payment of entry menu
2.    click on one dr/cr or many dr,cr
3.    click on add tab
4.    select default
5.    choose required voucher type e.g payment
6.    type the voucher no. and date
7.    click on gl code and select debit ledger
8.    click on bank/cash box
9.    select credit ledger
10.    press enter type the amount
11.    click on save
Entry of contra voucher
1.    click on vouchers receipt/payment of entry menu
2.    click on one dr/cr
3.    click on add tab
4.    select default
5.    choose voucher type payment
6.    type the voucher no. and date
7.    click on gl code and select contra ledger or type 1000
8.    click on bank/cash box
9.    select credit ledger
10.    click on (to bank/cash) box select debit
11.    press enter type the amount
12.    click on save
Display of journal voucher
1.    click on journal book of ledger menu
2.    choose opening option option
3.    define the date range
4.    choose output eg. Text or graphic
5.    click on ok.
Display of receipt voucher
1.    click on cash bank reports of ledger menu
2.    click on receipt register
3.    choose opening option e.g. include opening, exclude opening etc.
4.    define the period
5.    check or uncheck show details
6.    choose sort by option
7.    click on ok
Display of payment voucher
8.    click on cash bank reports of ledger menu
9.    click on payment register
10.    choose opening option e.g. include opening, exclude opening etc.
11.    define the period
12.    check or uncheck show details
13.    choose sort by option
14.    click on ok
Display of ledger reports
15.    click on general ledger of ledger menu
16.    click on normal
17.    define the period
18.    choose required currency
19.    check or uncheck running total, month total
20.    choose output option
21.    click on ok
Display of cash book and bank books
22.    click on cash/ bank reports of ledger menu
23.    click on books reconciliation
24.    define the period
25.    choose required currency
26.    choose cash or bank option
27.    choose output option
28.    click on ok

Display of Trail balance
29.    click on trail balance of ledger menu
30.    click on normal or date to date or GroupWise
31.    type the required date
32.    check on closing stock
33.    choose required currency
34.    choose output option e.g. text or graphic
35.    click on ok
Display of Profit and loss a/c
36.    click on profit and loss a/c of ledger menu
37.    click on complete
38.    type the date
39.    check uncheck show details
40.    check on closing stock
41.    choose currency option
42.    choose output option
43.    click on ok
44.    click on yes of the message
Display of Balance sheet
45.    click on balance sheet of ledger menu
46.    click on complete
47.    type the date
48.    check uncheck show details
49.    check on closing stock
50.    choose currency option
51.    choose output option
52.    click on ok
53.    click on yes of the message

Inventory voucher :

The voucher related to stock is called inventory voucher.
It is involved with product or stock item; there are four types of inventory voucher.

1.    Purchase voucher.
2.    Debit note on purchase return.
3.    Sales voucher.
4.    Sales returned on credit note.


Creating stock items
1.    create the ledger of purchase , sales, purchase return and sales return

1.    click on item product of master menu
2.    click on products
3.    click on add tab
4.    type the item code no. name of item in description box e.g sony, IBM, tvm etc.
5.    choose no from service item
6.    type the unit of stock items
7.    choose purchase, sales, purchase return and sales return from the related box
8.    click on save

Grouping of stock items
1.    click on item/product of master menu
2.    click on grouping
3.    click on insert
4.    type the name of group e.g computer.tv
5.    click on save
6.    click on required group
7.    click on next
8.    click on insert
9.    type the name of subgroup
10.    click on save
11.    click on required subgroup
12.    click on next
13.    tag on required stock item
14.    click on save
Entry of purchase voucher
1.    click on purchase of entry menu
2.    click on invoice
3.    click on add tab
4.    click on default
5.    click on select
6.    type invoice no.
7.    goods received no.
8.    order no., party invoice no.
9.    choose cash a/c or vender name from vender box.(press enter for cash purchase or press f1 to select vender name
10.    click on product box.
11.    press f1
12.    select required product
13.    type quantity and rate
14.    use this process for another items
15.    click on save

Entry of sales voucher
16.    click on sales of entry menu
17.    click on invoice
18.    click on add tab
19.    click on default
20.    click on select
21.    type invoice no.
22.    goods received no.
23.    order no., party invoice no.
24.    choose cash a/c or customer name from customer box(press enter for cash sales or press f1 to select customer)
25.    click on product box.
26.    press f1
27.    select required product
28.    type quantity and rate
29.    use this process for another items
30.    click on save

Entry of purchase return (debit note)
31.    click on purchase of entry menu
32.    click on return tab
33.    click on add tab
34.    click on debit note no.
35.    type ref. inv no.
36.    choose cash a/c or supplier name from vender box.
37.    click on product in invoice box.
38.    select required item
39.    type the quantity
40.    click on save
Entry of sales return (credit note)
41.    click on sales of entry menu
42.    click on return tab
43.    click on add tab
44.    type sales return no.
45.    type the date
46.    choose ref. inv no.
47.    choose cash a/c or customer a/c from customer box.
48.    click on product on invoice box.
49.    press f1 and select required item
50.    type the quantity
51.    click on save



For Opening Balance of General Ledger
    Select Master
    Select Opening Balance
    Select General Ledger
    Plus(+) in Asset side & Minus (-) in Liabilities
    Save

Creation of Salesman or Agent
    Select Master
    Select Salesman/Agent
    Select Add
    Type Code number
    Type name of Agent, Address, Postal Codes Commission Percent
    Save
To View
    Select AR/AP
    Select Listing of Master
    Select Salesman/Agent

Process of VAT(Purchase case)
1.    create the ledger of vat
2.    click on preferences of account menu
3.    click on system control
4.    click on purchase tab
5.    click on invoice terms
6.    click on add
7.    type the code no.
8.    description: vat
9.    click ledger code
10.    choose (+) plus sign
11.    choose none from category
12.    click on save

Process of VAT(sales case)
1.    click the ledger of VAT(B/S,current liablities)
2.    click on preferences of Account menu
3.    click on system control
4.    click on sales tab
5.    click on invoice terms
6.    click on Add
7.    type the code no.
8.    Description: VAT
9.    click ledger code
10.    choose (+) plus sign
11.    choose none from category
12.    click on save

Process of discount case
1.    create the ledger of discount receipt(other income)/discount given(other exp) accordingly
2.    click on preferences of Account menu
3.    click on system control
4.    click on Purchases tab
5.    click on invoice terms
6.    click on Add tab
7.    Description: discount
8.    click the ledger code
9.    Discount received – in case of purchase
10.    Discount given – in case of sale
11.    click on save

Entry of purchase voucher having VAT and Discount
1.    click on purchase of Entry menu
2.    click on invoice
3.    click on Add tab
4.    select Default
5.    click on select
6.    type the inv no.,GRN no.
7.    type vendor/customer
8.    select required item, type qty and rate
9.    click on terms
10.    select VAT or discount ledger accordingly
11.    type percentage or amount
12.    click on ok
13.    click on save

Entry of sales voucher having Vat and discount
1.    click on sales of Entry menu
2.    click on invoice
3.    click on Add tab
4.    select default
5.    click on select
6.    type invoice no.,GRN no.
7.    type vendor/customer
8.    select required item, type qty and rate
9.    click on terms
10.    select VAT or Discount ledger accordingly
11.    type percentage or amount
12.    click on ok
13.    click on save

Creating Vendor/customer
1.    click on vendor/customer of Master menu
2.    click on customer or vendor
3.    click on Add tab
4.    type code no.
5.    type all details of customer/vendor
6.    click on save

                           Display of stock position
1.    click on Material In/Out of Inventory menu
2.    click on Products or Stock ledger
3.    define the period and output option
4.    click on ok
5.    tag the required item
6.    click on ok
                          Display of customer/vendor Query
1.    click on Query of AR/AP menu
2.    click on customer/vendor as required


Display of purchase register(Order,D/O,Invoice)

1.    click on Purchase register of AR/AP menu
2.    Click on required category
3.    click on invoice
4.    choose opening option
5.    define the period
6.    check or uncheck show details, total quantity
7.    choose product option
8.    choose cash or credit or both
9.    choose output option eg. Text or graphics mode
10.    choose outpit to option eg. Print preview, word, excel etc
11.    click on ok



Display of sales register
1.    click on sales register of AR/EP menu
2.    click on required option eg. Invoice
3.    click on invoice
4.    choose opening option
5.    define the period
6.    check or uncheck show details, total quantity
7.    choose product option
8.    choose cash or credit or both
9.    choose output option eg. Text or Graphics mode
10.    choose output to option eg. Print preview, word, excel, etc
11.    click on ok  




Entry of payment to the supplier

1.    click on voucher receipt/payment of Entry menu
2.    click on vendor
3.    click on Add tab
4.    choose payment or receipt
5.    type voucher no.
6.    choose credit ledger from the bank/cash a/c
7.    choose vendor mame from the vendor option
8.    choose bank charge if you select bank a/c
9.    click on document no.
10.    select the invoice no.
11.    click on save     

Entry of receipt from customer

1.    click on voucher receipt/payment of Entry menu
2.    click on customer
3.    click on Add tab
4.    choose receipt
5.    type voucher no.
6.    choose debit ledger from the bank/cash option
7.    choose customer name from the customer option
8.    type the amount
9.    click on document no. from the document no. option
10.    click on save

Display of receipt register

1.    click on receipt register of AR/AP menu
2.    click on customer/vendor
3.    choose opening option
4.    define the period
5.    click on show details
6.    choose the output option
7.    click on ok

Display of payment register