The chart of account (CoA) is one of the significant features of any business. Accounting involves so many activities like Income, Expenses, Assets, Liabilities etc which is the base of all financial institutions. Chart of accounts need to be precise so that businesses can make the right decision at the right time.
Jainam Software provides a perfect accounting module and a ledger management system. All Loan related accounting is done automatically. Other than loan, different types of expenses and income can also be maintained. Jainam Software provides chart of accounting to help manage all the ledgers. Required Ledgers can be created or they can be added from Add to favorite. Most of the required Ledgers are in the Add to favorite section. Add to favorite ledgers are already put into respective groups so there is no need to think and add them to appropriate groups. For example if you choose electricity expenses. Electricity Expenses are already added to the Indirect expenses group. And Late Fee Credit is the income part and is already added to Indirect Income. All Expenses(dr)and Income(cr) is added appropriately to the groups as indirect expense or Indirect Income. Assets and liabilities are also segregated and added. We can add the Business Capital/Opening balance through the Opening balance in the ledger.
Automated Ledger and Accounting Journey of Jainam Software
1: Create Ledger: Select Ledger >Create: Ledger is created
2: Add the Ledger to the Favorite List: Select Ledger> Add to Favorite: All the created Ledgers will be added to your ledger favorite list.
3: Add Opening Balance: We can add opening balance through the Opening balance screen in Ledger
4: Business Summary Dashboard: shows the total cash in hand and bank. Business capital is injected in the software through the accounting module.
5: Cash Withdrawal: This feature is used to withdraw cash from the bank: Select bank Name, Enter Amount and Narration, Select the date and Click on Save
6: Cash deposit : Jainam Software allows to deposit cash in the bank . Select bank Name, Enter Amount and Narration, Select the date and Click on Save
7: Journal Entry: Expenses and Income can be added through Journal Entry. To add any sort of expenses or income like Tea and Coffee expenses, car expenses , electricity Expenses, Late Fee, Processing fee etc they all can be added through Journal Entry.
8: Accounting Summary: Entire accounting summary can be seen in Business summary > Account Statement. Click on Business Summary> Account Statement>Account statement screen is displayed Select a date or date range, Select Account and Click on Refresh
Any wrong entries can be deleted through account statement
Therefore to sum up the list of accounts in Jainam software is organized into the following general ledger categories:
These categories cannot be removed or modified and new categories cannot be added. All these categories and all the loan accounting is done automatically in jainam software.