Account Master

 

 

In ERP, party master, supplier ledger & customer ledger comes under one roof of account master as these will ultimately reflects in finance.

ERP should have duly grouped accounts called Chart of accounts like creditor’s ledger should be opened in creditors head, debtor’s ledger should be opened in debtors head, assets in asset’s ledger although assets also have sub-groups which should also be grouped under right heads.

 

 

In ERP every Ledger has its own unique code. The point is not of cramming all these codes but just to keep in mind so that when mistake or an error is done by any new operator you can rectify them easily.

If you will not do the grouping properly this will impair your reports.

Use approval method to avoid any flaws and to make your reports more accountable.

 

Now, it’s the time for New Year in accounting terms learn how to Create + Update Posting in Accounts and Inventory – Finsys ERP

Finsys ERP at your Service.

Listen the YouTube video below made by the Co-Founder of Finsys Mr. Puneet Gupta for more clarity and you can stay in touch just by following and subscribing.