Creating an Account

Navigate to Modules > Finance & Accounting Module as shown in the figure below.


Once the user is inside the module, The user can start by creating an account.


While creating the account, The user has to fill in the below information:

  1. Account Name

  2. Account ID

  3. Financial Start Year

  4. Financial End Year

  5. Company/Personal name

  6. Address

  7. Email

After inputting the required information, click on submit to create the account.


Account Dashboard


After successful account creation, select the account to activate. A Snapshot of the account dashboard is shown below.

Click on the Accounts' section to add  groups and/or Ledgers.


The user can create a Ledger under the group name that is already established, or the user can create a new group and add the ledger to that group.


While creating a new group, The user has to make sure that the new group is associated with a parent group.


An example of a new group creation associated with current assets as its parent group is shown below. Click on Submit after creating the group.

After creating the group successfully, the user can see the created group under the particular parent group. In this example, Test_1 is created under the Assets group.

Now a group has been created, the user can create a Ledger under the group.
The ledger can have an opening balance or zero opening balance as per the requirement.
The ledger account can be a bank/cash account or/and Reconciliation.

*Always remember:
Assets & Expenses will always have a Debit Entry and Balance & Liabilities will have a credit account.


Click on the submit button to create the Ledger.

After the ledger has been created, Chart of Accounts will have the ledger and the Opening/Closing Balance. The user can edit the details by clicking on the edit option.


Since this is a double entry system, Everything has to be balanced, otherwise the difference in opening balance message is shown.


Adding Entries to the Ledgers:

List of entries supported in Classe365.

  1. Receipt -  The Receipt entry is useful when the cash is received through bank or cash account.

  2. Payment - The payment entry whenever the user makes the payment to the bank or cash account.

  3. Contra - Contra payment is useful only when there is a transaction from bank to Cash account.

  4. Journal - Journal entries are useful when transferring from one ledger to another ledger.


The user can start adding the entries by balancing the debit/credit.

If the debit and credit do not match, then you will see a warning on top of the page which indicates a mismatch of debit & credit. An example is shown below.

If the Debit/Credit matches, then the entry is created in the list of entries as shown below.

The entries can be viewed, edited, deleted, Emailed, Downloaded and Printed.



Reports:


Classe365's Finance & Accounting module has an exhaustive report section.


The report Section consists of:

  1. Balance Sheet

  2. Profit & Loss

  3. Trial Balance

  4. Ledger Statement

  5. Reconcillation 

  1. Balance Sheet :

The snapshot below shows the balance sheet Test_2_ledger and Test_3_ledger

2. Profit & Loss Statement:

The Profit & Loss statement gives the summary of revenue, cost and expense occurred during the year.

3. Trial Balance:


    The trial balance report shows all the debit/credit statements with any disagreement indicating a mismatch.

4. Reconciliation Statement:


The Ledger account is selected for reconciliation than the report can be extracted, otherwise the reconciliation statement cannot be extracted.

After the Ledger account is selected, click on the submit button to view the reconciliation report.



Settings:


The different settings available in Classe365 are:

  1. Account Settings

Here the user can make changes to the account which includes the financial year start and financial year-end, company name, address name and the email address.

     2. Printer Settings


Printer settings allow the user to make changes to the paper size and paper margin which then can be used to print entries, reports etc.

    3. Tags


Tags are useful to highlight entries. The user can change the color and the background as per their discretion.

These tags can be edited at any point of time.

Tags can be added to the entries, and they are highlighted as per the color and background of choice.

     4. Entry Types


The user can make changes to the entry types.
The user can add label, Name, Description, Prefix, Suffix & Zero padding.
There are action items of Edit/Delete as well.

   5. Lock account

The user can lock the account to prevent any further changes to the system.



Once the account is locked, The user cannot make any changes to the account.



If you have any questions for us, please contact us at support@classe365.com

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