Party includes customer, vendor, service provider, accounts, prospect

Sub Ledger

You can create practically unlimited number of ledgers.

Though it accepts both upper and lower characters, we strongly recommend you to have a consistent method for naming.

Keep your previous year trial balance on hand before creating ledgers. This will save enormous time and considerably reduce mistakes.

Sub Ledger Creation

The sub ledgers created here are common to all the companies using the same chart of account.

The chart of account is selected and the account category for the selected chart is chosen.

Based on the account category code the party code may be generated automatically or entered manually.

The indicator for the same will be displayed on the left of account code field. (AN- Automatic Numbering, MN – Manual Numbering).

In case of auto numbering for account code directly enter the account name, long name and short name.
In the case of sub ledgers, for reporting purpose and to simplify the data entry, the Control Account code is entered.

The control account code should be a valid general ledger code of the Sub Ledger control A/c type.

The user has to enter the branch code for the party. If only one branch is there the party code can be taken as branch code.
Select the Group code under which the particular ledger code is grouped. This is very vital as the grouping is used for final report generation like profit & loss and balance sheet. The currency code and language code are to be selected from the available codes from the respective masters. The currency code is used for all the transactions for the sub ledger. For additional grouping of the party, type code is to be entered. (These types are created in Admin module Global Common Master (GCM) master. For more details refer GCM creation in Admin.)
The full address of the party along with the contact person and communication details are entered in respective fields for reference. The party address is also used for many of the documents like the purchase order and sales order. Apart from the address, the full physical location is classified in terms of the country, state, district, Taluk, city and PinCode. These details are created in the Admin module. In case the details are not known clearly, the default value NIL is to be posted in these fields. The party bank details are entered as applicable.
In case of the party having operations in more than one location, with one account with us the Additional Branches can be created with the same party code and with different branch code. This will help in having multiple delivery addresses for the same party as required in many cases but with only one branch as main branch the address of which will be taken as party address.
For the sub ledgers, the tax and excise related information like the local sales tax number, central sales tax number along with excise information like the range, division, circle, collectorate and excise code number are obtained. With the facility of dynamic additional fields, other fields as required may created.
Further information for the advanced features of GoodBooks like, payment term code, whether credit sale is allowed, whether cheque is accepted are obtained in sub ledger. These informations can be different for same party for different companies or even different divisions within the company.
The user can add/delete/update the sub ledger accounts. The deletion option is not possible if the sub ledger account is used in subsequent operation.
Note: Other fields should be entered as required.