What is the purpose of Creating Liability Ledger?
Liabilities ledger
What is the purpose of Creating Liability Ledger?
A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. For example :- Accounts payable, i.e. payments you owe your suppliers, Salaries and wages payable in the next year.
How to create Ledger in TruePos?
Step 1: Select Master > More > Liabilities under Finance & Accounts module.
Step 2: Name the precise location for which the asset ledger will only be mapped.
Step 3: Choose the Account Type, either "Current liabilities" or "Outstanding liabilities" from the list and then enter your ledger name in the "Account name" field.
Step 4: Depending on your needs, select "Yes" or "No" to enable or disable cost centers.
Step 5: Depending on your needs, choose "Active" or "Inactive" for the Liability account status.
Step 6: Enter the Goods and Services Tax (GST) Registration Number
Step 7: Choosing a location type local, interstate, import, or unregistered
and Enter the ERP code.
Step 8 : Press F6 to save the liabilities ledger.
Step 9 : To see Ledger master Report, Go to Reports >> More >> Master Report >> Ledger Master report.
Detailed steps of creating Ledger in TruePos :-
Step 1: Select Master > More > Liabilities under Finance & Accounts module.
Step 2: Name the precise location for which the liability ledger will only be mapped.
Step 3: Choose the Account Type, either "Current liabilities" or "Outstanding liabilities" from the list and then enter your ledger name in the "Account name" field.
Step 4: Depending on your needs, select "Yes" or "No" to enable or disable cost centers.
Step 5: Depending on your needs, choose "Active" or "Inactive" for the Liability account status.
Step 6: Enter the Goods and Services Tax (GST) Registration Number
Step 7: Choosing a location type local, interstate, import, or unregistered
and Enter the ERP code.
Step 8 : Press F6 to save the liabilities ledger.
How to View Ledger Master Report in TruePOS?
Step 1 : To see Ledger master Report, Go to Reports >> More >> Master Report >> Ledger Master report.
FAQ'S
1. What are the 5 examples of liability ledger ?
Answer :- Liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
What will happen if the amount of debit exceeds the amount of the credits ?
Answer : Particular account will have a debit balance.
Give example of ledger which will be appearing on the credit side of the ledger account?
Answer :- Discount Received ledger will be appearing on the credit side of the ledger account.
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