PremSS Introduction

firstly, every product you sell needs an identification number a unique code that makes it easily identifiable in your system. The type of goods you sell will determine the slot and number you assign for instance, if you're in the clothing business, you could assign shirting 11,000-20,000, Suiting 21,000-31,000 and sarees 51,000-61,000. This is just one example you should customize your numbering according to your needs, starting with item number 11, 000 and keeping all numbers below it for account purposes remember to include the HSN number given by the government with every product number.

Next, consider your unit if you sell goods by the  piece assign a calculation unit of one if your goods are sold in grams kilograms, meters centimeters or liters assign a calculation unit of 0.00. This unit will determine whether the price is per piece or per kilogram meter or liter. Now GST and CESS are calculated per hundred, meaning they're applied to the total price. If there's A CESS per unit, make sure to note it down. The software will calculate it based on your sales and purchases. Discounts and prices aren't always fixed,

So, you'll need to note them down in every Bill. If the GST rate changes, you'll need to adjust your product number accordingly the item number is kept as text for flexibility for example, if you have an item number 1530 and its GST rate changes, you can adjust it to 1530- 1 or 1530- A.

Always check your stock register at the time of billing to ensure it doesn't go into minus. If it does, your closing stock and price will be incorrect and your account won't show the correct results in summary, Prem Software and Services provides a unique coding system for ease of product and account management. It's designed to adapt to changes in' GST structure and offers flexibility in product numbering and pricing it's a powerful tool that ensures your stock register is always accurate and up to date remember if something goes wrong, we're here to help find a solution and adapt the software to your needs after all we're all about making account and product management as easy and efficient.

Ever wondered about the challenges of managing accounts and ledgers it may seem like a daunting task but with a clear understanding and a systematic approach it can be mastered with ease.  

So, let's dive in and de mystify the process. The first step is to create 2 types of account registers a trade register for buying, selling and recording expenses or income and a general Ledger register for a uniform account these registers serve as the foundation of your accounting system.

Now let's talk about the importance of maintaining accurate and up to date records. Keeping track of all financial transactions is crucial for analyzing the financial health of your business and making informed decisions to ensure accuracy. It's essential to reconcile your accounts regularly this involves comparing your records with bank statements and other financial documents to identify any discrepancies another important aspect of managing accounts and ledgers is categorizing transactions by assigning specific codes or categories to each transaction. You can easily track and analyze different types of expenses and income. 

Now that we've covered the basics, let's discuss the role of technology in modern accounting. With the advent of accounting software and  these tools automate many manual tasks such as data entry and calculations saving your time and reducing the risk of errors. They also provide real time access to financial information allowing you to make timely decisions based on accurate data. In conclusion, managing accounts and ledgers may seem complex but with the right knowledge and tools it can be simplified by creating account registers maintaining accurate records reconciling accounts categorizing transactions and leveraging technology you can effectively manage your finances and drive the success of your business. 

One account register is dedicated to fees and taxes including GST and sales purchases. This is preset so there's no need for adjustments. A cash account is also provided ready for use the task left for you is to create supplier and customer accounts as per your requirements by creating a slot in the register when dealing with purchase and sale bills, charges such as freight and forwarding insurance and packing fees can be registered these accounts are linked to items using the same number. for instance, if a freight and forwarding account is created with the number 63, a code number of 63 must also be created in the Product Master. In the account register accounts for all types of GST and CESS are already created.

 Again, no changes are required simply printed out and practice for familiarity just like the cash account the supplier and customer entry forms are different but the account will automatically open with the same number and name in the account register. It's crucial to remember that 2 accounts of the same party cannot be created to avoid complications. If the same party appears in 2 states separate accounts should be created. after each entry a general Ledger is created and its summary goes into the account any mistakes can be rectified through credit notes or debit notes and quotations can be made. The impact on GST is automatically calculated after every entry providing details in 2 ways, one account and the other liabilities. In paid GST and remaining liabilities. to recap, managing accounts and ledgers involves creating 2 types of registers, a trade register and a general Ledger. Register accounts for fees and taxes sales, purchases and cash are preset leaving you to create supplier and customer accounts purchase and sale Bill charges are linked to items using the same number and accounts for all types of GST and CESS is already created. Separate accounts should be created for the same party appearing in 2 states and credit notes or debit notes can be used to rectify mistakes. Finally, the impact on GST is automatically calculated after every entry by following these steps you can successfully manage accounts and ledgers making the process less daunting and more manageable.

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