Nidhi banking software in India, List of banking software

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Accounting
Nidhi Company Software
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Accounting Steps And Some Related Concepts
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Some Definitions about Accounting Concepts--
GROUPS

• Groups which are helpful in classifying and
  identifying the account heads based on their
  nature.
• Grouping which helps in presenting the
  summarized information.
• But at the highest level of grouping, accounts
  which are classified into Assets, Liabilities,
  Income and Expenditure.

ASSETS

• An asset is defined as a resource that is owned
  or controlled by a company that can be used to
  provide a future economic benefit.
• In other words, assets are items that a company
  uses to generate future revenues or maintain its
  operations.
• Assets accounts generally have a debit balance.

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The following table will give you a clear picture
of the types of assets-
Current Asset Fixed Asset Tangible Asset Intangible Asset OperatingAsset Non-operating Asset
Cash Land Land Goodwill Cash Goodwill
Bank Balance Road Road Patents Bank Balance Patents
Investments Building Building Brand Inventory
Inventory Furniture Furniture Trademark Stocks
Stock Plant Plant Copyright Prepaid Exp.
Receivables Machinery Machinery Receivables
Prepaid Exp. Equipments Equipment Plant
Cash Machinery
Inventory/Stock
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INCOME

• The flow of cash or cash-equivalents which are
  received from the work (wage or salary), capital
  (interest or profit), or land (rent).
• An excess of the revenue over the expenses for an
  accounting period. Also called as earnings or
  gross profit.
• An amount by which the total assets will increase
  for the accounting period.
• When customer pays cash to buy a good from the
  store, then the money increases in the company's
  cash on the balance sheet.
• For increasing the balance of an asset, we debit
  that account. Therefore the revenue must be
  equal to that increase in cash which should be
  shown as a credit on the income statement.

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EXPENDITURE

• When accounting for these transactions, we record
  the numbers in two accounts, where an debit
  column is on the left and the credit column is on
  the right.
• A debit is an accounting entry which will
  either increases an asset or expense account,
  or decreases a liability or equity account.
• An expenditure is related a payment or
  disbursement .
• The expenditure would be for the purchase of an
  asset, a reduction of the liability, a
  distribution of the owners, or it could be an
  expense.
• At the time of expense it is recorded, the amount
  is entered as an debit to a expense account.
• Examples-Utilities Utilities which costs
  include electricity, water, heat, and even
  telephone services, etc

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LIABILITY

• A liability is related to an obligation and it is
  reported on to a company's balance sheet.
• A common example of the liability is accounts
  payable.
• Accounts payable would arise when a company
  relate to purchases goods or services on credit
  from a supplier.
• And When the company pays to the supplier, the
  company's accounts payable is to be reduced.
• An increase to an liability or to a equity
  account is a credit.

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Subday Book

• In this Menu, Daily Transactions will be
  displayed detailed wise with account numbers and
  also with narration.

• DAY BOOK

• In this Menu, Daily Transactions will be
  displayed totally.

• CASH BOOK

• Here the transactions will be displayed daily
  but only cash transactions will be
• reflected.
• And also it shows Opening Balance and Closing
  Balance.
• Also whatever Closing balance will be the next
  days transaction of Opening Balance.

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BANK BOOK
Bank Book

• Here the transactions will be displayed daily but
  only through Cheque, other Bank entries
  transactions will be reflected.
• And also it shows Opening Balance and Closing
  Balance.
• Also whatever Closing balance will be the next
  days transaction of Opening Balance.

• TRIAL BALANCE

• Trial Balance is a list for closing balances of
  the ledger accounts on a certain
• date and is the first step towards in the
  preparation of financial statements.
• It is usually prepared at the end of the
  accounting period to an assist in the
• drafting of financial statements.

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Receipt And Payment

• Receipt and Payment account is a summary of the
  cash receipts and payments during the accounting
  period.
• It also records all the cash receipts and cash
  payments including capital receipts and revenue
  receipts irrespective of the accounting period.

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PROFIT AND LOSS
Profit and Loss

• "A Profit and Loss account is an account for
  which all the gains and losses are collected in
  order to ascertain the excess of gains over the
  losses or vice versa".

BALANCE SHEET

• A Balance sheet which lays out at the ending
  balances in a company's asset,liability, and
  equity accounts as on the date stated on the
  report.

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GENERAL LEDGER
General Ledger

• A General ledger account is an account or record
  which is used to sort and to store the balance
  sheet and for income statement transactions.
• Examples of general ledger accounts include the
  asset accounts such as Cash, Accounts Receivable,
  Inventory, Investments, etc.

GL DAY BALANCE

• In GL Day Balance report according to Group Name,
  what is the opening balance till date, what is
  the closing balance related to Debit and Credit
  details.
• Examples Group Name such as Savings Account, FD
  Deposit, RD Deposit, MIS Deposit, etc..

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GL Transaction
GL Transaction
It contains information that are required for the
preparation of the final accounts. The term GL
which is used in short for General Ledger. GL
Transactions which include GL Receipt, GL
Payment, Journal Entry, Contra Entry, Cheque
Reconciliation etc
GL RECEIPT
GL Receipt for adding the amount or depositing
the amount
GL PAYMENT
GL Payment for debiting the amount or withdrawing
the amount
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Journal Entry
Journal Entry for transfer related entries where
need to select debit and credit entries where you
can transfer the amount
CONTRA ENTRY
Contra Entry is related to bank, cash in hand in
entries where we need to select debit a/c and
credit a/c entries for transferring the amount.
CHEQUE RECONILE
Cheque Reconcile is related to Bank related
entries , then all the details will be displayed.
Where need to reconciliation process for that
particular entry.