Accounting Module Guide

Understanding Chart of Accounts

The Chart of Accounts is the foundation of your accounting system. It's a complete listing of all accounts in the general ledger.

Account Types:

• Assets: What your company owns (Cash, Bank, Inventory, Equipment)
• Liabilities: What your company owes (Loans, Payables)
• Equity: Owner's stake in the company (Capital, Retained Earnings)
• Income: Revenue earned (Sales, Service Income)
• Expenses: Costs incurred (Rent, Salaries, Utilities)

Steps to View Chart of Accounts:

1. Click on the Accounting module icon
2. Select Chart of Accounts from the menu
3. View all accounts organized by type (Assets, Liabilities, Equity, Income, Expenses)
4. Use search to quickly find specific accounts
5. Filter by account type to focus on specific categories

Creating Journal Entries

Journal Entries allow you to record transactions directly into your general ledger. They're essential for adjustments, corrections, and manual accounting.

When to Use Journal Entries:

• ✅ Recording depreciation
• ✅ Making accounting adjustments
• ✅ Correcting errors
• ✅ Recording accruals and deferrals
• ✅ Year-end closing entries

Steps to Create a Journal Entry:

1. Navigate to Accounting → Journal Entries
2. Click + New Journal Entry button
3. Enter posting date
4. Add reference number (optional but recommended)
5. Add description/narration
6. Add debit entries:
   • Select account
   • Enter debit amount
   • Add description
7. Add credit entries:
   • Select account
   • Enter credit amount
   • Add description
8. Verify that Total Debit = Total Credit
9. Click Submit to post the entry

Viewing All Transactions

The All Transactions view provides a comprehensive list of every financial transaction in your system.

How to Access:

1. Go to Accounting module
2. Click All Transactions
3. View complete transaction history
4. Apply filters by date, account, or transaction type
5. Export transactions for analysis

Transaction Types You'll See:

• • Sales Invoices
• • Purchase Invoices
• • Payment Entries
• • Payment Receipts
• • Journal Entries
• • Bank Transactions
• • Expense Claims

Banking Operations

A. Bank Accounts Management

1. Navigate to Accounting → Banking → Bank Accounts
2. View all registered bank accounts
3. Click + Add Bank Account to register new accounts
4. Enter bank details (Name, Account Number, IFSC, etc.)
5. Link to Chart of Accounts
6. Set opening balance if migrating from another system

B. Bank Statements

1. Go to Accounting → Banking → Bank Statements
2. Import bank statements (CSV, Excel)
3. Map columns to LaabamOne fields
4. Review imported transactions
5. Match transactions with system entries

C. Auto-Categorization Rules

Automate transaction categorization based on rules you define.

1. Access Accounting → Banking → Auto-Categorization Rules
2. Click + Create Rule
3. Define rule conditions (description contains, amount equals, etc.)
4. Assign account category
5. Save and activate rule
6. Future matching transactions will auto-categorize

D. Bank Reconciliation

Ensure your books match your bank statement.

1. Go to Accounting → Banking → Bank Reconciliation
2. Select bank account
3. Choose reconciliation period
4. Enter statement ending balance
5. Mark cleared transactions
6. Resolve discrepancies
7. Complete reconciliation when balanced

Managing Digital Wallets

Track digital payment methods like UPI, PayTM, PhonePe, Google Pay, etc.

Steps to Set Up Digital Wallets:

1. Navigate to Accounting → Banking → Digital Wallets
2. Click + Add Digital Wallet
3. Enter wallet details (Name, Provider, Account ID)
4. Link to Chart of Accounts
5. Set opening balance
6. Record wallet transactions as they occur

Recording Internal Transfers

Transfer money between your bank accounts, cash accounts, or digital wallets.

How to Record a Transfer:

1. Go to Accounting → Banking → Account Transfers
2. Click + New Transfer
3. Select From Account (source)
4. Select To Account (destination)
5. Enter transfer amount
6. Add transfer date
7. Include reference/description
8. Click Submit

Using Quick Actions

The Quick Actions section provides shortcuts to common accounting tasks.

Available Quick Actions:

• • New Journal Entry: Quickly create a journal entry
• • View General Ledger: Access the general ledger report
• • Trial Balance: Generate trial balance report
• • Profit & Loss: View P&L statement
• • Balance Sheet: Generate balance sheet

Understanding Key Financial Reports

A. General Ledger

Complete record of all financial transactions organized by account.

• • Access via Quick Actions → View General Ledger
• • Filter by account, date range
• • Export to Excel for further analysis

B. Trial Balance

Lists all accounts with their debit or credit balances to ensure books balance.

• • Access via Quick Actions → Trial Balance
• • Select period (Monthly, Quarterly, Yearly)
• • Verify Total Debits = Total Credits
• • Use for error detection

C. Profit & Loss Statement (Income Statement)

Shows your company's revenues and expenses over a period.

• • Access via Quick Actions → Profit & Loss
• • Select date range
• • View Revenue, Cost of Goods Sold, Expenses
• • Calculate Net Profit/Loss
• • Compare periods for trend analysis

D. Balance Sheet

Snapshot of your company's financial position at a specific date.

• • Access via Quick Actions → Balance Sheet
• • Select reporting date
• • View Assets, Liabilities, and Equity
• • Verify Assets = Liabilities + Equity
• • Analyze financial health