Since, quicksoft ArtRMPP – petrolpump management software is creating separate database for each year, at times there are issues relating to ledger synchronization and this feature update is to handle that issue. There are pros and cons of having separate database file for different accounting years. With separate database for each accounting year there is a safety of data, it is also faster to work on less amount of data for the chosen year as compared to several years data to be queried. From statutory point of view also it is advisable to not allow to edit/update balances or stock after the finalization of balance sheet and so on.
However, when new year gets created ArtRMPP software allows to transfer all the ledger and item stocks to new year on 31st March or 1st April of next year so that one can start working in the new year immediately and avoid back-log. By practice, the provisional trial balance is carried forward to new year on 1st April as some expense voucher, journal entries and adjustment entries are being posted at a later date, even some provisional and outstanding entries are required to be posted over a period of time.
So far, it was not possible to assign code to ledger by users as it was protected and automatically assigned by system. But because new ledgers are created in new financial year as well as previous financial year, which lead to descripancy.
We will explain above with an example: Let’s say accounting year (1-4-2011 – 1-4-2012) had 235 ledgers, which when carried forward to (1-4-2012 to 31-03-2013) all the 235 ledger gets carried forward and if there are no new ledger codes created in either of year then there is no problem in again carrying forward closing balance from previous years database, which is possible through Administration->Update Oepning Balance from Previous Year (closing balance) option.
The problem was when in the new year say a New customer ABC is created, which automatically get 236 ledger code assigned and similarly in previous year say a ledger required to be created say OUTSTANDING EXPENSES… which also get ledger code 236, so when user updates opening balance from previous year the wrong balances get carried forward for ledger code 236 as ledger ABC would have balance of OUTSTANDING EXPENSES… With Version (2.1.55) you can now create new ledger with ledger code of your choice and even edit the existing code to new ledger code of your choice and system will change ledger code for any existing data in the system as shown below:
ledger code validation
In fact, user need not worry about new ledger code, as system automatically assigns new available ledger code as earlier, but simply allows user to edit/change which earlier was not available.
Ideally, in the New Financial Year, one should create just one ledger with value 1001 instead of 236 as the first new ledger to be created and after that all new ledgers will be created with ledger code 1002, 1003, 1004… and so on. So, when you update opening balance from previous year all the new ledgers created in previous year 236,237,238… will automatically get transferred correctly without any problem.
Filed under: Recent Updates, Software Update | Tagged: ArtRMPP, Balance Sheet, Carry Forward, Financial Year, Ledger, Ledger Validation, Master, Opening Balance, Opening Stock, Petrol-Pump, Quicksoft, Software, Synchronize Ledger, Transfer Ledger, Update Ledger, Update Opening Balance | Leave a comment »