Zen IT || New Financial Statement (Non-Corporate)

Process for Feeding Data in the New Financial Statement (Non-Corporate)

This guide explains the step-by-step procedure for entering financial data and generating reports under the New Financial Statement (New FS) module for Non-Corporate entities.

Step 1: Access the Trial Balance Module

Navigate to:
Transactions → Balance Sheet (New FS) → Trial Balance

      

This section is used to enter or update all financial ledger balances.

Step 2: Enter Trial Balance Data

Record all necessary debit and credit balances in the Trial Balance (New FS) screen.

Ensure accuracy and completeness while entering the figures.

Step 3: Fill Supporting Financial Formats

To enter additional required details such as:

1. Capital Account
2. Opening and Closing Inventories
3. Fixed Asset Chart
4. Trade Payable / Receivables
   

Navigate to:
Transactions → Balance Sheet (New FS) → Formats

      

Provide all relevant information as per the financial requirements.

Step 4: Enter Significant Accounting Policies

Go to:
Transactions → Balance Sheet (New FS) → Significant Accounting Policies

      

Enter the applicable accounting policies to ensure proper disclosure in the financial statements.

Step 5: Generate Schedules

Navigate to:
Transactions → Balance Sheet (New FS) → Schedules

      

Generate the schedules for verification and review.

Step 6: Lock and Print Schedules

After reviewing all schedules:

1. Lock the schedules to finalize the data
2. Print the schedules for documentation and compliance purposes
   

Step 7: Generate Final Financial Statements

To generate the Balance Sheet report:
Navigate to:
Reports → Balance Sheet Reports (New FS) → Financial Reports → Balance Sheet

      

To generate the Profit & Loss Account report:
Navigate to:
Reports → Balance Sheet Reports (New FS) → Financial Reports → Profit & Loss A/c

      

These options allow you to generate and review the finalized statutory financial statements.

By following the above steps, users can efficiently feed data into the New Financial Statement (Non-Corporate) module and generate accurate statutory financial reports. Completing each section—Trial Balance, Formats, Schedules, and Accounting Policies—ensures that the final Balance Sheet and Profit & Loss statements comply with reporting standards and provide a comprehensive financial overview.

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