Preparing Financial Reports through Final Account
Using the Final Accounts option, the User can prepare all financial reports like Balance sheet, trading account, and profit and loss account, etc.
To prepare the return “FINANCIAL REPORTS THROUGH FINAL ACCOUNT”, follow the steps provided below: -
Step 1.
Open the Income Tax software - Go to Final Account option given in the menu bar
Step 2
- Add Business Name, Once the business name is added other options will get enabled.
- Checkmark on “Multiple Profit n Loss and Profit n Loss Appropriation” → to create multiple P&L Account
- Checkmark on “Multiple Capital Account and Balance Sheet and Profit n Loss Appropriation” → to create multiple Capital Account And Balance Sheet
- Through this, User Can add multiple businesses and can prepare Multiple financial reports.
Step 3
The left-hand side panel has different options for data entry which helps in preparing the financial reports.
The names of the account specify the function and use of the account.
- Trading A/c
- Profit And Loss A/c
- Profit and Loss Appropriation
- Capital A/c
- Balance Sheet.
- Receipt and Payment
- Personal Capital A/c
- Statement of Affairs
- The Sum Button inbuilt function is used to sum the numerical values present in the given range of cells. For this, the cell where the sum is to be calculated is selected and then the range of cells is selected that is to be added.
Step 4
By using Create Account Option, User can create an account which is not present in the master data
- Click on Create/Update Account
- Mention New Account Name
- Select Account Type
- Select Respective Group
There are two options “client” and “master”
If a user wants to create an account in the selected client, then he is required to a checkmark on “client “
If a user wants to create an account for all the clients, then he is required to a checkmark on “master”
Step 6
Now click on Reports option
- To print the report, select the Report Option that is required as per the user's choice and then click on Report.
- Consolidate Business Print would give the consolidated report of multiple businesses created.
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