Adding and deleting accounts using chart of accounts

Chart of accounts is the list of predefined account names that a company has identified and that is made available for recording transactions. Chart of accounts may be of different kinds. It may be as large or as complex as the company itself. For example if we look international corporation with several divisions may need thousands of accounts, whereas a small organization could manage in few hundred accounts.

In Numia, the common accounts used across the world for small and large businesses have been listed in Default accounts. In case if you find that your accounts is not listed in default accounts, you can add new accounts. If you need more accounts or sub accounts other than the 'Default accounts', then you can create your own accounts by clicking 'Add new' Button at the page. Just follow these steps to add new account type or account name.

Adding Accounts :

• Go to Banking menu and then select Chart of Accounts.
• Now you can view the list of default accounts and user created accounts.
• If you have not created any accounts then only defaults accounts are listed.
• Click the “Add New” button to add new account type and account name.
• Fill the details like account no, account section, description then click Add Type button.
• Now you new account type is created. You can view the newly created account type in the chart of accounts main page.
• You could also have the provision of editing your user created account types. Just click the edit button in the Chart of accounts page. Then you can change the account type of the existing accounts. But you can't edit the default accounts.
  

Deleting Accounts :

It is possible to delete your existing accounts in Numia. In “Chart of accounts” page the default accounts and the user created accounts are listed. Just click the delete button corresponding to the account type you need to delete. But once you deleted the account, it is not possible to recover it or view it.

Reversing of Transactions

When a transaction has been entered incorrectly by mistake or accidently, You may need to reverse the transaction. Reversing a transaction means turning the transaction and make it’s effect to zero in the financial records. This process of reversing the transaction is the matter of reversing the debits and credits within the transaction.

When the transaction is reversed, the system will create a new transaction that simply reverses the original transaction debits and credits. In Numia, the Online accounting software, Reversing the transaction can be done by following the steps below.

• Choose Report -> Transaction List.



• Select the transaction that need to be reversed.



• Click on the “Reverse” Button to reverse the transaction.

Editing and Deleting of Full and Partial Payments

Many sellers allow the buyers to pay for the product or service both in terms of full payment or partial payment. They make the buyers to pay in installments ie partial payment when he cannot pay the full amount. Partial payment is nothing but the payment that is less than the due amount.

Numia, the online accounting software provides a simple way to record partial payments from your customers. The steps involved in recording partial payments are

• Select Customer -> Receive Payments.
• Choose the customer from which the partial payment is received.
• Select the Payment mode from either cash, cheque or credit card.
• To deposit the payment amount to any of the bank, choose the bank in the “Deposit the amount to field”
• To keep the "Cash In Hand", don't select any option.
• If you want to keep the cash in a fund to deposit later, select Group with Undeposited Funds.
• Choose the invoice for which you have received the partial payment.
• Enter the partial amount paid in the Amount Paid field.
• Click Submit to record partial payment from the customer.

Now, in Numia, you can easily edit, delete the partial and full payments on customer and vendor transactions and do a complete edit / delete of any reconciled / un-reconciled transactions. This can be done by selecting “Reports -> Transaction List”. In the transaction list, just select the transaction to which change has to be done. You will be redirected to the form. Now you can edit and after clicking “Save changes”, your changes has been saved. Numia will automatically add to the credit if you change the amount. You can also delete the transaction by clicking “Delete”.