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OneCRM | Accounting
Manage accounts, transactions and taxes easily with OneHash
What Is The Differences between Total And Valuation In Tax And Charges?
Purchase Tax or Charges Categories Consider Tax or Charge field in Purchase Taxes and Charges master has three values. Total Valuation Total and Valuation Let's consider an example to understand an effect of each charge type. We purchase ten units of item, at the rate of 800. total purchase amount is 800. Purchased item has 4% VAT applied on it, and INR 100 was incurred in transportation.
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Update Capital Accounts
Update Capital Accounts Before importing capital accounts, make sure that you have created the required ledgers under Chart of Accounts > Liabilities > Capital Accounts group. To import details of capital accounts: Go to: Accounting > Masters and Accounts > Journal Entry > New. Enter Posting Date. Select the appropriate capital account ledgers in Account column and enter the value in Credit column. Select 'Temporary Opening' ledger in Account and enter the balancing am
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Update Fixed Assets
Update Fixed Assets To import all the existing fixed assets first create the asset record and then create a Journal Entry to update the General Ledger. Create Asset record for each asset that your company owns which is not fully depreciated. To create a new Asset: Create an Item with 'Is fixed Asset' enabled. Go to Assets > Assets > New. Enter Asset Name. Enter I
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Update Current Assets
Update Current Assets Before importing current assets, make sure that you have created the required ledgers under Chart of Accounts > Assets > Current Assets group. Go to: ++ Accounting > General Ledger > Journal Entry > + Add Journal Entry ++ . Enter Posting Date. Select the appropriate current asset ledger in the Account column and enter the value in De
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Update Accounts Receivables
Update Accounts Receivables Accounts Receivables is the balance amount your Customer owes you towards the Sales Invoices you have already sent to them. You can import the accounts receivables details using the Opening Invoice Creation Tool. To access it, go to: ++Home > Accounting > Opening and Closing > Opening Invoice Creation Tool++ Go to the Opening Invoice Creation Tool. Select the Company. Select Sales in Invoice Type. Click on
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Update Accounts Payables
Update Accounts Payables Accounts Payables is the balance amount you owe your Suppliers towards the invoices they have already sent you. You can import the accounts payables details using Opening Invoice Creation Tool. To access it, go to: ++Home > Accounting > Opening and Closing > Opening Invoice Creation Tool++ Go to the Opening Invoice Creation Tool. Select the Company. Select Purchase in Invoice Type. Click on Add Row and s
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Update Current Liabilities
Update Current Liabilities Before importing current liabilities, make sure that you have created the required ledgers under Chart of Accounts > Liabilities > Current Liabilities group. To import details of current liabilities: Go to: Accounting > Masters and Accounts > Journal Entry > New. Enter Posting Date. Select the appropriate current liability ledgers in the Account column and enter the valu
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What are accounting entries?
Accounting Entries The concept of accounting is explained with an example given below: We will take a "Tea Stall" as a company and see how to book accounting entries for the business. Mama (The Tea-stall owner) invests Rs. 25000 to start the business. Mama invested Rs. 25000 in Company, hoping to get some profit. In other words, company is liable to pay Rs. 25000 to Mama in the futu
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Loan Management
Loan Loan record is the loan account which contains all the information regarding a loan. Loan record acts as a loan account which contains all the applicant details, repayment schedule, and repayment info. All the loan related documents like Loan Disbursement, Loan Repayment, etc are linked to a Loan. To access the Loan List list, go to: ++Home > Loan Management >
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What is Plaid Integration?
Plaid Integration OneHash offers the possibility to synchronize your bank accounts through a service called Plaid. Please check the Plaid FAQ to see if your country is supported. If your instance is connected to Plaid, you are able to synchronize your bank account transactions without having to manually import a CSV or XLSX file. Settings In order to give OneHash access to Plaid
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Accounts Settings
Accounts Settings There are various account settings in OneHash to restrict and configure actions in the Accounting module. Transactions Settings The percentage by which you can overbill transactions. For example, if the order value is $100 for an Item and percentage here is set as 10% then you are allowed to bill for $110. User
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Loan Security Type
Loan Security Type Loan Security Type defines the type of security that can be pledged against a loan like Stocks, land, etc. During a loan process, if the loan for which the applicant is applying is a secured loan then some kind of security needs to be pledged against that loan. In Loan Security Type master you can define that type of security. To access the Loan Security Type list, go to: ++Home >
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Chart of Accounts
The Chart of Accounts is the blueprint of the accounts in your organization. The overall structure of your Chart of Accounts is based on a system of double entry accounting that has become a standard all over the world to quantify how a company is doing financially. Chart of Accounts is a tree view of the names of the Accounts (Ledgers and Groups) that a Company requires to manage its books of accounts. OneHash sets up a simple chart of accounts for each Company you create, but you can mo
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Loan Security
Loan Security A Loan Security is the actual security that is going to be pledged against a loan. During a loan process, if the loan for which the customer is applying is a secured loan then some kind of security needs to be pledged against that loan. Loan Security specifies the actual security that is going to be pledged against a Loan. To access the Loan Security list, go to: ++Home > Loan Manageme
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Opening Balance in Accounts
Opening Balance in Accounts The opening balance is the balance that is brought forward at the beginning of an accounting period from the end of a previous accounting period or when starting out. This also applies when starting a new Company and would like your offline balances to be updated in OneHash. If you are a new company, you will have minimal opening balances to be imported. However, if you are migrating from a legacy accounting system like Tally or a Fox Pro ba
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Loan Type
Loan Type A Loan Type is where you can define various loan types and their properties like rate of interest, loan account details, etc. To access the Loan Type list, go to: ++Home > Loan Management > Loan > Loan Type++ Enter Loan Name. Enter Company. Enter yearly rate of interest to be charged on the principal amount. Enter Mode Of Payment and account d
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Finance Book
Finance Book A Finance Book is a book against which all the accounting entries are booked. You can have multiple finance books. For example, one book for tax authorities and another for stockholders. This is useful if you have to report depreciation and other values in different ways based on regulatory requirements. You can also use this to post alternate balance sheets for your internal reporting. In order to use Finance Books, you need to check Enable Finance Books under the Fixed Asse
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Loan Application
Loan Application A Loan Application contains details about the applicant and loan security details for review. During a loan process, the first step a customer or employee has to do is submit a Loan Application for review. In case of a secured loan, a Loan Application can also contain proposed loan securities. To access the Loan Application list, go to: ++Home > Loan Management > Loan > Loan Applicat
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Dimensional Accounting
Accounting Dimensions Dimensional accounting means tagging each transaction with appropriate dimensions like Branch, Business Unit, etc. This allows you to maintain each segment separately, thereby limiting the overall maintenance on GL accounts and your Chart of Accounts remains pure. Cost Center and Project are treated as dimensions by default in OneHash. On setting a field in Accounting Dimension, that field will be added in transactions reports where applicable. In OneHash you can cr
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Loan Security Pledge
Loan Security Pledge Loan Security Pledge contains the loan security and the quantity pledged against a Loan. To access the Loan Security Pledge list, go to: ++Home > Loan Management > Loan > Loan Security Pledge++ Before creating and using a Loan Secur
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Bank
Bank In OneHash, saving different banks lets you upload an excel sheet and map the transactions to the ledger. The transactions are created as Bank Transactions. These can then be used for reference and reports. This is done using Bank Reconciliation. To access Bank, go to: ++Home > Accounting > Bank Statement > Bank++  Purchase Order (Advance Payment) Expense Claim Internal Transfer In OneHash, there are two options through which User can capture the payment: Payment Entry (Default) Journal Entry Here are diagrams to understand the flow: In Sales:  Profile?
POS Profile In OneHash, a POS profile allows using the Point of Sale feature. POS includes advanced features to cater to different functionality, such as inventory management, CRM, financials, warehousing, etc., all built into the POS software. Before modern POS, all of these functions were done independently and required the manual re-keying of information, which could lead to entry errors. If you are in retail operations, you want your Point of Sale to be as quick and efficient as
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Creating a POS (Point of Sale) Invoice
Point of Sale A Point of Sale refers to the time and place where a retail transaction takes place. For retail operations, the delivery of goods, accrual of sale and payment all happens in one event, that is usually called the 'Point of Sale' (POS). In OneHash all Sales and Purchase transactions, like Sales Invoice, Quotation, Sales Order, Purchase Order etc. can be edited via the POS. There are two steps to set up POS: To access POS, go to: ++Home > Retail > Retail Operations > POS++
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POS Cashier Closing
Cashier Closing A retail counter may have multiple people operating it throughout the day in different shifts. Cashier closing in POS allows a cashier to record the sales and details at the end of his/her shift. To access the Cashier Closing list, go to: ++Home > Retail > Retail Operations > POS++ Go to the Cashier Closing list and click on New. Enter the shift start and end time. Enter any expenses incurred during the shift like refreshment
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What is a BRS or Bank Reconciliation Statement?
Bank Reconciliation A Bank Reconciliation entry is used to match OneHash account statements with your bank account statements. If you are receiving payments or making payments via cheques, the bank statements will not accurately match the dates of your entry, this is because the bank usually takes time to “clear” these payments. Also, you may have mailed a cheque to your Supplier and it may be a few days before it is received and deposited by the Supplier. In OneHash you can synchronize
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Payment Reconciliation: Matching Payments with Invoices
Payment Reconciliation Payment Reconciliation is used to link payments with invoices. In complex scenarios, especially in the capital goods industry, sometimes there is no direct link between payments and invoices. You send invoices to your Customers and your Customer sends you block payments or payments based on some schedule that is not linked to your invoices. In such cases, you can match Payments with Invoices using Payment Reconciliation. To access Payment Reconciliation, go to:
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Period Closing Voucher
Period Closing Voucher A Period Closing Voucher indicates that the profit/loss for an accounting period has been balanced and the books can start fresh. At the end of every year or (quarterly or maybe even monthly), after completing auditing, you can close your books of accounts. This means that you make all your special entries like: Depreciation Change in value of Assets Defer taxes and liabilities Update bad debts Then book your Profit or Loss. By doing this, your balance in y
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Payment Order
Payment Order A Payment Order is an internal document to record bulk payments against Suppliers. In big corporations, the decision of making payment to Suppliers is done by someone like the Purchase Manager. The action of making the payments is done by an Accountant (Accounts User). The Payment Order is the communication between the Purchase Manager and the Account notifying the Accountant to proceed with the Payment. In OneHash, using the Payment Order, you can fetch multiple Payment
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Process Statement Of Accounts
Process Statement Of Accounts Process Statement Of Accounts is a tool which helps you send Statement Of Accounts (General Ledger Report) and Ageing (Accounts Receivable Summary) Report as a PDF to your customers in bulk via email either manually or automated periodically. This feature is useful when you want to send email updates to customers periodically about their transactions (like Sales Invoices). In the PDF attachment sent via emails sent to the customers, for each customer, there
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Major Accounting Reports
Accounting Reports Some of the major accounting reports are: General Ledger Go to: ++Accounting > General Ledger++ The General Ledger is a detailed report for all transactions posted to each account and for every transaction there is a Credit and Debit account so it lists them all up. The report is based on the table GL Entry and can be filtered by many pre-defined filters like Account, Cost Centers, Party, Project and Period etc. This helps you to
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How to set up multi currency accounting?
Multi Currency Accounting Transacting in two different currencies is known as Multi Currency Accounting. In OneHash, you can make accounting entries in multiple currencies. For example, if you have a bank account in foreign currency, you can make transactions in that currency and the system will show bank balance in that specific currency only. Bank accounts in foreign currencies can be for other branches of your own company or Debtors/Creditors account for foreign Customers/Suppliers.
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How to use Deferred Revenue?
Deferred Revenue Deferred revenue refers to advance payments a Company receives for products or services that are to be delivered or performed in the future. It is also known as unearned revenue. The company that receives the prepayment records the amount as Deferred Revenue on their balance sheet as a liability. Deferred revenue is a liability because it refers to revenue that has not been earned and represents products or services that are owed to a Customer. As the product or service
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How to use Deferred Expense?
Deferred Expense Deferred expense is a cost that has already been incurred, but which has not yet been consumed. The cost is recorded as an asset until such time as the underlying goods or services are consumed; at that point, the cost is charged to expense. A Deferred Expense is initially recorded as an asset, so that it appears on the balance sheet (usually as a Current Asset, since it is not used as of now and will probably be consumed within one year).
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Loyalty Program
Loyalty Program A Loyalty Program allows Customers to earn points by spending a certain amount and lets them redeem the points in future purchases. A Customer Loyalty Program is a structured and long-term marketing effort that provides incentives to repeat Customers. Successful programs are designed to motivate Customers in a business's target market to return often, make frequent purchases, and shun competitors. To access the Loyalty Program list, go to: ++Home > Retail > Loyalty Pro
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Budgeting
Budgeting Budgeting is a financial plan that helps controlling Company expenses. In OneHash, you can set and manage budgets against a Cost Center or a Project. This is useful in controlling your expenses. You can also create separate Accounting Dimensions to tag transactions with different fields. For example, if you are doing online sales, you can set a budget for search advertisements and configure OneHash to stop or w
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How to Post an Invoice Discounting Transaction?
Invoice Discounting Invoice discounting is the practice of using a company's unpaid sales invoices as collateral for a short term loan, which is issued by a bank or a finance company. To access the Invoice discounting list, go to: ++Home > Accounting > Banking and Payments > Invoice Discounting++ You need to create following ledgers in order to post invoice discounting transactions. Short Term Loan: A ledger under the 'Current Liabilities' > 'Loans (Liabilities)'
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Setting a Subscription
Subscription If you offer a service that requires renewal in a certain time period (yearly, monthly, quarterly, etc.), you can use the Subscription feature in OneHash to track them. The Subscription master captures all the details required for the auto-creation of Sales Invoice on subscription expiry. Let's consider a use-case of OneHash subscription itself. Our hosting plans are available on a yearly basis. Each Customer's account has a subscription expiry date, after which customers must
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How to create a Subscription Plan?
Subscription Plan A Subscription Plan stores information about the Item being subscribed, its price, and billing interval. To access the Subscription Plan list, go to: ++Home > Accounting > Subscription Management > Subscription Plan++ Before you can set a Subscription, you need a Subscription Plan. Go to the Subscription Plan list and click on New. Select the item that will be subscribed. Select a Price Determination whether Fixed or based
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Who is a Shareholder and How to create a Shareholder?
A Shareholder is someone who owns shares of a Company. A Shareholder is any person, company or other institution that owns at least one share of a company’s stock. Because shareholders are a company's owners, they reap the benefits of the company's successes in the form of increased stock valuation. If the company does poorly, shareholders can lose money if the price of company stock declines. Any profit or loss made by a Company belongs to the Shareholders and hence the Shareholders are
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Creating a Share Transfer
Share Transfer A Share Transfer is the Issue, Transfer, or Purchase of Company shares from one party to another. There may be times when you want to change the share structure of your Company; either by adding new Shareholders or by changing the existing proportion of shares between Shareholders. A Share Transfer is the process of transferring existing shares from one person to another; either by sale or gift. When creating a new Shareholder, they need to be issued shares first. Only then
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Common Receivable Account
Common Receivable Account As per the party model, a common receivable account called Debtor is auto-created. This is a default Receivable Account for all the Customers. If needed, you can also create a new receivable account and update in the Customer master. Question: Should I create separate Receivable Account Account for each Customer? Answer: You can, but it's not a recommended approach. If
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Round Off Account Validation
Round of Account Validation Message Question When submitting an invoice, why does it ask for a Round Off Account? How to update it? Answer In the Purchase Invoice, Grand Total is calculated based on various calculations like: Qty multiplied by Rate = Amount Tax and other charges applied to each item Discount applied to some or all the items Multiplication with exchange rate, in ca
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Managing Transactions in Multiple Currency
Managing Transactions In Multiple Currency In OneHash, transactions can be created in the base currency as well as in parties' (customer or supplier) currency. If the transaction is created in the parties' currency, their currency symbol is updated in the print format as well. If you are quoting to a Customer in a different currency, you will have to update the conversion rates to enable OneHash to save the information in your standard currency. This will help you to analyze the value of yo
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Immutable Ledger
Immutable Ledger A major change has been introduced in OneHash from version 13 onwards. This changes the way Accounting Ledger (General Ledger) and Stock Ledger works in OneHash. There are multiple reasons why ledgers should be immutable. To list a few: Re-posting future entries is computationally expensive. To post a backdated transaction, all future entries need to be re-posted. In Stock Ledger, where the valuations are based on First-in-first-out (FIFO) me
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