AccountO – Accounting & Inventory Management System ( GST Compliance )

Introduction

AccountO is a comprehensive accounting and inventory management system that helps businesses streamline their financial operations and stay compliant with GST regulations. With its user-friendly interface and robust features, AccountO is an ideal solution for small to medium-sized businesses looking to manage their finances efficiently. In this tutorial, we will guide you through the process of setting up and using AccountO to manage your accounting and inventory needs.

Getting Started with AccountO

Before we dive into the tutorial, make sure you have the following:

• A valid email address and password to create an account on AccountO
• A computer or mobile device with a stable internet connection
• Basic knowledge of accounting and inventory management concepts

Step 1: Creating an Account

1. Go to the AccountO website and click on the "Sign Up" button.
2. Fill in the registration form with your business details, including your business name, email address, and password.
3. Verify your email address by clicking on the link sent to you by AccountO.
4. Log in to your AccountO account using your email address and password.

Step 2: Setting Up Your Business

1. Click on the "Settings" icon () on the top right corner of the dashboard.
2. Fill in the business details, including your business name, address, and GST registration number.
3. Set up your accounting and inventory settings, including the currency, fiscal year, and tax rates.
4. Save your changes.

Step 3: Creating a Chart of Accounts

1. Click on the "Chart of Accounts" tab on the left-hand side of the dashboard.
2. Create a new chart of accounts by clicking on the "Add" button.
3. Enter the account name, account type (asset, liability, equity, revenue, or expense), and account code.
4. Save your changes.

Step 4: Creating a Sales Invoice

1. Click on the "Sales" tab on the left-hand side of the dashboard.
2. Click on the "Create Invoice" button.
3. Enter the customer details, including the name, address, and GST registration number.
4. Add the products or services to the invoice by clicking on the "Add Item" button.
5. Enter the quantity, rate, and tax rate for each item.
6. Save your changes.

Step 5: Creating a Purchase Invoice

1. Click on the "Purchases" tab on the left-hand side of the dashboard.
2. Click on the "Create Invoice" button.
3. Enter the supplier details, including the name, address, and GST registration number.
4. Add the products or services to the invoice by clicking on the "Add Item" button.
5. Enter the quantity, rate, and tax rate for each item.
6. Save your changes.

Step 6: Managing Inventory

1. Click on the "Inventory" tab on the left-hand side of the dashboard.
2. Click on the "Add Item" button to create a new inventory item.
3. Enter the item name, description, and unit price.
4. Set the inventory levels and reorder points for each item.
5. Save your changes.

Step 7: Generating Reports

1. Click on the "Reports" tab on the left-hand side of the dashboard.
2. Select the report type, such as the balance sheet, income statement, or inventory report.
3. Customize the report settings, such as the date range and account filters.
4. Generate the report and view the results.

Step 8: Configuring GST Settings

1. Click on the "Settings" icon () on the top right corner of the dashboard.
2. Click on the "GST" tab.
3. Enter the GST registration number and GST rate.
4. Set the GST accounting method, such as the cash or accrual method.
5. Save your changes.

Conclusion

Congratulations! You have now completed the tutorial on how to use AccountO to manage your accounting and inventory needs. With these steps, you should be able to set up your business, create sales and purchase invoices, manage your inventory, generate reports, and configure your GST settings. Remember to regularly update your account and keep your records accurate to ensure compliance with GST regulations.