Choosing the best accounting software in Bangladesh for your business needs is more important than ever these days, especially as accounting legislation and reporting requirements seem to be changing frequently. This type of software can require some considerable investment, so choosing the correct system for your business needs is essential.
Best Accounting software in Bangladesh is produced for many purposes, from home accounting and budgeting, all the way through to software to manage the transactions and reporting requirements of huge corporations. Most of the accounting software Bangladesh packages are modular based, with modules to deal with transactions, payroll requirements, accounts payable and receivable, and even annual reports for the benefits of legal requirements and for shareholders.
The reality is that there will be the number of accounting software in Bangladesh packages that will suit your needs, most offer comparable functionality, and you will need to consider budget and the expandability of the product to make the right decision. Avoid software that is unable to grow with your business as it expands. Important points to consider when choosing might include the ability of the program to integrate graphical presentations into the output reports, the ability to automate the transaction processes fully, and the ability of the package to connect to the internet, perhaps for the retrieval of back transactions and the transfer of funds using the electronic transfer.
Ideally, high-end best accounting software Bangladesh should be able to incorporate all the functions you need. It is often better to spend a little more and get an accountancy program you can grow into, rather than a program you grow out of too quickly. A lot of the manufacturers to give the ability to upgrade to a higher specification package with a discount, and this may be something you can consider.
Security is always important for businesses, but when you are working with business accounts, that if compromised, could have a marked effect on the business, security is essential. Protecting your sales data from competitors is an important consideration, and encryption when passing data over the internet should be a fundamental consideration.
Many companies work online and over multiple currency areas, so the ability for reports to be translated into multiple languages and currencies may be something that could benefit your company, as well as saving time and money on conversions.
These are just a few of the important considerations when looking for high-quality accounting programs that can save your business time, and produce high-quality financial reports that can be easily interpreted and acted upon.
Best accounting software in Bangladesh Troyee’s Accounts & Inventory
A. Creation of Accounts Ledger, Group, Sub-Group
For this, first, run the best accounting software Bangladesh Troyee, then click on the Accounts Button and then click on the Ledger button. Following form will appear for ledger creation:
[In computerized Accounting, while creating new Ledger, we require to classify it suitable under relevant Accounts Group to tell the software the nature of the Ledger and where it will appear. This is necessary at this stage as all reports are prepared instantly the moment we enter transactions (Vouchers). In case of Manual Bookkeeping, this classification is done at the later stage (after preparation of Trial Balance, Nominal Accounts are transferred to Profit & Loss Account through Journal Entry, Real and Personal Accounts are posted to Balance Sheet under proper heading i.e. Groups)].
To simplify, initially, make ‘NO’ at ‘Cost Centers’; Keep ‘Currency’ as ‘BDT’; Keep ‘Effect Inventory’ as ‘No’, specify ‘Yes’ to ledgers like Sales/Purchase, etc. that affect inventory. If any duty (customs duty) or direct expense (carriage inward) effects inventory, you may also set ‘YES’ for those ledgers; Keep ‘Payroll’ as ‘No’; Leave ‘Opening Balances’ blank. During the creation of suppliers/customers, enter details address. ‘Inactive’ button is for making any ledger non-functional if not required for the transaction.
Now, to go through a case study, create following ledgers under relevant Group/Sub-Group:
A. Rahman under Paid-up Capital
N. Alam under Paid-up Capital
Write A. Rahman in the Ledger field and press Enter, Cursor will move to the field Under and a list box will pop up. You will have to type ‘P’ in the keyboard to select Paid-up Capital and by pressing Enter and Enter you will have to save the entry. Same steps for N. Alam ledger.
Similarly, create the following two suppliers under Sundry Creditors:
Best Business Bond Ltd. under Sundry Creditors
Sky Touch Computers under Sundry Creditors
If we want to create Regions (Dhaka, Chittagong) under Sundry Debtors & then customer or parties under those Regions, then we have to proceed following way:
From the Accounts> Group … create Dhaka under Sundry Debtors
Chittagong under Sundry Debtors
Now, create Customers –
Accounts> Ledger … Rangs Electronics under Dhaka
Mostafa Group under Chittagong
Now, create two Bank Accounts-
UBL A/C-123 (Ledger) under Uttara Bank &
Uttara Bank under Bank Accounts (PrimaryGroup)
PBL A/C-001 (Ledger) under Prime Bank &
Prime Bank under Bank Accounts (Primary Group)
Now, click on TREE VIEW to check if creations of ledgers are under proper Group or Subgroups!
Now, create the following ledgers:
Indirect Expenses (Primary Group-Need not create)
Office & Admin (Group- Need to create newly)
Office Rent (Ledger)
Indirect Income (Primary Group- Need not to create)
Vat Received (Ledger)
Current Liabilities (Primary Group- Need not create)
Customs Excise & VAT Payable (Ledger)
B. How to Create Measurement Units, Stock Group & Stock Items
Measurement units are not built-in in best Accounting software in Bangladesh Troyee. So, we need to create those as per need. To create the unit ‘Pcs’, we have to click on ‘Measurement Unit’ from Stock Menu. Then, proceed as follows:
Symbol-Pcs, Formal Name-Pieces, No. of Decimal Places-0 and then enter the ‘Save’ button.
C. How to create Stock Group & Stock Item
Stock Group will have to create from Stock> Stock Group and Stock Item from Stock>Stock Item. During the creation of STOCK GROUP, STOCK CATEGORIES and ITEMS correctly, we must be very careful. To avoid complexities, initially ‘Alias’, ‘Description’, ‘Alternate Unit’, ‘Maintain Batch’, ‘Minimum Stock’, Re-order Quantity’, ‘Manufacturer’, Inactive will not be used; and in the field ‘Opening Qty-Rate/Value’ no figure will be inserted. Now, create following Stock Group & Stock Items:
If ‘Stock Items’ are
‘Stock Group’, during
transactions, items will
not display in the list-
box. So, to avoid
mix up with Group
& Item, it is wise
proceed by checking
Tree-View every time
after the creation of any
Group or Item.
D. How to Configure Vouchers in Best Accounting software in Bangladesh Troyee
At first, please configure different voucher types. For this, proceed as follows:
From Accounts > Vouchers Types, select Type of Voucher from the list box. If require, Voucher Name can be changed. Voucher Numbering Method can be configured as Automatic or Manual. For simplicity, keep voucher numbering method ‘Automatic’ and other options unchanged and ‘Save’ the change by clicking save button. Configure all four types voucher in the same manner.
Now, for the transaction, select ‘Receipt’ from Transaction Types-
Receive Tk. 5,00,000/= from A. Rahman in cash
[For easier entry, to select any ledger from the list box, just press the first alphabet of the ledger name or start typing of the ledger name, the cursor will move to that ledger. Once the ledger is highlighted, press Enter.]
Now, the second Receipt Voucher: Receive Tk. 5,00,000/= from N. Alam in cash
Now, entry of Purchase Invoice for purchasing the following items from Best Business Bond Ltd. At first, we need to configure Voucher Numbering Method.
For this, Purchase > Master > Voucher Types, select Voucher Numbering Method as Automatic. Then, select Purchase Invoice from Purchase menu; for simplicity, only use Party Name & Purchase Ledger fields and skip others and complete the invoice as follows:
Purchase of the following products from Best Business Bond Ltd.:
Troyee Enterprise Multi 8 pcs @ Tk. 40,000/=
Troyee Enterprise Single 10 pcs @ Tk. 15,000/=
Troyee Lite Single 10 pcs @ Tk. 8,000/=
Now, the second invoice:
Purchase From Sky Touch Computers:
Pentium 3 10 Pcs @ Tk. 20,000/=
Pentium 4 10 Pcs @ Tk. 25,000/=
Brand Server HP 5 Pcs @ Tk. 50,000/=
To make payment to the suppliers, open ‘Payment Voucher’ from-
Pay Tk. 1,50,000/= to Best Business Bond Ltd.
Pay Tk. 1,30,000/= to Sky Touch Computers By Cheque from UBL A/c # 123 (Cheque No.00456)
Make payment for the following expenses:
Pay Entertainment Tk. 150/=, Conveyance Tk. 500/=, Office Rent Tk. 8,500/=
For sales of products, we shall have to make entries by Sales Invoice. At first, we need to configure Voucher Numbering Method.
For this, Sales > Master > Voucher Types, select Voucher Numbering Method as Automatic. Then, select Sales Invoice from the Sales menu; for simplicity, only use Party Name & Sales Ledger fields and skip others and complete the invoice as follows:
Sales to Rangs Electronics
Troyee Enterprise Multi 2 Pcs @ Tk. 50,000/=
Troyee Enterprise Single 5 Pcs @ Tk. 20,000/=
Now, the second invoice- Sales to Mostafa Group
Troyee Enterprise Multi 2 Pcs @ Tk. 50,000/=
Troyee Lite Single 2 Pcs @ Tk. 10,000/=
In case of Cash Sales, we shall have to select ‘Cash’ instead of ‘Party Name’.
Pentium 3 5 Pcs @ Tk 30,000/=
Pentium 4 3 Pcs @ Tk. 35,000/=
Now, to receive payment from the parties, open ‘Receipt Voucher’ from-
Receive Tk. 60,000/= from Rangs Electronics in Cheque and deposit of PBL A/c- 001 (Cheque No.00568)
In order to make transactions from Cash to Bank and Bank to Cash use ‘Contra Voucher’:
Deposit Tk. 150,000/= to UBL A/c-123 from Cash Accounts
Withdraw Tk. 30,000/= from PBL A/c – 001 by Cash
For adjustment entries, use ‘Journal Voucher’-
Adjust Tk. 50,000/= from Mostafa Group to Best Business Bond Ltd.
Adjust Tk. 5, 100/= Form Customs Excise & VAT To Vat Received
Pay Tk. 5,100/= To Customs Excise & VAT
E. Preview of relevant Reports
We have practiced a case-study. Chart of accounts and chart of inventory were created. Then, various transactions were done by using Purchase, Sales, Receipt, Payment, Contra, Journal Vouchers. But did nothing to generate any report. Here is the amazing happening that the best Accounting software in Bangladesh Troyee prepared all relevant reports for us. We can see by previewing the following reports:
a) Purchase Register
b) Sales Register
c) General/Party Ledger
d) Cash Book
e) Bank Book
f) Trial Balance
g) Cash Flow
h) Trading Accounts etc.
F. Exercise- To Do by Yourself
Mr. Shafin & Mr. Rezwan decided to start a business with electronic goods in the name Electrofresh. They invested an equal capital amount. At first, they started the business with only Television item. Detail is as follows:
Sony Color TV
Sony Flat TV
Sony Flat TV -29″
Sony Flat TV-21″
Sony LCD TV
Sony LCD TV-29″
Sony LCD TV -21″
Philips Color TV
Philips Flat TV
Philips Flat TV-17″
Philips Flat TV-21″
Philips Black & White TV
Philips B & W 20″
Philips B & W 24″
They decided to sell their products both on a retail & wholesale basis. They select some wholesale customers all over the country as follows:
Khulna Tanim Electro Bazar
Dhaka SN Electronics
Chittagong Ctg. Electro Plaza
They start their Bank A/c in SCB A/C – 619619 and
HSBC A/C – 12340
Now, entry of vouchers; before this, we need to configure numbering of different vouchers as auto-numbering. Receive Tk 50,00,000.00 from each of them (Mr. Shafin & Mr. Rezwan) as investment and deposit to HSBC Bank Tk. 30,00,000.00 & in SCB Bank Tk. 60,00,000.00 and rest keep in Cash.
Purchase from Sony Int. Bangladesh:
Sony Flat TV – 29″ 20 Pcs @ 15000.00
Sony Flat TV – 21″ 15 Pcs @ 10000.00
Sony LCD TV – 29″ 12 Pcs @ 25000.00
Sony LCD TV – 21″ 12 Pcs @ 20000.00
Purchase from Transcom Int. Bangladesh.
Philips Flat – 17″ 10 Pcs @ 10000.00
Philips Flat – 21″ 10 Pcs @ 12000.00
Philips B & W- 20″ 10 Pcs @ 8000.00
Philips B & W -24″ 10 Pcs @ 10000.00
Pay Tk. 5,00,000.00 to Sony Int. Bangladesh from HSBC Bank A/C 12340
Also, pay Tk. 3,50,000.00 to Transcom Int. from SCB A/C 619619
Pay from cash Entertainment 800.00
Office Rent 30000.00
Carrying Charge 8000.00
Sales to SN Electronics
Philips Flat 17″ 4 Pcs @ 12000.00
Sony LCD 29″ 4 Pcs @ 30000.00
Sony LCD 21″ 3 Pcs @ 24000.00
+ Vat Received 2%
Cash Sales Sony Flat TV 29” 1 Pcs @ 25000.00
+ Vat Received 2%
Sales to Ctg. Electro Plaza
Sony Flat TV 29” 8 Pcs @ 20000.00
Sony Flat TV 21” 5 Pcs @ 15000.00
+ Vat Received 2%
Sales to AM Traders
Sony Flat TV 29” 7 Pcs @ 20000.00
Sony Flat TV 21” 7 Pcs @ 15000.00
+ Vat Received 2 %
Cash Sales Sony LCD TV 21” 1 Pcs @ 27000.00
+ Vat Received 2%
Cash Sales Philips Flat 21” TV 1 Pcs @ 20000.00
+ Vat Received 2%
Received from AM Traders 3,50,000.00 by cash
Sales to Tanim Electro Bazar
Sony Flat TV 29” 5 Pcs @ 20000.00
Sony LCD TV 21” 4 Pcs @ 25000.00
+ Vat Received 2%
Receive from SN Electronics Tk. 100000.00 by Cheque & deposit to HSBC A/C; Adjust Tk. 50,000.00 from Tanim Electro Bazar to Transcom Int. Bangladesh; Deposit Tk. 2,00,000.00 to HSBC from Cash;
Receive from Tanim Electro Bazar Tk. 1,20,000.00 in cash; Adjust Vat Received, with VAT authority.
Now, explore the reports!!