In this guide, you shall learn about the proper use of Gen Bal software and produce High-quality balance sheets. We shall discuss the fundamental operations of the software, propose details, guidance for distinct chores, and valuable features that could facilitate your workflow and enhance your productivity.
For financial professionals like accountants and Chartered accountants (CAs), the capability to make a proper balance sheet is an important skill. However, the older manual procedure could take much more time, create errors, and often restrict the capacity for strategic analysis. Now this Gen Bal software by SAG Infotech has arrived that renders a user-friendly platform made to facilitate the creation of balance sheets and authorize the financial professionals with its advanced features and functionalities.
What is a Balance Sheet?
The balance sheet is an important financial statement that shows a snapshot of the financial health of a company at a particular point in time. The same is categorized into three main sections, i.e. assets, liabilities, etc. An asset comprises everything of value that the company owns, while obligations denote the obligations of the company.
Let’s discuss-
- Assets- The company owned these resources with economic value like cash, inventory, property, and equipment.
- Liabilities: The term refers to the liabilities that the company owes to others, like accounts payable, loans, and taxes subjected to be paid.
How to Get Start with Gen Bal Software?
The software facilitates a user-friendly interface that eases the formulation of a balance sheet-
- Installation and Setup: From the SAG Infotech website, Download and install Gen Bal software. Follow the on-screen instructions for installation and activation.
- Forming a New Company: After launching, opt for “Create New Company” to start. Enter the company name, registration number, and other relevant details. Select the appropriate accounting standard (e.g., Indian Accounting Standards – Ind AS) for your region.
- Business Details: It authorizes you to customize the company information shown on the balance sheet, including logo, address, contact details, and financial year-end date.
Creating Your Balance Sheet with Gen Bal Software
Let’s see the method to develop your balance sheet within Gen Bal-
- Adding Accounts: Gen Bal furnishes the pre-defined accounts for distinct assets, liabilities, etc. Tap on the respective section (assets, liabilities) to add accounts. You could customize the account list by adding new, user-defined accounts specific to your client’s needs.
- Entering Amounts: Double-tap on each account to enter the related opening balance as of the financial year-end date. The software permits you to import data from other accounting software for easier integration.
- Automatic Tax Calculations: One of the features is the automatic calculation of totals. When you enter values in individual accounts, It calculates the total for each section (Assets, Liabilities) automatically and reflects it at the bottom of the balance sheet.
Advanced Features of Gen Bal Software
Gen Bal proposes features that enhance your balance sheet-making procedure that goes beyond basic data entry.
- Full Tax Audit Report: Reports like 3Ca, 3Cb, and 3Cd along with their annexures, Caro, notices, director’s reports, and notes on accounts are prepared diligently. Also, miscellaneous certificates are managed with care.
- Customization Options: Gen Bal authorizes you to customize the balance sheet layout, including font styles, colours, and formatting options. It enables you to build a professional and visually appealing final document.
- Data verification: It comprises of the built-in validation checks to assure the consistency and precision of the inserted data. The same assists in preventing the errors that can skew the balance sheet.
- Report Generation: The same generates distinct reports beyond the balance sheet such as comparative balance sheets and trend analysis reports. Such reports furnish effective and useful insights into the financial performance of the company.
- Notes and Comments: You can add the notes and comments on the balance sheet directly for the particular line items. The same rectifies the communication and specifies any complexity for the particular accounts.
- Functioning Papers: The software permits you to attach working papers that include detailed calculations and related documents for each account. It improves clarity and streamlines the audit trails.
- Preparation of Depreciation Chart: The software can perform depreciation calculations by both the Income Tax regulations and the Companies Act. It also eases the preparation of a Fixed Asset Chart and Register. Also, the software is authorized for easy import and export of data via Excel.
What are Different Scenarios When Using Gen Bal Software?
The software’s flexibility permits you to manage the distinct requirements-
- UDIN Registration & Generation: The same software permits you to enrol and generate the Unique Document Identification Numbers (UDIN). The same feature permits the users to simply and efficiently handle and monitor important documents.
- Comparative Study: You are enabled to generate the comparative balance sheets more simply. The financial position of the company can be compared across distinct fiscal years to find the trends and assess the financial health over time.
- Collective Workflows: The software boosts collaboration by permitting team members to access and work on the same balance sheet simultaneously. It is beneficial for larger accounting firms.
- Designing Numerous Balance Sheets: Creating and managing balance sheets for multiple companies within the same software is authorized in the Gen Bal. The same is ideal for the accountants working with the client’s portfolio.
- Merge Trial Balances: Integrating the distinct trial balances of two or more taxpayers into the single trial balance comprises consolidating the financial information from various sources to make a complete overview of the whole financial position. The same procedure consists of integrating the profit and loss accounts and balance sheets into the general balance sheet for a unified representation of the financial status of the diverse entities.
Why Do Users Buy Gen Balance Sheet Software?
Due to the features like user-friendly interface, and reliability of Gen balance sheet software, users often wish to opt for it. Below are the reasons why users choose the same software-
- Ease of Use: With user experience, the software has been designed. Its intuitive interface makes it simpler for the users even those who do have not much accounting knowledge can proceed through the software. The software’s simplicity is been appreciated by users because it lessens the learning need and permits them to concentrate on the major part of the business functions instead of fighting with the complex procedure of accounting.
- Scalability and Flexibility: Gen balance sheet software fulfills the needs of businesses at every phase of their journey whether it’s a small startup or a large corporation. It accommodates growing data volumes and evolving business needs. Also, its flexibility permits users to customize reports, adjust to varying accounting norms, and combine extra functionalities as required.
- Precision and Reliability: Gen balance sheet software ensures accuracy when it is the question of financial reporting. Its effective algorithms and built-in validation verify and reduce errors, assuring that the generated balance sheets adhere to the norms of accounting. Users believe in the reliability of software learning and that they can rely on the software to furnish precise financial understandings for effective decision-making.
- Time and Cost Efficiency: The time and resources of the users can be saved by automating the repetitive chores and facilitating the accounting procedure. Dynamically businesses can generate balance sheets freeing up valuable time that can be allocated to more strategic activities. Also, its affordability corresponds to traditional accounting processes, and the lower cost it proposes makes it a good choice for businesses of all sizes.
Conclusion: Gen balance sheet software can be attributed to its ease of use, comprehensive features, accuracy, efficiency, and scalability because of its adoption among people. This software stays a valuable asset in their accounting toolkit as businesses continue to prioritize financial clarity and efficiency.
