Getting Started with Accounting & Billing

  B) Accounting & Billing

The Accounting and Billing app is a modern way to manage book keeping and billing for your business. This article will explain the basics of using accounting and billing app along-with unique features that are offered only by TaskERP.


To start, you need to create a free trial account. Click here to go to signup page and create an account.

Setting Up

Before you start creating voucher entries and bills, you need to setup your account. When you login for the first time, you will see a screen as shown below. Enter the information like your business address, GST registration information and click ‘Save & Continue’.

To change this info, click on ‘Business Info’ icon from TaskERP home page.

Now let’s launch the Accounting & Billing app. Click on ‘Accounting’ icon from home page.

General Settings

Once you have launched Accounting app, go to Settings Menu and click on ‘General Settings’. Here, you can specify a few settings as follows:

  1. Books beginning date: Enter the date from which you wish to maintain your books in TaskERP.
  2. GSTR-1 Filing Frequency: Based on what you have opted, select Monthly or Quarterly
  3. Invoice & Quotation Settings:
    1. Add a logo to display on your invoices
    2. Setup a default Invoice title like ‘GST Invoice’ or ‘Tax Invoice’. You can change this setting at invoice level also.
    3. Save default Terms and Conditions for Invoices. You can change this setting at invoice level also.

Once you have selected all the settings, click on ‘Save’ at bottom of the page.

Creating Ledgers

To begin with, you need to add the accounting ledgers pertaining to your business. Go to Settings menu and click on ‘Ledgers’. Some default ledgers like ‘Cash’ are already created for you. To add a new ledger, click on ‘Add’ button at top right. One the following page, you need to enter Leger Name, Ledger Category and Opening Balance (If any) as shown below:

Ledger Group

You need to select a group from available list based on nature of account. Balance Sheet and Profit & Loss accounts are grouped separately in the list.

Opening Balances

Opening balances are your prior period closing balances. For e.g., if you are starting your books in from 1st April 2018, you need to enter the closing balances as per your books ending on 31st Mar 2018. Please note that opening balances need to be entered only for Balance Sheet items and not for Profit & Loss and Trading accounts.

Once you have added all the ledger accounts with opening balances, go to ‘Reports’ menu and click on ‘Trial Balance’. This lists down all ledger accounts with their opening balances. Select the ‘Books Beginning Date’ at top of the page and click ‘Load’. Make sure that the Total at bottom of page is Zero. If not, the opening balances you entered may not be right. To view opening balances of all accounts at once, go to Settings menu and click on ‘Opening Balances’. On this page, review the opening balances of all accounts and make necessary corrections. The totals on both sides i.e. Liabilities and Assets, should be the same. Make necessary changes and click on ‘Save’ at bottom of the page.

Voucher Entry

Once you have done the initial setup and created ledgers along-with opening balances, you are ready to start creating vouchers. To create a voucher entry, go to ‘Vouchers’ menu and click on one of the following links to create a new voucher entry.

  1. New Purchase
  2. New Sales (Invoice, Debit & Credit Notes)
  3. New Receipt/Payment
  4. New Journal Entry
  5. New Contra Entry

Financial Statements

At any time, you can access live Balance Sheet and Profit & Loss Account at just a click of a button. Go to ‘Reports’ menu and click on ‘Balance Sheet’. Select a date on top-right and click ‘Load’ button to view the Balance Sheet as on that date. Similarly, go to ‘Reports’ and click on ‘Profit & Loss Account’ to view the same for desired period. You can also download the statements using the download button and print them using the print button at top right of the report pages.

Ledger Activity and Accounts Books

Under the report menu, you can also view following books:

  1. ‘Ledgers’: View activity in any ledger account during a selected period
  2. ‘Day Book’: View activity across all ledgers during a selected period
  3. ‘Purchase Register’: View all purchases (across multiple purchase accounts), during a selected period
  4. ‘Sales Register’: View all sales (across multiple sales accounts), during a selected period
  5. ‘Cash & Bank Book’: View all cash and bank transactions during a selected period

Related Topics

  1. Generating GST Returns
  2. Integrating PayPal to collect payments online