Frequently Asked Questions - Gen Balance Sheet Software

FAQs - Gen Balance Sheet

Answer: Gen-Bal is software invented by SAG Infotech to prepare the final accounts by importing accounting data. It is one of the six modules of Genius Software which is used for the preparation of Trading account, Balance sheet and Statement of Profit & loss in accordance with the latest revised schedule VI. It is helpful in the preparation of many other important schedules & reports which are as follows:

  • Annual Report
  • Modify Trial Balance
  • CARO Report
  • 3CD Schedules
  • 3CD Annexures
  • Form 3CA/CB
  • Form 3CD New (With Wizard)
  • Receipt & Payment Account
  • Balance Sheet Abstract
  • Director’s Report
  • Notice
  • Notes and Accounts
  • Company Auditor Report
  • Ratio Analysis
  • Miscellaneous Certificates & Letters

Answer: Accounting data can be imported from an array of accounting software given in our software and also from our Excel template.

Answer: Yes, Cash Flow and Fund Flow Statement can be prepared using Gen Bal software and that too easily & perfectly.

Answer: Yes, Gen Bal software prepares Final Accounts in adherence to New Revised Schedule amendments. It can prepare accounts as per new Revised Schedule VI as well as old Schedule VI as it has both the formats.

Answer: In revised schedule VI, you will see the collection of assets and liabilities in a changed manner so the user needs to import & classify the data according to the category under which it is placed.

For example, when any Intellectual Property Rights like Copyrights, Patents etc. are there then the taxpayers needs to mention it as --> Non-Current Assets > Fixed Assets > Intangible Assets > Patents.

To understand this more precisely, take the demo of Gen Bal software and check the presentation link given there.

Answer: Yes, the software has been updated, well-considering the changes as per the New Revised Schedule VI in Statement of Profit and Loss and Balance Sheet formats, it will be equally effective in XBRL filing with revised taxonomy also.

Answer: Yes, Trial Balance of two businesses can be merged by using Gen-Bal.