I have bought mutual fund using sip. how can I setup chart of account and sip entry.
What is sip? Google returns hundreds of possibilities.
Systematic Investment Plan.
investing small amounts periodically instead of lump sums.
A Systematic Investment Plan (SIP), more popularly known as SIP, is a facility offered by mutual funds to the investors to invest in a disciplined manner. SIP facility allows an investor to invest a fixed amount of money at pre-defined intervals in the selected mutual fund scheme.
A purchase through SIP is simply a payment. The bigger question is how you decide to carry the mutual fund. Some Manager users have created personal investments as inventory items, though that isn’t really what the inventory capabilities are design for. Others have set them up as fixed assets. Personally, I see little benefit to using a program designed for double-entry accounting in a business environment to track personal finances. It would involve a lot of duplicated effort, recreating information already available from your mutual fund. But that is a personal choice.