Tally Accounts

8/4/2019 Tally Accounts

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0 GOLDEN RULES OF BOOK-KEEPING

1.PERSONAL ACCOUNT (Accounts related to Persons)

(Bank a/c, sundry debtors a/c, sundry creditors a/c, co-operative society)Debit the receiver

Credit the giver

2.REAL A/C (Accounts related to tangible and visible things)

(Fixed assets [furniture, plant & machinery, land & building], cash,

investment, sales, purchase)

Debit what comes in

Credit what goes out

3. NOMINAL A/C (Accounts related to intangible and invisible things)(Indirect expense, direct expense, indirect income, direct income, capital,

drawings, duties & taxes [ST, IT, VAT, TDS])

Debit all expenses/losses

Credit all incomes/gains

VOUCHERS

-----A voucher is a basic recording document. Day to- day transactions are

entered in tally through vouchers. It is a key to all business information

1.Contra (F4)

Deposits, withdrawals, transfers

(Cash to bank, bank to cash, bank to bank)

2.Payment (F5)

Paid salary, paid wages, payment made to sundry creditors

3.Receipt (F6)

Received interest, received commission, amount reeived from sundry

Debtors

4. Journal (F7)

Purchase /sale of "fixed assets" on credit, depreciation, baddebts,

goods lost in flood, fire, free samples

5. Sales (F8)


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Sale of "only goods" on cash or credit basis

6. Purchase (F9)

Purchase of "only goods on cash or credit basis

FINAL ACCOUNTS

1. TRADING ACCOUNT

2. PROFIT AND LOSS ACCOUNT

3. BALANCE SHEET

TRADING ACCOUNT

PROFIT AND LOSS ACCOUNTPARTICULARS AMOUNT PARTICULARS AMOUNT

To Gross loss xxxx By Gross profit xxxx

To Indirect Expenses By Indirect Incomes

Rent, rates & taxes xxx Commission received xxx

Salaries xxx Rent received xxx

Printing & stationery xxx Interest received xxx

Postage & telegram xxx Dividend on shares xxx

Cash discount allowed xxx Cash discount received xxx

To Duties & Taxes

VAT (Value Added Tax) xxx

PARTICULARS AMOUNT PARTICULARS AMOUNT

To opening balance (goods)

(1-4-2000)

xxxx By Sales (goods) xxx

To purchases (goods) xxx Less: sales return xx xxx

Les

s:purc

hase

return

xx xxx By closing stock (31-3-2001) xxxx

To Direct Expenses By goods distributed as free

samples

xxx

Carriage inward xxx By goods lost by fire/ theft /

flood

xxx

Wages xxx

Electricity xxx

Freight xxx

Octroi xxx xxx

To Gross Profit xxxx By Gross Loss xxxx

xxxxx xxxxx


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TDS (Tax Deducted at Source) xxx

To Net Profit xxxx By Net Loss xxxx

xxxxx xxxxx

BALANCE SHEETLIABILITIES AMOUNT ASSETS AMOUNT

Capital xxx Fixed Assets

add: net profit xxx Vehicles xxx

less: drawings xxx xxxx Furniture xxx

Secured Loans Machinery xxx

Bank overdraft Xxx Land & Building xxx

Unsecured Loans Investment

loans from family, friends Xxx shares ,bonds xxx

Current Liabilities fixed deposit xxx

Sundry Creditors Xxx Current Assets

cash (petty cash, cash in

hand)

xxx

bank (SBI, BOB) xxx

sundry debtors xx

Misc.income xxx

xxxxx xxxxx

DISCOUNTS

There are 2 types of Discounts

1. Trade DiscountIt is not shown in the books of accounts.

2. Cash Discount

It is shown in the books of accounts.

a. Discount allowed (indirect expense) ---------sales

b. Discount received (indirect income) ---------purchases

VAT

1. The standard rate of VAT is 12.5%

2. List of Goods Taxed at 1%

- Bullion, Articles of Gold, Silver and Precious Metals including

Jewellery made from gold, silver and precious metals, Precious Stones

and Semi-Precious Stones

3. fList of Goods Taxes at 4%

- Basic necessity, industrial and agricultural goods, drugs

& medicine.

4. Exempted from VAT


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- Petrol , liquor

Product info The top part displays information about software version and

release , current date , time etc.

Button bar Consist of numerous buttons to provide quick access too

different options. Activated buttons are darkened while inactiv

buttons are grayed

Calculator Ctrl n is used to activate calculator and perform arithmetic

calculations by entering numbers, brackets , operators

Work area Area where you perform major tasks. It is split into 2 parts left

part shows current period , current date , lists of selected

companysRight part shows gateway of tally menu , displays primary

choices depending on activation of options .

Creation of company Press Create company from Company info ( F3 i.e Atl + F3)

While creating company the information to be entered as

Directory The default data drive & path is displayed. to alter the data

directory press backspace or up arrow key.

F1: select company To select the company from the list of the companies stored at

the location last selected.

F1 : Shut company Used to deselect a selected a companyF2: Period To change current period.

F3: company info To get company information

F3: company To choose another company as active company from the list of

selected companies

Create group companies To create group company to get consolidated amounts of sever

companies. it is active when multiple companies are selected.

Alter To alter company information

Split company/ data To split data of a company into 2 financial period

Backup To backup the company dataRestore To restore backup data of a company

Alt + D DELETE VOUCHER , COMPANY

Alt+2 Duplicate voucher

Voucher class Is a predefined table that helps to automate transaction entries,

expedite voucher entry, minimize errors.

Journals Is a book in which business transactions are entered in chronic

order a record of a single business transaction is called a

JOURNAL ENTRY

Voucher Is a document containing the details of a financial transaction.


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Trading account Is prepared to arrive at the gross profit earned by the

organization over a specified period.

Profit and loss a/c Gives the net profit earned by the company after considering a

other incomes and expenses incurred over a period.

Balance sheet Is a statement that summarizes assets and liabilities of abusiness .

Use security control. Tally has a set of range of security controls , which can define

the authority of various users to access the information and to

enter/ alter/ delete the vouchers

F12: configure Is used to configure settings for various applications available

tally.

F11: features Is used to modify various features of a company. The company

features are specified for current company only and thus each

company may have different features activated.

Account book Record individual transaction details you have entered.

FERGroup summary Statement shows the closing balances of the accounts of a

selected group for a specified period up to the current date.

Journal register Report displays all the journal voucher that have been passed.

Day book Is a list of all transaction for a particular day.

List of accounts Displays the existing chart of accounts, lists of groups, in

alphabetical order.

Reorder level Is the minimum level of a stock item that would necessitate

reordering of that item. Reorder level are fixed based on the

production plan to ensure that there is sufficient stock of serviccustomer orders without allowing over stocking

Movement analysis Reports are inventory report which displays details o stock flow

vis a vis customers and suppliers

Physical stock voucher On physical counting of stock , you may mismatch with book

stock/ to make physical & book stock figuresin sync. ,

Fund flow statement Is a financial statement which reveals how the business has bee

financed and how resources were used between the opening an

closing balance sheet date.

Cash fund flow Concentrates on transactions that have direct impact on cash. I


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deals with the inflow and outflow of cash between 2 balance

sheet.

Group company Can be created only for companies that have already been

loaded. To activate group company feature, a minimum of 2

companies have to be loaded.Split company data To split data of a company into financial period.

Voucher class Helps to automate transactions entries, expedite voucher entry

carrying specified option & values and minimize errors.

Bill of materials Is a list of components to manufacture / assemble another

product

Documents

Tally Accounts