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Tally is a software for accounts and inventory management, which is used for performing
many functions like
Managing payroll
2) Mention what is the difference between Tally ERP 9 and Tally 7.2?
Tally 7.2
Tally ERP 9
dealers, etc.
etc.
Outstanding Management
Invoicing
Budget/Scenario Management
Credit Limits: The Credit Limit control set for a party ledger will not
be applied on sales order. A warning or alert message will pop up on the
credit limit, and user can still save the voucher
CST: Even in a simple format the CST form details entered in the
invoice will get printed
Inventory Vouchers: For inventory section, you can now mention the
Godown address and also print the name
Tax Audit: Form like 3CB, 3CD and 3CA have been updated as per the
requirements of CBDT
6) Mention what are the types of ledger you can make in Tally ERP 9?
The types of ledger you can make in Tally ERP 9 are
10) Mention what are the types of Tally ERP 9 vouchers? Also give
the shortcut for creating this vouchers?
Types of Tally ERP 9 vouchers include
11) Mention what is the short cut to retrieve the last line which is
removed in Tally ERP 9?
To recover the last line which is removed, short cut used is Ctrl+U.
12) Mention when you create a company in Tally ERP 9, what
information does directory stores?
Directory in Tally ERP 9 specifies the path where the company data will be stored.
13) Mention what is the short cut to recall the last narration saved
for the first ledger in the voucher?
The short cut to recall the last narration stored for the first ledger in the voucher is Alt+R.
14) Explain how to set up an employee in Tally ERP 9 for their
payroll?
To process employees salaries, Tally ERP 9 give facility to create the required groups
and classify into different categories likeEmployee category, Employee groups and
Employees.
1.
2.
Employee Master:
15) Explain what trial balance is and how you check trial balance in
Tally ERP9?
Trial Balance is basically a summary of all the ledger balances and checks whether the
figures are correct and balanced. It is a way to confirm that the journal entries are
correctly posted to the general ledger. In trial balance, the total of all debts balances
should be equal the total of all the credit balances.
16) Explain what is the default configuration Tally ERP 9 provides for
Balance Sheet?
Balance Sheet in Tally ERP 9 will display two columns with Liabilities and Assets. The
balance sheet displays the closing balances of all the primary groups or capital accounts
and the net profit for the period.
17) Mention how you can view the Books of Accounts in Tally ERP 9?
To view the Books of Accounts
18) Mention what are the options available in Account Books Menu
in Tally ERP 9?
Account Books Menu include
Ledger
Group Summary
Sales Register
Purchase Register
Journal Register
Go to the gateway of Tally ->Audit & Compliance>Financial Statements->Profit & Loss account
subscription
23) Mention what is the short cut to select the credit note voucher in
Tally ERP 9?
Press on F8 (cntrl+F8), it enables you to select the credit note voucher in Tally ERP 9.
24) What is the shortcut to duplicate a voucher and to add a voucher
in Tally ERP 9?
25) What is the short cut to cancel a day book or list of vouchers in
Tally ERP 9?
In Tally ERP 9, short cut to cancel a day book or list of vouchers is ALT+X
26) What is the short cut to filter the information based on the
monetary value all most from all report screens in Tally ERP 9?
To filter the information based on the monetary value in Tally ERP 9, you can use the
short cut Alt+F12.
27) Explain what features you can use to convert data in encrypted
form in Tally ERP9?
To convert data in encrypted form in Tally ERP 9, you can use function Tally Vault. To
use Tally Vault you to go to the gateway of Tally and press F3 and there you can select
the company for which you want to encrypt the data. Only persons having valid
password can view those encrypted data.
28) Mention what is the shortcut to select the purchase order
voucher type?
To select the purchase order voucher type, at accounting and inventory voucher creation
and alteration screens, you can short cut as ALT+F4.
29) How can you copy text from Tally
You can use the shortcut Ctrl+Alt+C to copy text and shortcut Ctrl+Alt+V to paste text
30) How can you check company statutory details?
You can use the shortcut Ctrl+Alt+B to check statutory details from any screen.
webERP Manual
Table of Contents
Go to Bottom
General Ledger
Overview
The general ledger is the accounting hub that is central to the "sub" ledgers for
creditors (Accounts Payable), debtors (Accounts Receivable) and stock
(inventory). All entries in the sub ledgers are also represented by entries in the
general ledger. It is the integration set-up that determines how entries in the subledgers are reflected in the general ledger. Most activity in the general ledger will
be automatically created from the activity in the sub-ledgers with receivables,
payables and stock administration.
Enter general ledger journals between any general ledger accounts - except
bank accounts. These can also be made to reverse automatically in the
following period. Further journals can be posted to any period future or
previously - the period is determined by reference to the date entered.
Inquire on general ledger account activity and from any entry in this inquiry
drill down to the journals created to produce the entry.
Inquire on the general ledger trial balance for any period end in history or
currently.
Produce cost centre profit and loss accounts for each cost centre (called
"tags")
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Account Sections
The account section is the top level object for the General Ledger. It is the
container for everything within the GL. They are created or amended from the
Maintenance menu in the General Ledger module. There are two sections that
cannot be removed or renamed, these are the Income and the Cost of Sales
sections
Account Groups
The account group is the parent object of a general ledger account. Child
accounts created inherit the properties of the account group - ie the account will
be a profit and loss account if it belongs to an account group that is a profit and
loss account, the child accounts will display in the trial balance (TB) together in
the sequence determined by the account groups sequence in the trial balance
(TB).
Using a numbering system inhibits the ability to manipulate the format of the
trial balance ie you have to be able to change the account code to change where
an account appears ie
10100 motor expense Copenhagen
10110 motor expenses The Hague
10120 motor expense Amsterdam
would be great but then if we wish to restructure so that Copenhagen expenses
are all shown together and The Hague is now all shown together etc we will have
to change the numbering. In web-erp all that is required is to change the account
group. In the first situation we could have an account group for motor expenses
and all these account numbers would be set up as belonging to the account
group. We can decide whereabouts the account group should appear in the trial
balance by changing the sequence in trial balance field. All accounts in the
account group will show together. If we decided to change the trial balance to
show The Hague expenses together as a separate group of costs, we could create
an account group for the The Hague selling costs - or whatever, and change the
motor expenses the Hague account no 10110 to be a member of that account
group.
Account groups require the sequence in the trial balance to be specified and also
whether the accounts in that group will be profit and loss accounts or balance
sheet accounts.
A balance sheet account is one where only the balance at the end of the period
concerned is of interest. A profit and loss is one where we are interested in the
movement over the period. eg. Motor expenses we are not concerned with the
balance at the end of the month so much as how much was spent over the period
of the profit and loss. However, for a bank account we wish to know what we
have now as a balance not the movements in the account. As noted accounts
created as a member of an account group will inherit the properties of the
account group ie if the account group is a balance sheet group then the accounts
will be interpreted as balance sheet accounts.
Say we wish to report on "The Hague", "Compenhagen" and "Amsterdam" we can
set up an account group for each, with a series of sub-account groups under each
of these account groups.
Bank Accounts
Certain general ledger accounts can be defined as bank accounts - as many bank
accounts as needed can be defined. At the time of defining a general ledger
account as bank account the currency of the bank account must also be
specified. General ledger accounts defined as bank accounts can be reconciled to
bank statements using the matching facilities - all receipts and payments show in
the currency of the bank account for easy matching off statments. Entries made
to bank accounts using receipts or payments, also create a total receipt or
payment, which is retained for the purposes of matching off the bank statements.
Using the bank payments page, general ledger payments can be analysed to any
number of other general ledger accounts, but only one entry to the bank account
is made. This page also allows payments to supplier accounts to be created.
Similarly, using the receipt entry page, a series of receipts from customers which
may all have been banked together can be deposited as one amount to a bank
account. There is only one amount appearing on the statement as the total of all
these receipts, this bank account transaction is created and available for
matching deposits off the bank statements.
Bank accounts are defined from the setup tab from the link to Bank Accounts
Maintenance. There is facility to enter the name of the account, the currency of
the account, the bank account number and the address of the bank if required,
as well as selecting the general ledger account to which it refers. There are links
to edit existing bank account records and to delete them. However, once defined
as referring to a particular general ledger code it is not possible to change the
general ledger code of the bank account. This is because there would be entries
made to this account. Similarly, if bank transactions have been created using this
bank account it is not possible to delete it. The bank account transactions must
be purged first (but currently no facility exists to purge bank transactions). It is
not possible to change the currency of a bank account once there are
transactions against it.
Once all receipts and payments are matched to bank statements, the bank
reconciliation statement can be printed which should show how the current
general ledger balance reconciles to the bank statement for this account. The
reconciliation also has an option available for bank accounts set up in other than
the functional currency of the business (local currency), to post differences in
exchange. The balance of the account is maintained in local currency in the
general ledger and for the purposes of the bank reconciliation this is converted to
the bank account currency at the exchange rate in the currencies table (see
Setup -> Currency Maintenance) - this rate can be changed manually to the rate
of the day and the foreign currency balance on the account will change - to
correct this balance an exchange difference needs to be recorded. Having worked
through the matching of receipts and payments to the bank statements - the
bank statment balance can be entered to compare against the system balance a correcting entry is then made to the GL to post the difference on exchange. The
posting to the general ledger is back dated to the end of the preceeding month since it is assumed that the reconciliation may be a few days or a week behind
the current date.
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The bank account from which the payment has been (or is to be) made. A
select box allows this to be selected from the list of defined bank accounts.
The date on which it was paid. This is important since the accounting period in
which the payment is entered is determined from the date. The system will
default to today's date - this must be changed where bank payments are
being entered retrospectively.
The exchange rate - this is the exchange rate between the currency being
paid and the currency of the bank account. If the currency being paid is the
same as the currency of the bank account then this rate should be 1. If
another currency is being purchased with the payment then the rate at which
it is being purchased should be entered.
The functional exchange rate - this the exchange rate between the currency of
the bank account and the functional currency of the business as defined in the
company preferences (ie the reporting currency of the business). Where the
bank account is in the same currency as the functional (reporting) currency of
the business then this value should be 1. The functional currency entry will
only be required when the bank account currency is different to the the
functional currency and will default to 1 automatically if they are the same.
The system allows for the receipt of money into any of the bank accounts that
have been set up and for the income to be credited to any GL account. Receipts
can be entered in any currency, and webERP will track the exchange rates
correctly
To initiate a receipt choose the 'Bank Account Receipts Entry' item from the
Transactions menu within the General Ledger module.
Firstly, the receipt header information is required, the bank account - one of the
previously defined bank accounts (see setup), the date the batch of receipts are
banked, the currency and exchange rate of the banking and the type of receipt
together with any narrative. The currency can be selected from the defined
currencies (see setup). The receipt types can also be selected - they are defined
in config.php. Once this information is entered it must be accepted before the
receipts in the batch can be entered.
Secondly the details of each receipt line must be entered. This consists of the GL
tag (if any is to be assigned to this line), the GL account code to post this line to,
the amount of the receipt, in the currency selected in the header, details of the
payees bank, and any narrative you wish to be entered against this receipt in the
general ledger.
Once all the lines have been entered you you can click on the button to accept
and process the batch. Once this has been done, the batch cannot be amended.
With respect to the sales (AR) and purchase (AP) ledgers, the integrated general
ledger postings that are created automatically for transactions in these modules
can be turned off in the company preferences screen by setting each of the
integration flags to No.
Integrated general ledger postings do provide a good way of building up the
business's accounts from activity in these sub ledgers.
You can choose between two levels of integration:
This level of integration also has ramifications for stock adjustments, stock
deliveries and stock cost changes.
For stock adjustments the quantity adjusted is extended by the standard cost
and it is written on (CR) or off (DR) to the stock adjustment GL account as
specified in the stock category record for that item.
For receipts of stock - the stock coming in is extended by the standard cost and
the entry is to:
DR stock at standard cost x number received - the stock account being defined in
the stock category record for the item being received.
CR GRN suspense at standard cost x number received - this account is specified again in
the company preferences screen.
The two levels of general ledger integration are:
Sales journals that post a credit to a sales general ledger account, a debit to a
discount account, a credit to a tax account, a credit to a freight recovery
account and a debit to a debtor account. This level of integration also reverses
the posting described here for sales credit notes. This level also triggers the
general ledger journals for banking of cash against debtor accounts. Debiting
a bank account and crediting the debtors account.
Stock journals that post a debit to a cost of sales account and a credit to a
stock account - and the reverse entries for sales credit notes.
Sales Journals
The general ledger accounts that are used in this level of integration are
determined from several inputs.
A table of sales general ledger accounts is maintained and can be modified from
the setup tab. When an invoice is created from the ConfirmDispatch_Invoice.php
script the system uses a function defined in GetSalesTransGLCode.inc to look up
the general ledger codes that are appropriate. By default this function uses the
following logic:
If there is a match for the Area and SalesType using the default Stock
Category (ANY) then the codes applicable to this record are returned.
Then if there is a matching Sales type, stock category with default (AN) area
this is used.
Then if there is a matching stock category record using the default area (AN)
and the default salestype (AN) this is used - finally
If there is no record is found after trying the above combinations then the GL
Code for the default area, sales type and default stock category is used - this
is GL code 1. If GL Code 1 is not defined, then it will be created.
Since the logic of how the general ledger account is determined is defined in this
function it is relatively simple to change this to what is most appropriate for the
business.
The freight recovery and the debtors control account used are those defined in
the company preferences page.
The tax account used is the account defined in the tax authorities definition used
for the customer being invoiced.
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Stock Journals
The general ledger accounts that are used for posting sales transactions are
determined using the sales area, the sales type of the customer being
invoiced/credited and the stock category of the item being invoiced/credited. A
table of general ledger accounts is maintained and can be modified from the set
up tab from the link "COGS GL Interface Postings". The same logic as above is
applied and the function is defined in the same GetSalesTransGLCode.inc script
to look up the appropriate GL codes. Again, since the logic of how the general
ledger account is determined is defined in the function GetCOGSGLAccount, it is
relatively simple to change this to suit the business.
The account to credit stock with for the cost of goods sold is determined by
reference to the stock item being sold. The stock category of the item is retrieved
and the general ledger codes applicable to the stock category are used.
The profit and loss accounts used for stock adjustments are also determined by
reference to the stock category record.
The profit and loss account used for posting the variance between standard cost
of a purchased item and its actual cost as invoiced is also determined from the
stock category record.
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Trial Balance
The Trial Balance is run from the Reports/Inquiries menu in the
General Ledger module. It can be run for any range of periods,
including running it over a financial year end. So for instance if the
financial year end is 31st December, it is still possible to run it for a
6 month period from October to March. It can also be run for a
range of months greater than 1 year. This provides great flexibility
in the reporting system.
It can be run as a PDF which can be printed, emailed, saved to an
archive etc, or can be viewed on screen.
Whilst viewing the on screen version, clicking on the account code
takes you to the GL Account Inquiry screen for that account, and
for the period range selected for the Trial Balance.
Balance Sheet
Balance Sheet (or Statement of Financial Position) is a summary of
balances. Assets, liabilities and ownership equity is listed as at a
period end. It be accessed by choosing the "Balance Sheet" option
from the Reports/Inquiries menu in the General Ledger module.
The balance sheet has three parts: assets, liabilities and ownership
equity. The main categories of assets are listed first and are
followed by the liabilities. The difference between the assets and
the liabilities is known as equity or the net assets or the net worth
or capital of the company and according to the accounting
equation, net worth must equal assets minus liabilities.
webERP is an "accrual" based system (not a "cash based" system).
Accrual systems include items when they are invoiced to the
customer, and when expenses are owed based on the supplier
invoice date.
The report can be run as a pdf file for later printing, emailing, or
archiving, or it can be shown on screen. It can be run in summary
mode - just showing the totals for each account group, or in
detailed mode listing each general ledger account balance for all
balance sheet accounts grouped by account group.
Tag Reports
An Income an Expenditure report can be produced, filtered by
individual tags. So for instance following the example above, if you
wished to view the costs associated with a particular vehicle you
can run this report selecting the appropriate tag for the vehicle to
report on to find the information.
As with the Profit And Loss report, this can be produced as an on
screen report, or as a pdf.
The report can be run by selecting "Tag Reports" from the
Reports/Inquiries menu in the General Ledger module.