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Objectives of Accounting:
To detect the various errors and to rectify those through entries in the journal
proper.
To maintain various Ledger Accounts to find out the exact amounts of
incomes and expenses or gain and losses or receivables and payables
To detect any defalcations and to check the frauds and misappropriations of
money.
The object of Accounting is to help the management in determining and
evaluating the management policies in running the business successfully by
supplying necessary, information, interpreting and analyzing the financial
statements.
To know the financial position of the company.
Accounting cycle:
1. Identify business events, analyze these transactions, and record
them as journal entries:
7. closing entries:
Closing entries, also called closing journal entries, are
entries made at the end of an accounting period to zero out all
temporary accounts and transfer their balances to permanent
accounts. In other words, the temporary accounts are closed or reset
at the end of the year. This is commonly referred to as closing the
books. Temporary accounts are income statement accounts that are
used to track accounting activity during an accounting period. At the
end of the year, all the temporary accounts must be closed or reset,
so the beginning of the following year will have a clean balance to
start with. In other words, revenue, expense, and withdrawal
accounts always have a zero balance at the start of the year because
they are always closed at the end of the previous year. This concept
is consistent with the matching principle.
9. Reversing Entries:
Reversing entries are journal entries made at the
beginning of an accounting period to reverse or cancel out
adjusting journal entries made at the end of the previous
accounting period. Reversing entries are made because previous
year accruals and prepayments will be paid off or used during the
new year and no longer need to be recorded as liabilities and
assets. These entries are optional depending on whether or not
there are adjusting journal entries that need to be reversed.
Tally.ERP 9:
How to create a company in Tally. ERP 9?
To create the company in tally, we have to follow the following procedures:
First of all double click on tally Erp icon
Select “create company”
After selection of “create company” the following screen will appear:
TALLY VAULT PASSWORD, (IF ANY) This is for security purpose, By enabling
this, Tally ERP9 Convert tally data in to
encrypted format. Encryption means
convert data from recognised format to
unrecognised format. It is very difficult to
read the data even if our data is stolen.
USE SECURITY CONTROL In this column say “Yes”. Because you must
have some password for your company so that
the person who knows the password, he only
can open the company.
NAME OF ADMINISTRATOR this option for those person who has the full
access to all the tally options. This person is
called administrator.
USE TALLY AUDIT FEATURES Enter “No” because this option is required by
auditors or senior persons. So for the time
being for learners, keep it ‘No”
Accept the screen. If you have entered all details,tally vault password will be
asked.Enter Tally Vault Password here.
Tally ERP will create a company and direct you to the Menu Gateway of Tally
Where you can create masters and enter transactions. Following screen will be
appear:
For alteration of a company,
Creation of Ledgers
Go to the Gateway of tally.
Then select “Account info”
The screen will appear like
Now select the “ledger” option as shown in above image
After the selection of ledger now you have two option weather create a single ledger
or multiple ledger so its up to you.
Now save the screen you are successfully created a ledger as shown below.
Select the ledger account to see. Ledger display screen will be in front. You cannot
modify anything from this screen. Here is the view of ‘fuel expense ‘ I have
created earlier.
Delete an account:
To delete an account go to the following screen
Gateway of Tally>Account info>Ledgers>Alter
Select the account to be deleted. For example we want to delete the ledger
“fuel expense” that we have created in above example.
Now press Alt+D and A confirmation will be asked.
create multiple ledger
Maintain Inventory:
First of all all you have to enable some features of inventory from the
inventory features
Make necessary changes in the screen and save. You are done.
TO delete a unit go to
Click on Delete button or use short cut key Alt+D . a confirmation will be asked to
delete yes or no.
Click Yes or Press Enter to complete the deletion.
Select the stock you want to edit,Make necessary changes required and save.
Name: Television
Under: Primary,(Primary meaning the prime group or the first level group)
Can quantities of item be added? : By enabling this option you can calculate the
sum total of all item quantity. For example you can find out the total number of
TV’s grouped under “Television” group Which includes the products under its sub
groups. The unit of measure must be same for all items.
Creation of Godowns:
Name: In this field enter the Name of the Godown. Like gulraiz
commercial market.
Multiple GoDowns
Go to Tally Gateway
Select “Inventory info”
Then select “Godowns”
Then select “Create” under “Multiple Godowns” Now your screen will
look as under:
Select “All items” under “Under Godowns”
Likewise, make all Godowns which you want. Now your screen will look as
under:
after the creation of multiple godowns then save the screen.
REORDER LEVEL:
First of all we have to enable all the required option for maintaining reorder
level. To activate reorder level, follow these steps:
After the enable of reorder Now set the reorder level through the following steps :
Select a group of Stock Items from the List of Groups, to specify Reorder Levels
for the Stock Items in the Specify Reorder Levels screen. For each item in stock,
you can define a Reorder Level and the Minimum Order Quantity
Minimum Order quantity: This indicates the minimum quantity that has to be
ordered in each order raised for that stock item, even though the required quantity
is less than the minimum re-order quantity.
After all the detail of reorder level the screen will look like this
After enable the sale order and purchase then save the screen.
Sale cycle
Sale order:
Sales order entry is exactly like the Purchase Order Entry. Sales Order details will
also depend on configuration settings.
Party's A/c Name: Select the Customer’s name from the List of Ledger Accounts.
Press Alt + C to create a new account. After party’s name ther will be some basic
information of customer for example buyer’s detail, order detail, dispatch detail.
Order No: The Order number is automatically displayed. By default it will take
the Voucher number as Order No. You can change this number if required.
Name of the Item: Select the Item for which the order is to be placed from the List
of Stock Items. The Item Allocations sub-screen is displayed as shown.
Quantity, Rate and Amount: Enter the quantity of the item and its rate. The
amount will be calculated automatically.
Narration: This field is optional. You can give some particulars about the order.
After filling all the detail of the delivery thn accept the screen.
Rejection in:
A Rejections In Voucher is used to record goods that are rejected and returned
by the customer.
To enter the Rejections In Voucher,
From F11: Inventory Features, Enable the option Use Rejection Inward / outward
Notes.
Go to Gateway of Tally > Inventory Vouchers
Press Ctrl+F6 or select the button F6: Rej. In from the Button Bar
For example, Customer A returns Item A delivered by the company.
Ledger Account: Select the Party’s name from the List of Ledger Accounts, from
whom the goods have being returned.
Customer’s Name and Address: Once Party’s name is selected under Ledger
Account, this column will be automatically populated with address, if provided in
the Ledger Master creation screen.
Name of Item: Select the Item from the List of Stock Items. Press Enter button on
the Item, it will display the Item Allocations screen.
Under the List of Tracking Numbers, the details of Delivery note along with
Tracking number will be displayed, select the same. Mention the quantities returned.
Narration: Give the narration, if required.
Record Sales:
to record the sale order follow thes steps
Goto>>gateway of tally>>accounting voucher>>press F8
The screen will appear like this:
Reference no: it neccessory to track the particular sale voucher.
Party’s A/c Name: Enter the name of the customer . When you enter the party’s a/c
name, There will be further information, as shown below:
Enter the delivery note number other information will automatically entered. Press
“Enter”And write narration. Then save the screen.
Receipt voucher
In the sale order cycle receipt is the last step in which payment are received from the
customer. To record receipt, follow these steps:
Go to Gateway of tally
Select “Accounting Voucher”
And press “F6” Now your screen will look like:
Enter the Party’s name from whom you are receiving the payment and then enter
the amount. Then press “Enter”, there will be further information as shown
below:
Enter the reference type “On Account” the amount will auto placed, press “Enter”.
Now enter the account name through which you are receiving.
Change the date of Voucher using F2 Function Key or Click on Date button.
Party A/c Name: Select the Suppliers name from the list. Press enter .
Suppliers Details screen will appear. Enter all information
Order No: Enter the order number.
Purchase Ledger: Select the purchase ledger where you are going to account after
delivery.
Name of Item: Select the name of stock item to be ordered, Here first item is electric
Iron.
Item allocation for the particular stock item will appear.
Due date: When the item is required to be delivered.
Enter Quantity, Rate in the respective columns.
Rejection Out:
The Rejections Out Voucher records goods that are rejected and returned to a
supplier.
Creation of rejection out voucher
From F11: Inventory Features, Enable the option Use rejection inward and
outward notes.
Go to Gateway of Tally > Inventory Vouchers
Press Alt+F6 or Select the button F6: Rej. Out from the Button Bar.
Record Purchase:
To record a purchase voucher.
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase
The below screen will be appear:
Enter the reference number in the Ref field if any.
Select the Party’s A/c Name from the List of Ledger Accounts.
The following detail will be appear on screen :
Here enter the order number and the supplier’s detail will appear press enter
the item will generated automatically
Item allocation will be appear as shown below
Now set the godown, quantity, rate and amount will calculate
automatically
The following screen will be appear:
Accept the screen to save.
Payment:
To record Payment, follow these steps:
Go to Gateway of tally>> “Accounting Voucher”>> press “F5” or enter
payment voucher
Now your screen will look lik:
Enter the supplier name and further information will be appear as shown
below
Enter the reference type “On Account” the amount will auto placed, press
“Enter”.
Save the screen.
Credit note:
When a customer returned to the seller,Seller has to account the return as sales
return and issue a credit note to the buyer.
In Seller books of Accounts:
When a customer returned to the seller, Seller has to account the return as sales
return and issue a credit note to the buyer.
In Buyer Books of account
When a buyer is returning goods to the seller. The buyer treat the transaction as
purchase return and have to raise a debit note and send to seller along with goods.
Debit Note
Debit note is an accounting document Issued by the buyer to the seller
informing that his account has been debited due to purchase return.
Go to Gateway of tally
Click on “Accounting Voucher” and press “CTRL F8”
Contra entry
As per the Accounting Principles, a Contra entry is a transaction involving
transfer of cash between one Cash A/c to another or one Cash A/c to another
Bank A/c.
Point of Sale:
Point of Sale can be a retail outlet, a checkout counter in a shop, or any
other location where a sale transaction takes place. POS system is a
computerised cash register which adds up the sales totals, calculates the
balance to be returned to buyer and automatically adjusts the inventory levels
to reflect the quantity sold. The equipment required for POS to work
effectively are cash registers, card readers, bar-code scanners and so on.
Name: POS Invoice, You can give any name for voucher type.
Select type of voucher: Sales, you must select sales as we are creating sales
invoice for our POS terminal.
Method of voucher numbering : keep it Automatic here.
In Printing Option, Select print after saving ,This will print sales voucher
immediately after saving.
Use For POS Invoicing : Yes, Activate the most wanted option in this lesson.
Immediately after activating POS invoicing option,Tally will display two
additional space for typing messages to print in the Invoice. Here you can type
whatever we want like, Thank You,Visit again etc.
Default Print Title : Default Print Title is the title of Invoice You can put
TAX INVOICE or INVOICE.
Set/alter declaration: If you want to add declaration in the invoice. activate
this option by typing Yes.
The final screen will look like below screen.
Name of Class: enter name of class as “point of sale” and press “enter”
Now your screen will look like:
Now add up all the relevant information and save the screen.
How to use Point of sale voucher?
We have created a POS Voucher type, Now let’s learn how to use point of sale
voucher.
Go to>Gateway of Tally> Accounting Voucher > press F8 Sales
Immediately after pressing F8, the list of voucher type will appear as in the below
picture.
After that you select the pos invoice the sale voucher will be appear like this:
Bonus
Gratuity
Reimbursements to Employees
As Computed Value
Use the As Computed Value if the pay head value is dependent on another
pay component.
You can define a pay component by
Specifying a formula
Calculating the pay head based on the
Current sub-total
Current earning
Total deduction
Calculation Period
Calculation Period refers to the periodicity of pay head calculation. Four pre-
defined calculation periods are available in Tally.ERP 9:
Days
Fortnights
Months
Weeks
After all the information and detail save the screen. Now the screen will look like:
2. Employees Groups
To create a Employee Group (for example, Sales)
Go to Gateway of Tally > Payroll Info. > Employee
Groups > Create (under Single Group).
Tab to the Category field, select the appropriate Employee Category from
the List of Categories.
Enter the Name of the Employee group.
Tab to the Under field, and select the group under which the employee
group is to be added.
Set the option Define Salary Details to Yes, and press Enter to view
the Salary Details Creation screen.
Specify the salary details applicable to the employee group in this screen.
The Salary Details Creation screen appears as shown below:
After defining the salary structure, press enter save the screen.
Employee Creation
Name : Enter the Name of the employee. By default, the system displays the
same value in the Display name in reports as.
Define salary details: set this option to Yes, and press Enter to open Salary
Details Creation screen.
Select the relevant Pay Heads from the List of Pay Heads under the Pay
Head column, and enter values for the required pay heads.
Define the salary structure, and press Enter to navigate to the Employee
Creation screen.
Enter the employee General Information of employee ( employee no, name,
age, function etc) employee’s Bank Details for salary processing, Payment
Details, Statutory Details, Passport & Visa Details and Contract Details.
In this step we have to create link with payroll voucher. go to the payroll
info open the voucher type here we don’t need to create any voucher we
must alter the existing payroll voucher. and in the head of ‘Name of
class’ create a new class named like staff salary, as shown below:
Enter on staff salary after that following screen will be appear:
Now go to the payroll voucher and press Alt+A for the autofill salary and following
screen will be shown
After all the information employees salary will be automatically generated.
Payment of Salaries
This is the last step of payroll cycle payment of salaries
Go to the gateway of tally
Click on accounting voucher and select the payment voucher
Now you see the amount not reflected in bank now you put the bank date as
required. After that the amount will be equal as shown below:
Now you see the balance are equal. Now save the screen.
Budgeting:
A budget is a quantitative plan used as a tool for deciding which activities
will be chosen for a future time period.
After that we will able to see the actual amount which occure and the forcast
amount which company forcast for particular expense.in the below image it will
explain clearly:
So her the actual and variance are shown the image above and the month wise
graph is also drawn above in the image.
Discount:
There are two types of discount
Discount Allowed
The discount when the seller of goods or services gives a discount to
the buyer upon payment.
Discount received
The discount received is discount on purchases.
Enter the party name from whom we purchasing the products select the product,
quantity and rate of per product. In the last enter the discount rate which we
received from the supplier keep in mind the discount rate should be written with
negative sign after all the detail the following image will be shown: