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Methods of Accounting
I. Assets Accounts
II. Liabilities Accounts
III. Capital Accounts or Owner’s Equity A/c
IV. Revenue or Income Accounts
V. Loss or Expenses A/c
Methods of Recording
I. Debit the Increase in the Assets and Credit the Decrease in the
Assets.
II. Credit the Increase in the Liabilities and Debit the Decrease in the
Liabilities.
III. Credit the Increase in the Capital and Debit the Decrease in the
Capital.
IV. Credit the Increase in the Income and Debit the Decrease in the
Income.
V. Debit the Increase in the Expenses and Credit the Decrease in the
Expenses.
Classification of Accounts
1. Personal Accounts: These accounts are those accounts which are
opened by a name of a person, firm, company, society or organization.
a) MAHESH’s Accounts
b) Owner’s Capital Accounts
c) Owner’s Drawing Accounts
d) Debtors Accounts
e) Creditors Accounts
II. Artificial Personal Accounts
a) Firm’s Accounts
a) Company’s Accounts
b) Organization Accounts
c) Bank Accounts
d) Club Accounts
e) Insurance Company Accounts
f) Government Sector accounts
a) Cash Account
b) Stock Account
c) Furniture Account
d) Land Account
e) Building Account
II. Intangible Real Accounts: Those accounts are those assets
account which can’t touch but can be measured in the term of
money.
a) Goodwill Accounts
b) Patents Accounts
c) Trade Mark Accounts
d) Copy Right Accounts
1. Create Company: In Tally this is the First task or primary task to create a
company. For this Purpose we have to select the Create Company option
from menu Gateway of Tally. After selecting the option we have to fill up
the details for the Company like Company Name, Address, Started Date,
and Income Tax No etc.
2. Creates Groups: Groups are created for same type of Ledger A/cs. In
Tally There are many groups which are used for making ledgers. So in
the rare cases we have to create groups. These are the main groups in
the tally.
a) Duties and taxes: It consists all types of taxes and duties like
Excise, Local Sales tax, Central Sales Tax, VAT etc.
b) Provisions: It is used to hold other tax provisions like Income
tax, depreciation in it.
c) Sundry Creditors: It is used to hold accounts trade creditors of the
company.
IV. Fixed Assets: This is used to keep accounts of all the fixed
assets, patents, trade tights etc.
VI. Loan Liabilities: This is used to keep track of loan taken by the
company. This group has three sub groups which are as follows.
Features of Tally
1. Accounting wihtout codes
2. Comprehensive Accounting. Maintains complete range of books
of Accounts, Final A/c’s like Balance Sheet , Profit & loss A/c, cash
and fund flow , Trial Balance and others.
3. Provides Multiple reports in Diverse formats
4. Various options for interest Calculations
5. Maintain multiple Godowns for stock management.
6. Unlimited sub-classifications to get multi-dimensional analysis
and comparatives.
7. Allow accounts of multiple companies simultaneously.
8. Multiple currencies in the same transaction and viewing all
reports in one or more currency.
9. Prints online.
10. print daybook and balance sheet and ledger , trial balance and
profit and loss a/c.
11. Backup and restore option
12. Tally is allow to cheque printing
13. Multi tax calculation like VAT, TDS, TCS, FBT, e t c .
14. Calculate Payroll calculation easily.
15. Use Security levels for audit purpose.
To start Tally :
Start -> Programs ->Tally 9 -> Tally 9 Release 2
Or
Double click on the Tally shortcut in the desktop to open Tally
Note : All the above information is not must, we can specify the
important things and omit the others.
Creating a Group
Tally provides a list of 28 pre-defined groups. Of these, 15 are primary groups and
13 are sub-groups. We may configure our groups to enable / disable advanced
mode.
Press F12 -> Accts/ Inv info -> Account Masters -> Set to yes the following
options
Allow Advances entries in masters - Yes
Use Address for Ledger Accounts - Yes
Single group - Allows us to work on one group or sub-group at a time.
Gateway of Tally -> Accounts Info -> Groups -> Single -> Create
Name of Group : Enter the name of the desired group or sub-group ( eg:
Salary)
Alias : Give an alias to allow access the group using the alias in addition to its
name , or leave it blank
Under: Specify under which existing (Parent) group the sub-classification is
needed. We can create a new parent group by using Alt +c. In other words Alt
+C is the shortcut key to create a ledger or group during creation or during
voucher entry.
Alterin g Groups
Once created, groups can be altered by selecting Alter for single or
multiple groups. The procedure is the same as we used to display groups except
of course we may alter the data.
Deleting Groups
We can delete a group via the Group Alteration screen by pressing Alt
+D. However , we cannot delete Tally pre-defined groups,or groups with sub-
groups, or groups containing ledgers. The lowest level must be deleted first.
Ledgers
Once we have created necessary Masters, now it is the turn of
ledger creation. Tally on its own, Creates 2 ledgers listed below all
others we have to create.
Name
Alias
Under
All accounts must be classified under their appropriate Groups. Select the
Group under which the Ledger is created from the List of Groups.
Go to Gateway of Tally> Accounts Info > Ledgers > Create (under Multiple
Ledgers)
Under Group
Select the name of the group under which you want to create the Ledgers
from the List of Groups.
S.No
Name of Ledger
Under
This is the balance remaining when you first enter your books on Tally, i.e.
the date of beginning of books
Exercise: 1
Exercise: 2
Name : GI Enterprises
Mailing Name : GI
Address : 45, 3rd Main,
Rajajinagar,
Chennai
State : Tamil Nadu
PIN Code : 600 268
Telephone No : 4789043
E-Mail : contactabb@yahoo.com
Currency Symbol : Rs.
Maintain : Account with Inventory
Exercise: 3
Create a Ledger:
Mariya’s Capital A/C
Canara Bank
Purchase
Sales
Rent
Electricity Bill
Wages
Stationery
Discount Paid
Insurance Paid
Discount Received
Commission Paid
Paid Petty Cash
Office Expenses
Exercise: 4
Accounting Vouchers
Particulars
In this field you should specify Dr or Cr. Type the letter D or Dr over the existing
prompt to change, then select the ledger name from the pop-up list that Tally
opens. There may be multiple Debit and Credit entries in one single voucher.
If you are creating inventory voucher in Tally you will give information about the
stock item you receive or issue and item related details like the
Godown/warehouse, Batch Details, Quantity, Rate, Amount etc.
This field appears in Accounts voucher only. Enter the amount of transaction and
press Enter key. Tally will update current balance of the ledger and display it. This
will happen only if you gave 'Yes' to the question 'Show Ledger Current Balance?'
under Accounting Voucher in Vouchers Entry under F12: configure option. The total
will appear on the bottom of the Debit and Credit columns. If both credit and Debit
totals are not equal Tally will prompt to enter further Credit / Debit to balance the
voucher. If both are equal Tally will move the cursor to Narration field.
The last field of Voucher is Narration, here you enter details of the transaction
entered in the voucher. It is not mendatory / compulsory to give narration. You can
type anything about the transaction or just leave this field blank. You can turn off
narration by responding No to the question 'Use Common Narration?' at voucher
creation/alteration screen.
After entering narration, when you press Enter key a confirmation prompt will
appear Asking 'Accept Yes/No?'. Press Y or Enter to save the voucher or press N to
return cursor to the first entry allows you to alter any data in the voucher. If you
give Y Tally will save the voucher and blank screen will appear next to continue
voucher entry.
Payment voucher:
The payment voucher is for all payments you make through cash or Bank. These
payments can be towards expenses, purchases, to trade creditors, etc. Follow the
below procedure to create a payment voucher.
All payment vouchers must have first entry a debit and at least one credit to a
Cash or a Bank Account. You can have any number of debit and credit entries.
However, if you do not credit one cash or bank account and still try to accept the
voucher a message appears asking for a cash or bank account.
If you have given Yes to 'Print After Saving Voucher?' in Voucher Type
creation/Alteration Tally will print the voucher immediately after saving.
Receipt Voucher
The receipt voucher in Tally is for all receipts into the Cash/Bank account. The
voucher is similar to the payment voucher except that you debit cash or bank A/cs
and credit the ledger from which you receive. The first entry in receipt must be
credit and at least one debit to a cash or bank account. There can by any number
of debit and credit entries. If you do not debit one Cash or bank account, a
message appears asking you to rectify the entry.
If you have given Yes to 'Print After Saving Voucher?' in Voucher Type
creation/Alteration Tally will print the voucher immediately after saving.
Alternatively you can print any voucher later by going to Voucher Alteration screen
using Display menu. Open the voucher and press Alt-P to display the 'Print
Voucher' Screen. Give 'Y' to the Print? Prompt.
Sales Voucher
The first entry must be a debit involving any debtor, bank or cash account and
second should be a credit to ledger placed under sales account group. Rest of the
accounts may be any Revenue account or any account under the Group current
liabilities. Thus you can include Duties & Taxes from 3rd entry onwards.
Purchase voucher
The first entry must be a credit involving any creditor, Cash or Bank account and
second entry should be a debit to a ledger placed under purchase account group.
Rest of the accounts may be any revenue account or any account under the Group
Current Liabilities
Contra Voucher
The contra voucher is for Fund transfers between cash and Bank accounts only.
The following is the rule,
For example, If you pay Rs. 10000 cash into State bank Account. Your contra entry
should be like this,
Particulars Debit/credit
Cr. Cash Credit - 15000
Dr. State bank ac Debit - 15000
Credit Note:
Credit Note is raised when a buyer returns some goods that you sold him. or you
give him credit due to rate difference or discount/rebate or when there is an exces
debit to any party
Debit Note:
You create a Debit Note when you make purchase return or when you have short
billed a customer or you are granted credit by your supplier due to rate difference,
discount etc.
Memo Voucher
This is purely Non-accounting voucher. These entries will not affect your accounts
nor does affect your final results. You can alter and convert a Memo Voucher into a
regular voucher when you decide to bring the entry into your books.
You can use memo vouchers to make suspense payments, vouchers not verified at
the time of entry, Items given on approval.
Exercise: 5
No Date Transaction
Exercise : 6
No Date Transaction
01 03-07-2004 Peter started business with Rs. 75,000
02 05-07-2004 Goods purchased 6,000
03 10-07-2004 Good sold Rs. 8,000
04 15-07-2004 Goods purchased from Mathew Rs. 21,000
05 17-07-2004 Goods sold to Sanjay Rs. 24,000
06 18-07-2004 Goods returned to Mathew Rs. 1,300
07 20-07-2004 Goods returned by Sanjay Rs. 500
08 23-07-2004 Opened an account with HDFC Bank Rs. 15,000
09 25-07-2004 Drew from Bank Rs. 4,000
10 25-07-2004 Furniture purchased Rs. 3,500
11 27-07-2004 Sanjay settled his account
12 28-07-2004 Settled Mathew’s Account
13 29-07-2004 Insurance Premium paid Rs. 350
14 29-07-2004 Electric Charges paid Rs. 250
15 30-07-2004 Drew for Personal use Rs. 1,300
16 31-07-2004 Salary paid Rs. 1,500
Exercise: 7
Journalize the Following with invoice:
HS & Co started the business from 01/04/2004
Exercise: 8
Voucher Types:
The Voucher Type facility is great as you can make several alternates of each
pre-fixed Voucher Type. For example, for Sales Voucher, it may be convenient to
have several Voucher Types like Cash Sales, Credit Sales, Sales To Registered
Dealers, Sales to Unregistered Dealers, Export Sales, etc. By creating separate
voucher types for them, you can independently configure their numbering scheme,
layout, etc.
Voucher Number:
If Manual is specified for the selected voucher type, cursor would blink
at the voucher number field to input from keyboard. We can modify the voucher
Number
If none is opted for the selected Voucher Type, voucher number field
would not appear.
Features
Tally controls operational Features through F11: Features button.
F11:Features button appear almost in every screen upon selecting a
company. We get same option irrespective of screen where we launch
it. Feature settings are company specific. We can activate an option for
one company and deactivate the same for another company.
Accounting Features - 11
1. Integrate Accounts and Inventory: This option basically
affects accounts. If we set this option to Yes, the value of stock is
automatically computed on the basis of Inventory and posted in
Balance sheet, Profit & loss a/c and we are not allowed to input the
stock value on our own as the accounts are integrated with the
Inventory Part.
If we set No, our Accounts & Inventory remains separate and we
have to input the value of closing stock in the ledger under Stock-
in-hand group which is posted in the Balance Sheet & Profit & Loss
A/c.
Multi-Currency
Once this option is said to yes we get currencies under accounts info.
The currencies menu has the usual create, display and alter options.
Number of Decimal places : Enter the number of decimal places for the
Currency.
Rate of Exchange:
Selling Rate : Enter the rate at which we are selling the currency
Buying Rate : Enter the rate at which we are buying the currency
Once enter is pressed in the amount column the Dollar gets converted to Rupee as
on the date of voucher Entry as shown below and the amount is displayed based
on Rupee currency.
Exercise: 9
$ (Dollar) 62 63 60
# (Frank) 45 47 46
£ (Pound) 72 73 72
¥ (Yen) 58 60 59
€ (Euro) 82 83 82
Steps Involved:
Name: Department
Accept → yes
Under Name of Cost Centre → Type the different types of Cost Centres
Accept → yes
Once we press enter we get the following screen, select Cost Category, then select
cost centres and type the salary amount incurred for the different departments as
shown below:
Cost Centre Classes affect all voucher types. In voucher entry, the allocation
screen would not appear, but allocation would be made automatically.
Steps Involved:
1. Press F11 -> Features -> Maintain Cost Centres and more
than one cost category options should be set to Yes.
2. press F11 -> Features -> Pre-defined cost centre
allocation during entry set Yes.
3. The following screen appears.
01/4/2005 Paid Salary Rs.28, 000 (M-10, 000, F-10, 000, A- 8,000)
24/4/2005 Paid Electricity charges Rs. 12,000 (M-4, 000, F- 3,500, A- 4,500)
Exercise No: 12
When you enter details of sales and purchases with Bill-wise turned on,
Tally prompts you to identify the invoice with an appropriate reference
number. The reference can then be used to allocate payments to the
correct invoice to maintain an accurate account of outstanding.
Bill-Wise Types:
New Ref:
Advance
Against Ref:
On Account
Creation of Bill_Wise_Details:
Ledger creation:
Voucher Creation:
Exercise No: 13
Capital 2, 50,000
Sundry debtors
Milky (P)Ltd 5160
Sundry Creditors
Praveen & Sons 7050
Fixed Assets
Furniture 30,000
Computer 40,000
Opening Stock 10,000
Cash in hand 70,000
SBI 1, 01,890
Voucher Entry:
Sales bill
Milky (P)Ltds
Kamal & Co
Malar & Co
Received cash
Kamal & co
Payments Made
Interest Calculations
The Activate Interest Calculation field is displayed in the Ledger Creation
screen only if Activate Interest Calculations is set to Yes in F11: Features.
Set this field to Yes for each specific ledger account for which interest is to
be calculated.
The advanced parameters are particularly useful where interest rates change
from time to time.
Exercise: 14
Budgets
Budgets are used to set targets and compare against actual and get
variances. We can create multiple budgets for different purpose.
Creation of Budgets:
1. On Nett Transactions
2. On Closing Balance
On Nett Transactions: This option is suitable for accounts where nett
transactions are to be monitored (eg. Revenue A/C)
Exercise: 15
Expenses Budget
Conveyance 5,400
Wages 50,000
Carriage Outwards 500
Electricity Expenses 3,000
Advertising 2,000
Selling and Distribution 1,500
May 2005
Paid Conveyance 200
Paid Wages 500
Paid Carriage Outwards 2,500
Paid Electricity Expenses 3,000
Paid Advertising 2,000
Paid Selling and Distribution 1,100
June 2005
Paid Conveyance 500
Paid Wages 250
Paid Carriage Outwards 1,500
Paid Electricity Expenses 2,000
Paid Advertising 2,000
Paid Selling and Distribution 1,220
Bank Reconciliation
Bank Reconciliation means that the accounts maintained by the banker tallies with
the bank ledger account in our Books. Even if both the accounts are in sync, the
balances may not be equal for various reasons. Bank Reconciliation is the process
to ensure that even if these two balances apparently differ, the bank Pass Book is
in sync with the Bank Book in the books of accounts.
Steps Involved:
1. Our current account statement has been sent to us by our Bank for the
month ended may 2005
2. Bring up the monthly summary of Current Account (Display→Account
Books→Bank Books and select the bank Account)
3. Bring the cursor to May and Press Enter. This brings up the vouchers for the
month of May 2005
4. It is helpful to see the Narration as that contains cheque numbers and other
details. So Press F12: Configure and activate Show Narration.
5. Since this is a Bank Account, an additional button F5 Reconcile will be visible
on the right. Press F5
6. The display now becomes an Edit screen in reconciliation mode. The primary
components are:
• A Column for the Banker’s Date
• The Reconciliation at the bottom of the screen,
Showing:
7. Enter the bank date for the payment voucher and contra voucher.
8. The next time we come for reconciliation, we will be presented with
only those vouchers, which remain unreconciled.
Exercise: 16
Deposit Slips
Counter Foils
08/4/2005 Kavitha 15000
09/4/2005 Sachin 5000
11/4/2005 Amutha 7500
12/4/2005 Sachin 10000
15/4/2005 Amutha 4500
17/4/2005 Kavitha 12000
30/4/2005 Bank Charges 250
Exercise: 17
Jeevan & Co Started business on 1/4/2004
You can make a voucher type default to Optional if you need to create a new
voucher type or alter an existing voucher type.
1. Go to Gateway of Tally
• Optional Vouchers allow you to see the impact of transactions without actually
posting them.
• Optional Vouchers can be used to forecast future sales. For example, create a
New Voucher Type - Sales Forecast. Record future sales projections using this
voucher type.
On 30th June you want to view the Balance Sheet as of today but June rent is not
due for payment until the first week of July. This liability is not reflected in the
Balance Sheet. To overcome this, enter an Optional Voucher dated 30th June.
The above entry is made as shown below
1. Enter Date
When you view the Balance Sheet, generate a report with the Optional Voucher
included. The Optional Voucher should be already defined as a Scenario (Refer
section on Scenario Management for more details). The voucher affects the
report temporarily. Once you quit the report, Tally does not retain the Scenario
details. The next time you view the balance sheet, it will not include the effect of
the Optional Voucher unless you include it.
Post-Dated Vouchers
While entering vouchers, you can mark them as post dated. Tally will not update
the vouchers in ledgers until the specified date is approached. This is useful to
enter transactions that take place on a regular basis. For example, if you pay for
something by installments, you can set up the payments in advance, and Tally
will only enter them in the ledgers as they fall due.
Mark vouchers Post Dated by using CTRL + T or click on Post dated button
from the Button Bar. This button toggles with Current.
Accounting with Inventory
Inventory accounting includes recording stock details, the
purchase of stock, the sale of stock, stock movement between
storage locations/ godowns and providing information on stock
availability. With Tally it is possible to integrate the inventory and
accounting systems so that financial statements reflect the closing
stock value from the Inventory system.
The Inventory system operates in much the same way as
the accounting system. First we set up the inventory details, which is a
similar operation to creating the chart of accouts although , in this case
there is no pre-defined set of stock groups. Second, we create the
individual stock items. which is similar to setting up the ledgers. Finally,
We are ready to use vouchers to record the various stock transactions.
Stock items:
Stock items are the actual items in stock, and we account for
the issued and receipts of stock at this level.
Stock Groups:
We classify stock items into stock group based on any
common feature.
Stock Categories:
This is a useful Tally feature, Which allows us to classify similar
stock items together across different stock groups, enabling us to
obtain reports on alternatives or substitutes for a stock item.
Locations/Godowns:
We can specify where the stock items are held, e.g., which
warehouse shelf or rack, obtain stock reports for each Godown, and
account for movement of stock between locations/Godowns.
Units of measure:
We will need to create units of measure for stock items. These
can be simple units such as nos, metres, kilograms, pieces, or compound
units, e.g., box of 10 pieces or 1 dozen is 12 nos.
Maintain Accounts with Inventory
Tally displays a pop-up list called Type of Company – this is how
your books of accounts will be maintained.
Accounts only
Select this only if you do not have any inventory transactions (suitable for
professionals and corporate offices). Tally would not permit intrusion ofInventory
related information that are not required.
However, at a later date (if required) you can alter the information as Maintain
Accounts-with-Inventory – Tally accordingly now provides all the inventory-related
information.
Accounts-with-Inventory
This obviously allows you to maintain both financial accounts and inventory. You
may choose not to use one or the other until the need arises.
Stock Groups
Stock items can be grouped together under Stock Groups to reflect their
classification based on of some commonality. Grouping would enable easy location
and reporting of stock items in statements. Hence, items of a particular brand can
be grouped together so that you can extract stock of all items of that brand.
For example, create Stock Groups like Sony. Your stock items could then be Sony
3.5" disks, Sony tapes, etc. Classify the Sony products under the Stock Group
Sony.
Check the data is correct and press enter and Accept – Yes
Name
Give the name of the stock group. Here we wish to create a group Sony.
Under
Stock Categories:
Stock Categories offers parallel classification of items. You may create Stock
Categories like Floppy Disks and Floppy Drives.
Require information like total stock of floppy disks or alternative items that could
be used, these would be best available through Stock Categories.
Select the stock category whose particulars you wish to display. When you display
or alter a stock category, the information entered while creating it is displayed.
• Display from this mode is for master information only. You will not obtain any
balances for a stock category here. Use the Display option from the Gateway
of Tally for display of balances and transactions.
• In earlier days of computing, one would look at the master information for
balances. Tally believes that balances are a logical consequence of the
transactions; hence, they should be available with the transaction
summaries. You would find all summaries and details through the Display
option in the main Gateway of Tally.
Delete a Stock Category
You can delete a stock category only if it does not have any children under it.
The children could be stock category or stock item or both.
Gateway of Tally—>Inventory Info—>Stock Categories—>Single Alter
Press [ALT]+[D]to delete the stock category
Units of Measure
You will need to create units of measure for stock items. These can be
simple units such as numbers., metres, kilograms, pieces, or compound units,
e.g. box, where, say, one box equals ten pieces.
In Symbol type ad enter doz. In Formal Name type and enter Dozen.
Press Enter twice to accept the data.
Use the up arrow or backspace key to position the highlight in the
Type field. Select Compound form the types of units Pop-up menu. Select
doz as the First Unit. Type and enter 12 as the conversion factor.
Select nos as the Second Unit and accept the data. Press enter to
return to the units menu.
Once created, units of measure can be displayed and altered. You can delete a
unit of measure in the alteration screen by pressing [Alt]+[D]. However, you
cannot delete a unit of measure that is part of a compound measure. The
compound measure must be deleted first.
Godown
Godown is the place to store goods. Tally allows us to create any number of
Godown and nest into any number of levels.
Address
Under
Give the location under which this location is to be sub-grouped. Use [alt]+[C] to
create the parent location. Select primary if it is not a child of any location.
Stock items are the actual items in stock, and we account for the issued and
receipts of stock at this level.
Stock items are the actual items in stock, and we account for the issued and
receipts of stock at this level.
You can delete a stock item only if it has not been used form transaction
entry.
Gateway of Tally > Inventory Info > Stock Items > Single Alter
Press [ALT]+[D] to delete the Stock Item
Stock Group
Exercise No: 18
2007
Purchase from Milky & Co 125 Lax Soap per soap Rs.12
Nov 03 Sales Ambai 18, 50kg per Rs.18 and 75 Lax Soap per soap Rs.13
to Laxmi Store
b)
Journalize the following Transaction in the Book of Rahuman & Sons
2006
11 Withdraw from Bank Rs. 5,600 for Personal use Ch.no. 098765
14 Bought a Computer for Rs.17,000 from Sai System
17 Guru Store amount settled through a cheque
18 Sold Goods for Cash
Salaries Rs.10,000
Stock Categories
Exercise No: 19
Television
Computer
Fan
Godown
Exercise No: 20
Godown
Godown
Godown
Godown
Exercise: 20
2007 June 02 Purchase Maltova 250 nos for 220 [Batch no. M202, Expiry
date 1-7-2007] from Rajiya & Co
16 Purchase Power Soap 300 nos for 12 50 [Batch no. P302, Expiry
date 1-8-2007] from Mohana & Co
17 Paid Rent Rs. 3,000
18 Paid Telephone Bill Rs. 3,400
19 Paid Salary Rs. 13,000
20 Purchase La Soap 100 nos for Rs.11.50 [Batch no. L303, Expiry
date 9-10-2007] from Mohana & Co
21 Sales Maltova 25 nos for Rs. 230 to Jerry Store
22 Sales Power Soap 230 nos for Rs. 13 to Jerry Store
29 Paid Electricity Bill Rs. 2,300
30 Withdraw Cash for Personal use Rs. 1,300
2007 Sep 04 Purchase Boost 50 nos for 230 [ Batch No. B203, Expiry date 25-
9-2009] 11 Paid Salary 13,000
13 Paid Rent Rs. 3,000
23 Sales La Soap 60 nos for 13 [Batch no. L303, Expiry date 9-10-
2007]
24 Purchase Lux 300 nos for Rs. 15 [Batch No. Lx304, Expiry date 11-
11-2007] from Mohana&Co
25 Sales Lux 150 nos for Rs.16.50 to Nirupama Store
i. Free items are received or given.( Free & sold items are same.
For example, 1 box of Surf Excel is given free on every 5 box of
surf excel.
iii. Free items are received or given. (Free & sold items are
different).
For example, one piece of 100gm Promise tooth pase given free
on every 5 box Surf Excel.
iv. The billing quantity is rounded off
v. Invoicing in Part.
If the Billing quantity is different from actual quantity, to enter
both quantities in transaction, we need to activate option Use
different Acutal
& billed qty under F11: Features -> F2: Inventory . Consquently
during transaction entry, we wil be prompted to enter 2 quantities,
i.e., Actual and billed. Actual Quantity will update stock and Billed
Quantity will be used to compute transaction value.
Exercise: 21
20.10.2006 Purchased the following items from Omega InfoTech in an sale offer
made
by them. The offer was that on every purchase of 5 items one item is
given free. He purchased the following items and agreed to make
payment with in 10 days.
In this module, you learn how to record purchase orders, and to call the orders while entering a
purchase invoice and likewise with sales orders and sales invoices.
You will also learn how to display outstanding orders position and the effect of orders on stocks.
Remember, orders do not affect financial records nor do they update inventories.
• Activate Tracking numbers in F11: Company Features, if it is not already activated. In this unit,
you will use Not Applicable for Tracking Numbers. We will take up entries using Tracking
numbers in the next unit.
• Create a stock item Bricks with unit of measure Pcs. This is tradeable item as well as to be used
for construction. Stock will be maintained. Hence, Treat all Purchases as Consumed should be
set to No.
• Create a Supplier - Universal Bricks with bill-wise activated and no interest calculation.
Purchase Order details will also depend on configuration settings. Hence, have a look at the
configuration and voucher types.
Activate Accounting allocations in Order Entry.
• Next Item: Since no other item is required, press [Enter] on the blank field to take the cursor to
the tax/expense field.
• Expense/Tax: Once the item details have been entered, you might specify tax to be charged
and other expenses like freight, if any. The tax or expense has to exist as a ledger account or
it may be created using [alt]+[C]. Select Freight @3% on the item values.
• Narration: Optional.
You can alter a Purchase Order by displaying it from a variety of places but is easier through the
Purchase Orders Book or the Day Book.
Gateway of Tally ->Display -> Day Book or Gateway of Tally, Inventory Books, Purchase Order Book.
Sales Order details will also depend on configuration settings. Hence, have a look at the configuration
and voucher types.
1. Gateway of Tally->Voucher Entry ->F8:Sales ->Select Sales Order (Alt+5)
2. Voucher date: 16/12/08. Party's A/c Name: Wimbledon Properties
3. Order No: The voucher number will be your internal serial number. This particular Order No.
field is for the customer's order number which is different from the voucher number. Enter
WP/5.
4. Name of the item: Bricks.
5. Due on: 26/12/08.The due date for delivery of the item. This will enable monitoring of
outstanding deliveries. The order can be split for delivery on different dates.
6. Location: Warehouse.
7. Quantity, Rate and Amount - 4000 Pcs @ 5 per Pc.
8. Next Item: Since no other item is required, press [Enter] on the blank field to take the cursor to
the tax/expense field.
9. Expense/Tax: Once the item details have been entered, you might specify tax to be charged
and other expenses like freight, if any. The tax or expense has to exist as a ledger account or it
may be created using [alt]+[C]. Select or create Tax @ 17.5% to be charged on the item
values.
You can alter a Sales Order by displaying it from a variety of places but is easier through the Sales
Orders Book or the Day Book.
Gateway of Tally->Display-> Day Book or Display, Inventory Books, Sales Order Book.
Stock summary is perhaps the best place to view the order position.
Currently, all you see is the closing balances or stock in hand as on the last day of the period. However,
you do not know how much stock is on order both inward and outward. if you knew that, you could take
plan your stocks better and not lose out on orders.
You now see your Order Analysis with Sales and Purchase Orders outstanding position for the stock
item Bricks.
Adjust Orders
You adjust orders at the time of raising delivery notes and invoices.
Reorder Level
Reorder Level signifies the quantity of a Stock Item in hand, after
reaching which you must place orders for your supplies. The
importance of Reorder Level arises from the desire to have sufficient
stocks to service customer orders and, at the same time, not to
unnecessarily accumulate stock.
Therefore, the points to be considered while deciding the reorder
levels are as follows.
o The lead-time for suppliers to deliver the stock.
o The delivery time specified by the customer.
o The stock-in-hand to satisfy orders in the meantime.
In simple mode, Tally accepts the quantities that you specify. In
advanced mode, it considers the past consumption patterns to suggest
reorder levels. You can however, choose to define your own reorder
levels. You may also specify the minimum quantity of the item to be
ordered, either in simple or advanced mode.
The purpose of specifying reorder levels is to obtain a report that
indicates the quantity of a Stock Item that you must order.
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. If
you click Simple Reorder button, the consumption alternatives will not be available and
hence you have to input the quantities.
Note: The option Reorder Levels is displayed in the Inventory Info. menu only if Allow
Purchase Order Processing is enabled in F11: Features.
The options that you have while defining Reorder Level and Minimum Order Quantity for
individual stock items are as follows.
Reorder Level/Quantity
This field lets Tally calculate the reorder level/order quantity based on the total
consumption in the past for a chosen period.
Period
The choices for periods are: Days, Weeks, Months and Years. Note that it is not the average
consumption for the period but the total consumption. Enter zero (0), if you do not want
Tally to calculate the reorder level based on the consumption of the item in the past.
Criteria
Choose whether you want the higher/lower of the two, i.e., input/calculated level/quantity.
Rounding Method
Specify whether the calculated level/quantity must be rounded and also the method of
rounding.
Tracking Number
You were buying and selling goods or services where the stock would be affected
when making the purchase or sales entry. Many businesses deliver stock with a
delivery note or a challan. The bill is raised later. The bill has to be linked or
tracked with the goods already delivered. In Tally, tracking numbers do the job.
Tracking numbers allow Goods Receipt and Goods Delivery Notes for goods not
accompanied by an invoice to be linked with the invoice that is raised later. Of
course, Tally permits the opposite too. A bill can be raised first and the goods
delivered. Again, tracking numbers do the trick.
Tally walk-through for using tracking numbers
1. Go to voucher entry.
2. Select Purchase, Receipt Note.
3. Enter the following transaction:
4. On 12/12/98 - Ref GRN/UB - 1000 Pcs of Bricks received from Universal
Bricks @2 per Pc.
5. For Bricks, select Tracking Number GRN/UB and give item details.
6. Press Enter on the blank Tracking number to return to the main voucher.
7. Accept the voucher and Return to Gateway of Tally
8. Select 'Display', 'Statements of Inventory', and then 'Purchase Bills Pending'.
Purchase Bills Pending screen:
1. Tally tracks down the Goods received but whose bills have not been
received.
2. View the Profit & Loss Account and the Purchase Accounts.
3. Tally provides the purchase so that the profits are correctly arrived at.
4. View the Balance Sheet, Sundry Creditors. Has Tally provided for the
liability?
5.
Tracking numbers - track bills with goods delivered
Now go back to Voucher Entry
1. On 15/12/08, you receive the purchase bill no UB/15 from Universal Bricks
for their Delivery Note no GRN/UB for 1000 Pcs of Bricks @ 2 per Pc. You get
30 days credit.
2. Select Purchase, Purchase
Ref: UB/15
Cr Universal Bricks 2000
Billwise UB/15 30 days 2000
Dr Project Purchase 2000
3. Inventory Allocation
• Tracking Number: Select GRN/UB. Note UB/15 is also listed there. Do not
select this.
• Accept the other information that is filled up. Press Enter on the blank
Tracking number to return to the main voucher.
4. Cost Centre is activated for Project Purchase. Select Projects and
Assignments Category and Buildings Cost centre.
5. Accept the voucher.
6. Now go back to Purchase Bills Pending. Is there anything pending?
Exercise No: 22
a)
1.4.2008 Received Capital By Cash Rs.5,00,000
1.4.2008 Cash Deposited in SBI Rs.2,00,000
5.4.2008 Purchase Order Made to Rahul Textiles [P.O.N0.101]
5.4.2009 Due 12.4
Cotton Sarees 50 nos at Rs.300
Chudithar 50 nos at Rs.400
7.4.2008 Purchase Order Made to Kiran Textiles [P.O.N0.102]
Due 15.4
29.4.2008 Delivery Note Given For Brinkley Garments For Sales Order No.118
[DN.NO.556]
1-5-2008 Returns From Brinkley Garments
T-Shirts 10 nos
Jeans 5 nos
5.5.2008 Sales Invoice Raised For The Delivery Note 556
b)
Kiran Electricals Started Business of Electrical items
20.8.2002 Returned 10 nos of the Ceiling Fan & 5 nos of Table Fan For the Order
NO.124
22.8.2002 Sales Order Received From Akshai Traders [NO.2,Due Date 1/9]
Ceiling Fan 300 nos @ Rs.2000
Table Fan 300 nos @ Rs.1500
1-9-2002 Raised Sales Invoice For the Order NO.2 with Sales Tax @ 4%
2.9.2002 Sales Order Received From ABI Traders [3.Due Date 10/9]
Ceiling Fan 200 nos
Table Fan 200 nos
10-9-2002 Delivery Note Raised For the Order NO.3
12.9.2002 Returned 5 nos of Ceiling Fan.Table Fan
14-9-2002 Sales Invoice raised For the Order NO.3
Exercise: 23
a)
On 1/1/2005 Received capital by cash Rs. 5, 00,000
On 2/1/2005 Deposited in ICICI Bank Rs. 2, 00,000
On 5/1/2005 Purchased from GTL 500 Nos. of Lux Soaps @ 15/No
Sales Tax 4%
Packing Rs. 500
Carriage Rs. 700
[Create bill no. Credit days 30]
On 8/1/2005 Purchased from GTL 500 Nos. of Power Soaps @ 10/No
Sales Tax 4%
Packing Rs. 700
Carriage Rs. 1000
[Create bill no. Credit days 30]
b)
Rahuvar & Sons purchased the following components
Carriage 15,000
Tax 4%
Packing Charges 20,000
Labour Charges 5,000
Bill of Materials
A Bill of Materials contains a list of items that make up another item. In
other words, it is a list of constituent items for a product.
2. Give Mfg.Journal (Manufacturing Journal) as the name and under ' Voucher
types' select Stock Journal.
3. Follow the normal Voucher type creation as explained earlier for the rest.
4. Select Yes for "Use as Manufacturing Journal" and accept the screen.
You can create a Bill of Material (BoM) for any stock item. Typically, you would like
to create a BoM only for those items that are being manufactured. You will specify
a BoM at the time of creating a stock item or altering its master.
Therefore,
1. Create a stock item Television. Create it under a new stock group Home
Electronics.
2. Unit of measure - nos.
3. Say Yes to "Set Components (BoM)?"
4. Once this is made to yes it takes you to a screen where you can enter 1
each for Unit of Manufacture and items VDU, Picture tube, IC Chips, Sound Card
and aerial which are required for the assembly of one Television. These items
do not exist. Create them and group them under a stock group Television
Parts. Unit of measure - nos.
First you should purchase the components required to produce the television.
Make a purchase voucher entry as follows:
1. VDU - 2000, Picture Tube - 3750, Sound Card - 500, IC Chips - 5000, Aerial -
300.
Exercise : 24
a)
Wages 15000
Power 10000
c)
Manu &Co purchased the following components for used Computer:
Price List
This feature is provided in Tally to allow different pricing
structure for the same item depending on their quantity of
purchase or sale.
7. More than one Price level can be entered for a single Stock Item.
Bronze 8
Gold 8
Silver 8
Bronze 8
Gold 8
Less than 10 Nos. Rs.75
10 Nos. to 25 Nos. Rs.75 5%
From 25 onwards Rs.75 10%
Silver 8
b)
Export price
Cotton sari Less than 50 Nos. Rs.700
50 to100 Nos . Rs.700 3%
More then 100 Rs.700 5%
Whole Sale