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May 22, 2019 - In this article, we will guide you how to use Tally ERP 9. All the data & performs a validation check to make sure the return is error free. You can download our Tally Connector for filing GST Returns from Tally in two clicks!
Tally Notes and Basic Accounting notes
Basic concept of accounting-
Accounting: It is an art of recording, classifying andsummarizing in significant manner and in terms of money, transactions andevents which are of financial character and interpreting the results thereof.
Business transaction: A business transaction is “Themovement of money and money’s worth form one person to another”. Or exchange ofvalues between two parties is also known as “Business Transaction”.Accounting cycles-
Tally Notes and Basic Accounting notes -
Purchase:Apurchase means goods or services purchased by a businessman from suppliers.
Sales:Sales is goods or services sold by a businessman to his customers.
Purchase Return or Rejection out or Outward Invoice:Purchase return means the return ofthe full or a part of goods purchased by the businessman to his suppliers.
Sales Return or Rejection in or Inward Invoice:Sales return means the return of the fullor a part of the goods sold by the customer to the businessman.
Assets: Assets are the things and properties possessed bya businessman not for resale but for the use in the business.
Liabilities:All the amounts payable by a business concern to outsiders are calledliabilities.
Capital:Capital is the amount invested for starting a business by a person.
Debtors:Debtoris the person who owes amounts to the businessman.
Creditor:Creditor is the person to whom amounts are owed by the businessman.
Debit:The receiving aspect of a transaction is called debit or Dr.
Credit:The giving aspect of a transaction is calledcredit or Cr.
Drawings:Drawings are the amounts withdrawn (taken back) by the businessman fromhis business for his personal, private and domestic purpose. Drawings may bemade in the form cash, goods and assets of the business.
Receipts:It is a document issued by the receiver of cash to the giver of cashacknowledging the cash received voucher.
Account:Account is a summarized record of all the transactions relating to everyperson, every thing or property and every type of service.
Ledger:The book of final entry where accounts lie.
Journal entries:A daily record of transaction.
Trial Balance: It is a statement of all the ledgeraccount balances prepared at the end of particular period to verify theaccuracy of the entries made in books of accounts.
Profit: Excess of credit side over debit side.
Profit and loss account:It is prepared to ascertain actualprofit or loss of the business.
Balance Sheet:To ascertain the financial position of the business. It is a statementof assets and liabilities.
Tally Notes and Basic Accounting notes -
Classification of Accounts:-
Theclassification of accounts is given as follows :
1.Personal Accounts : -
Accounts which arerelated to individuals, firms, companies, co-operative societies, banks,financial institutions are known as personal accounts. The personal accountsmay further be classified into three categories :-
(i) Natural Personal Accounts :- Accounts of individuals (natural persons)
such as Akhils' A/c, Rajesh's A/c, Sohan's A/c are natural personal accounts.
(ii) Artificial Personal Accounts :- Accounts of firms, companies, banks,financial institutions such as Reliance Industries Ltd., Lions Club, M/s Sham& Sons, Punjab National Bank, National College are artificial personalaccounts.
iii) Representative Personal Accounts : -The accountsrecording transactions relating to limited expenses and incomes are classifiedas nominal accounts. But in certain cases (due to the matching concept ofaccounting) the amount on a particular date, is payable to the individuals orrecoverable from individuals. Such amount (i) relates to the particular head ofexpenditure or income and (ii) represents persons to whom it is payable or fromwhom it is recoverable. Such
accounts are classified as representative personal accounte.g., Wages outstanding
Account which are not personal such as machinery account,cash account , salary account etc.
- Real account- Real accounts are the accounts related to assets/properties.
There are twotypes of Real account:-
(i) TangibleReal Account- The accounts relatingto tangible assets (which can be touched, purchased and sold) such as building,plant, machinery, cash, furniture etc. are classified as
(ii)Intangible Real Account- The accounts relating to intangible assets(whichdo not have physical shape) are the accounts related to intangible assets suchas goodwill, trademarks,
2. Nominal account - The accounts relating to income,expenses, losses and gains are classified as nominal accounts. For exampleWages Account, Rent Account, InterestAccount, Salary Account, Bad Debts Accounts, Purchases; Account etc. fall inthe category of nominal accounts.
Journal Entry Rules
Tally -
Tally is a complete business solution for any kind ofBusiness Enterprise. It is a full fledged accounting software.
Procedure for creating company in Tally
Doubleclick on Tally icon on desktop. Alt+F3 Company info-Create company.
Accounts Only: To maintain only the financial accounts ofthe company. Inventory (stock) management is not involved in it.
Account with Inventory:This is the default option, which allowsmaintaining both the financial account of the company as well as the inventoryof the company.
Select Company:We can choose the company which is already created.
Shut Company:It is used to close the company which is opened. Shortcut key - Alt+F1.
Alter:It is used to make alterations in the company creation like name, date,maintain etc.
Quit:Exits from Tally. 1. Click on quit button.
3. Ctrl+QTally ERP Ledgers and under group -
1. Cash - (cash - in - hand)
Ledger NameTally Head
Purchase Return/Purchase-Purchase
Carriage inward /Freight & Cartage -DirectExpenses
Wages /Coal /Fuel/ Gas /Electric charge -DirectExpenses
Wages /Coal /Fuel/ Gas /Electric charge -DirectExpenses
Listof Tally Ledgers for Profit & Loss Account-
Advertisement /Salary /Insurance premium -Indirect Expenses
Bank charges /Free sample /Carriage outward -Indirect Expenses
Commission /Discount/ Loss by fire/ Rent allowed-IndirectExpenses
Postage & courier/ Printing & stationery -Indirect Expenses
Telephone/Depreciation/Traveling expense-IndirectExpenses
Donation &charity /Interest on loan / Repair charge -IndirectExpenses
Donation &charity /Interest on loan / Repair charge -IndirectExpenses
Commission Recv. /Discount Recv. /Rent Recv. /Brokerage Recv.-IndirectIncome
Tally Erp 9 Notes In English Pdf
Payment / Purchase question in name ledger under Tally group - Sundry Creditor
Receipt / Sales question in name ledger under Tally group - Sundry Debtor
For more Ledger and Under Group Head in Tally and Account
Then click on below Button and Download it.
if any problem in open then open in new browser . and screenshot.
For more Ledger and Under Group Head in Tally and Account
Then click on below Button and Download it.
if any problem in open then open in new browser . and screenshot.
Tally.ERP 9 in Voucher uses and shortcut keys -
Accounting Voucher:-
All entries whichyou made in the see given accounting vouchers is effect onyour current accounting of your business.
F4: Contra ->Used for cash and bank entries and also fundtransfer from one bank toanother.
F5: Payment->Used for expenditure andpayment to parties’ by cheque or cash.
F6: Receipt->Used for income and received amount from the parties bycheque and cash. And also startedbusiness entries
F7: Journal->Used for adjustable /nonbank / cash transaction and transferable entries.
F8:Sales->Used for cash and credit sales entries and income
F9:Purchases->Used for cash and credit purchased entryand expenses.
Ctrl+F8: Credit Note->Used for cash and creditsales returns entries.
Ctrl+F9: Debit Note->Used for cashand credit purchases return entries.
F10:Reverse Journal: Usedfor rectifying any wrong entries. (Non Accounting Voucher)
Ctrl+F10: Memo(Memorandum): Used for memorize any entryin tally. (Non-Accounting Voucher)
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Thesevouchers are effect on inventory reportsin the business. All entries which you made in these inventory vouchersare effect on your stock register.
ALT+F4: Purchases Order Voucher r: Usedto give purchases order to party.
ALT+F5:Sales Order Voucher: Used to receive sales order from customer.
ALT+F9:Receipt Note Voucher:Used for recording goods received.
ALT+F8:Delivery Note: Used for recordinggoods delivered to a customer.
ALT+F6:Rejections Out: Used forrecords goods that are rejected and returned to a supplier.
CTRL+F6:Rejections In: Used to record goods that are rejectedand returned back bythe customer.
ALT+F7:Stock Journal Voucher: Usedto record stock transfers from one locationto another.
Alt+F10:Physical Stock: Used forrecording actual stock physicallyverified or counted.
Tally. ERP 9 Main page screen content names-
-Tally Notes and Basic Accounting notes --Tally Notes and Basic Accounting notes -
-Tally Notes and Basic Accounting notes --Tally Notes and Basic Accounting notes -
-Tally Notes and Basic Accounting notes --Tally Notes and Basic Accounting notes -
Accounting Entries In Tally Pdf
-Tally Notes and Basic Accounting notes -
comments on post for more notes .
comments on post for more notes .