Basics of Tally

 

Journal and Ledgers in Tally

 

journal is a book that has business conversion in constant demand. The record of personal business transactions is called the journal section. Each journal area is supported by a receipt, which confirms the relevant transaction.

 

  • A journal is a record that contains the subtleties of money transfer. Contract receipt, receipt purchase, pay slip, lease receipt etc. are included in the sample.
  • In the jouranl, some paragraphs are recorded, each of which does not apply to the next.
  • To find out the all-out effect of all transactions, each entry passage must be moved / moved to the record that identifies it.

 

Ledger

 

  • An Ledger is a transfer notice that affects a specific source, liability, expense, or payroll.
  • A record is a book that contains all the records. Solution for all registration titles used by the Records Map Association.
  • The Business Record Map shows the classification and collection of its records.

 

Posting

 

  • Posting is the process of moving or moving transactional data to a record. 
  • Accounting Period A fixed period, for example, a quarter or a year, for which a budget summary is generated, is called the accounting period.

 

Balance Sheet

 

  • The solution to the equation of all recorded accounts is the test balance.
  • It is set up after all the transactions in the journal have been recorded and the Journal columns and record accounts provided in the record have been corrected.
  • This is the sum of the true, personal and clear records of the Association.
  • The classified preset equation consists of sections. Account Name Debit Balance Debt Balance

 

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Financial Statements

  • A financial statement is a statement made from time to time from a company's bookkeeping records.
  • Budget statements include P / L declarations (or pay declarations), currency records and income statements.
  • Financial summaries are usually included on a quarterly or annual basis.
  • To disclose accommodation, the P / L account is split.
  • Account conversion profit and other account profit and misfortune can be divided into two additional stages.

 

Net Benefit  

  • The total benefit shown after taking into account the activities of CORA It is Total Profit = Net Contracts - Cost of Contracts Net Benefit - Net Benefit for the period taking into account other administrative expenses purchased for this purpose.
  • It is related to net profit = (gross benefit + other payment) - (sales and administrative expenses + depreciation + interest + tax + different expenses).

 

 

Trading Account

  • A trading account is set up to show the total benefit earned by the association over a predetermined period.
  • It encourages the community to show up at the expense of the central movement and to take immediate advantage of its activities.

 

Profit and Loss Account

  • Profit and Loss Accounting returns the net profit earned by the company. Consider each payment check and expenses received over a period of time.
  • It helps to test and control the costs incurred by the company and to improve its efficiency. Therefore, the interpretation of profits and losses demonstrates the company’s profits or losses over a predetermined period of time.
  • The profit and loss is an important part of the account, and what distinguishes it from the asset declaration is that the amounts appearing in the declarations, while speaking with some indefinite conversion, the contents of the cash register show the data on a specific date.
  • All income and expense accounts will be closed once the pros and cons account is prepared. They will not open the balance for the following bookkeeping cycle.

 

Balance Sheet

  • Balanced outline describing the resources and responsibilities of the business.
  • The maximum benefits on loans are the total assets of the business. Provides data that helps evaluate an asset reporting firm. Long-term budget strength. Effective daily working capital management.

 

Property portfolio

  • Consistent long-term performance. The balances of all real, personal and public (capital in nature) accounts are moved from the basic equation to the cash register and assembled under significant benefits and obligations.
  • The cash register is completed when the net benefit / deficit benefit and the deficit are moved from the account. 

 

The nature of the support community. The management community provides their support within the scope of customer use. Thus, if interest declines at the time of formation, such associations will be severely affected by the cost. The administration is short-lived. Therefore, the weight of the management community to provide a wide range of assistance is greater than that of the assembled association or exchange association.

 

Client affiliation is very important in a management association, which is the association or exchange of the association. Workers help create the “experience” needed to achieve the support community. In a supportive society, administration is usually provided by individuals rather than by machines. In this way, the Executive Association works more than the Association Merger. Client er credit is an elusive resource for the management community that can be quickly suppressed. Ho usually has an attitude of addressing “bad” management. 

 

 

Exchange Association

 

  • The affiliation towards buying and selling is called the Exchange Association. The exchange is classified as the outrage of trading at a fixed market cost or apparent value. Merchants go to a channel that delivers useful state residence, value, pack (total) and products that manufacturers offer to buyers in a timely manner. 
  • Assembly Association. Production is the process by which raw materials (works) are exchanged for the final product (yield) for customers or by others in the channel. The practice of the mobilizing association depends on its ability to complete the process successfully and profitably. The Assembling Association can be grouped through the creative forms they adopt. These are amazingly straightforward from complex approaches. The bookkeeper of any convening association should understand the affiliation in which he or she works. 

 

Value-Added Tax

  •  Value-added tax is an estimate collected based on the offer of obscure products, which is a versatile, fearless or unrealistic resource, depending on their attitude and legal status.
  • The VAT officers are represented by the government, who collect VAT from the business purchase or administration and send the installments to the state deposit.
  • Tax collectors coordinate creation and distribution contract workers (BSCS), government financial institutions or government agencies selected by the finance minister.