The accounting process is three separate types of transactions used to record business transactions in the accounting records. This information is then aggregated into financial statements. The transaction types are: The first transaction type is to ensure that reversing entries from the previous period have, in fact, been reversed. The second group is comprised of… Read More »
Lesson ObjectivesOn completion of this lesson, you will be able to understand The basic functionF11s of Tally.ERP 9 F11: Features & F12: Configurations Creating and Maintaining Chart of Accounts Entering the opening balances for Ledgers After creating a Company with the required information, you can now enable/ modify Accounting& Inventory features and configurations.F11:Features:The F11: Features are Company-specific… Read More »
Screen: Gateway of Tally Path: Tally Main → Gateway of Tally Step 1:Button → ‘Features’: click on button named ‘Features’ or press ‘F11’. Path: Gateway of Tally → Company Features Step 2:Choose the menu item ‘Statutory & Taxation’ Screen: Company operations Alteration Path: Gateway of Tally → Company Features → Company Operations Alteration Step 3:Field →… Read More »
What Is TDS? TDS falls under the act of advanced Income Tax, 1961, and all organizations or individuals are liable to pay it. The TDS concept is a tool by the Government to minimize tax evasion and collect at the income source. Source of income includes salary, interest, rent, brokerage, professional service, etc. If TDS… Read More »
You can calculate interest on each invoice for the period it is outstanding, wholly or partly. Transaction by transaction or bill-by-bill interest calculation is permitted for party accounts like accounts under the groups sundry debtors and sundry creditors. For interest calculation on each bill, Bill-wise details should be enabled for the company and the party. The Ledger Interest report… Read More »
You can get a report on the Ledger balances for the interest calculated. 1. Go to Gateway of Tally > Display > Statements of Accounts > Interest Calculations > Ledger 2. Select an Account, for example, Bank Loan Account . The Ledger Interest report appears as shown below:
The Group Interest Calculation statement is a list of all accounts and sub-groups belonging to the selected group that displays the current balance in each account or sub-group and the total interest. 1. Go to Gateway of Tally> Display > Statements of Accounts > Interest Calculations > Group 2. Select a Group , E.g. Loans (Liability) Note: The Cr in the interest amount indicates that it… Read More »
The advanced parameters are particularly useful where interest rates change from time to time. Go to Gateway of Tally> F11: Features > Accounting Features > Set Activate Interest Calculation to Yes. > Set Use Advanced Parameters to Yes. The Interest Parameters sub-screen is displayed For Ledgers created under the Group Sundry Debtors/Sundry Creditors, the Interest Parameters sub-screen is displayed as shown… Read More »
To calculate Interest in the Simple Mode: Go to Gateway of Tally> F11: Features> Accounting Features > Set Activate Interest Calculation to Yes. > Set Use Advanced Parameters to No. In the Ledger Creation screen set Activate Interest Calculation to Yes. The Interest Parameters sub screen is displayed. Enter the Rate and select the interest style from the list. Interest calculations on outstanding balances Enter Interest details in… Read More »
The feature Interest Calculation can be activated for any ledger in Tally.ERP 9. The Interest Calculation Report in Tally.ERP 9 gives only the implication of interest for the selected account. The amount is not charged to the books of account until an entry is passed. To enable Interest Calculation for a Ledger: Go to Gateway of Tally > F11:Features > Accounting Features > set Activate Interest Calculation to Yes. Select the… Read More »