Computer hardware includes the physical parts of a computer, such as a case, central processing unit (CPU), monitor, mouse, keyboard, computer data storage, graphics card, sound card, speakers, and motherboard. By contrast, the software is the set of instructions that can be stored and run by hardware. Hardware is so-termed because it is “hard” or… Read More »
Profit is the money that a business brings in. Comparing current profits to profits from previous accounting periods helps you understand the growth of the business.To create accurate financial statements and monitor your business’s financial health, you should understand the two types of profits: gross profit and net profit. What is gross profit? Gross profit is the profit… Read More »
What is the Balance Sheet? The financial statement prepared for the end day of the accounting period to show the financial position of a business concern is called a balance sheet. In other words, The balance sheet is a statement of assets and liabilities including the owner’s equity at a particular date of a business… Read More »
‘Before we define contra voucher, let me tell you that this is something we deal day in and out. Did you withdraw cash from ATM? Have you visited your bank and deposited cash into your account? Did you transfer money from one bank account to another account of yours? If you have done any of… Read More »
Voucher Types in TallyPrime There are 24 pre-defined voucher types in TallyPrime for accounting, inventory, payroll, and orders. You can create more voucher types under these pre-defined voucher types as per your business needs. For example, for cash payments and bank payments, the predefined voucher type is Payment Voucher. You can also have two or… Read More »
Payment and receipt vouchers are used to account for all the payments and receipts of the company byway of cash/bank. The transactions can be recorded using single entry or double entry mode, by setting the option. Record a Payment Voucher Payment voucher is used to record cash and bank payments. You can record a payment… Read More »
Maintenance of proper books of accounts is necessary to safeguard the money of its members and general public from any kind of misuse or misappropriations. It is important to know the total receipts, total payments, and also to know financial status of an institution. Hence, the account opened and maintained for and by the organizations… Read More »
A ledger is a book containing accounts in which the classified and summarized information from the journals is posted as debits and credits. It is also called the second book of entry. The ledger contains the information that is required to prepare financial statements. It includes accounts for assets, liabilities, owners’ equity, revenues and expenses. This complete… Read More »
Set Up Your Company Maintaining your business transactions on a day-to-day basis is critical to your business. To keep a record of all your business transactions, you need to first create a company in TallyPrime. Through the company, you can also view and update all your transaction entries, as needed, and go through the financial… Read More »
Tally Prime Features: The ‘Go To’ search bar is made available at the top of the TallyPrime screen. You can easily access any part of Tally by typing in the search bar. You can access 90% of the options with it. With TallyPrime, you can interact with all the components of the system where the… Read More »