What is the Unit of Measure Concept? The unit of measure concept is a standard convention used in accounting, under which all transactions must be consistently recorded using the same currency. For example, a business maintaining its records in the United States would record all of its transactions in U.S. dollars, while a German company… Read More »
Inventory Storage Using Godowns/Locations In your business, you may be managing the inventory in multiple physical locations, such as shops, warehouses, bins, racks, cabinets, and so on. In this case, you can use the Godowns/Locations capability of TallyPrime. Using Godowns will help you keep a record of inventory moving from one project or manufacturing stage to… Read More »
Managing stock items in groups help in easily locating them, especially when you need to track different stock items sharing a common feature – say a common brand, product type, material used, and so on. You can get a consolidated view of the total stock items available under that group. Stock items under a group… Read More »
Profit and Loss Statement Profit and Loss A/c is one of the primary financial statements that you can use to monitor the health of your business. It summaries the revenues, costs, and expenses for a specific period, such as a quarter or a year. Thus, you can easily gather the net result of the business operations.… Read More »
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 »