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Notes On Tally Accounting

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Published in: Accountancy | Accounts | B.Com Tuition
1,422 Views

Tally accounting procedure, process steps and settings

Vijaya D / Visakhapatnam

1 year of teaching experience

Qualification: M.Com (Unknown - 2005)

Teaches: GST Training, Tally ERP 9, Accountancy

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  1. Introduction When a person is engaged in a business, he has to maintain a record of all business transactions and pay tax accordingly. Final statement is prepared with the help this books of accounts. Now we are going to learn it. Benefits of accounting 1) . Profit and loss is calculated from the transactions performed in a business. It is essential to know whether a business is in loss or profit for certain reasons. 2) They are as follows a) b) c) d) e) f) g) . What is the financial position of our business? Understanding exact profit and loss in business and payable tax. How many people related to our business owe us. Liabilities/how much we have to pay other person related to our business. What are the expenses and income in our business. What and how much is the investments done from business. Position of cash and bank balances of our business. Difference between goods and assets Goods are purchased or sold everyday while assets are not. There are 2 types of assets 1) . Tangible assets ---- include Cash, building, machinery. 2) . Intangible assets ---- include goodwill, patent etc. Principles of accounting 1) 2) 3) . Personal account:- Dr. The reciever. Cr. The giver. . Real account:- Dr. What comes in Cr. What goes out. . Nominal account:-- Dr. All expenses and losses Cr. All incomes and gains. Role of accounting Accounting degree holders can also climb to the top of the career ladder, making there way to the c- suite. Working as a chief financial officer or chief accounting officer, making you a key player in the decision- making process. Nice job perks and a lot of fringe benefits are included in the pay package of the contributor to the business landscape. Though tax seasons can be demanding you can Still manage a healthy worklife balance Life long learning in challenging roles the directives and
  2. regulations off accounting are upgraded continuously and there is always something new for those who get bored with the doing monotonous tasks with the involving directives professional growth is built into the accountancy rolls this might seem challenging at the start but can be exciting for accounting enthusiastics as a person with the career in accountancy you are guaranteed do not have any dull days in your professional life it is a stepping stone for entrepreneur.

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