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There are two predefined ledgers available in Tally software and are as follows:
Cash: Cash-in-hand ledger is created in this predefined ledger group. The opening balance can be entered as on the books beginning from.
Profit and Loss Account: This ledger is created under the primary group, and the previous year’s profit or loss can be entered as the opening balance of this ledger.
An accounting report that records the credits in each of an organization’s global ledger accounts is known as a trial balance. It’s done at the end of journal entry posting to make sure there aren’t any bugs
The Statement of Inventory is used to visualize inventory reports based on Godown. Keeping track of item data in accordance with the Inventory. In addition, to inquire about stock and review budgets, estimates, and plans, statistics, and so on.
ERP stands for enterprise resource planning. Tally can also be defined as an enterprise resource planning software.
A group in Tally is a collection of ledgers of the same kind.
Tally has 28 groups by default, 15 of which are called primary groups, while the rest are subgroups.
A contra voucher is one that details the transfer of funds from a bank account to a cash account and/or vice versa.
The shortcut for it is F4.
Yes, the shortcut for creating a voucher is Alt + C and for altering any master item on a voucher, it is Ctrl + Enter.
The Vouchers that can be created in Tally ERP9 are;
The Financial statements are the reports that result from the process of accounting which allow the interested parties to evaluate the profitability and the solvency of the business. The major financial statements are:
Accounts Receivable, normally abbreviated as A/R, is the money that is currently owed to a company by its customers. The reason why the customers owe money is that the product has been delivered but has not been paid for yet. Where a company will be forced to take a write-off for bad accounts receivable if it has given credit to someone who cannot or will not pay. This is why you will see something called allowance for bad debt in parentheses beside the accounts receivable number.
Accounts Payable is the money that the company currently owes to its suppliers, its partners and its employees. Basically, these are the basic costs of doing business that a company, for whatever reason, has not paid off yet. One company’s accounts payable is another company’s accounts receivable, which is why both terms are similarly structured. A company has the power to push out some of its accounts payable, which often produces a short-term increase in earnings and current assets.
It is common knowledge that when an asset is used over a period of time, it looses its value. This loss in value is called depreciation. Pickles defines it as “the permanent and continuing diminution in the quality, quantity or value of an asset” Depreciation is the continuous shrinkage of book value of an asset.
Few methods of depreciation are
FIFO- First in First Out
LIFO- Last in First Out
Under the accrual basis of accounting, revenues are reported on the income statement when they are earned. Under the accrual basis of accounting, expenses are matched with the related revenues and/or are reported when the expense occurs, not when the cash is paid. The result of accrual accounting is an income statement that better measures the profitability of a company during a specific time period.
Click on F1: Detailed to view the profit and loss statement and it will pull out the information based upon the default primary group.
Reverse Charge Mechanism is a mechanism under GST, wherein the usual cycle of tax payment is reversed.
No, reverse charge mechanism is applied to both, supply of services and goods.
MIS report can be described as a system that provides important information for the management of your company.
A bill of materials or product structure is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product.
ALT+M- Mail
ALT+E- Export
Debit What Comes in, Credit What goes Out – Real Account
Debit the Receiver, Credit the Giver – Personal Account
Debit all Expenses or Losses, Credit all Incomes or Gains- Nominal Account
GST on purchase is called Input GST.
The difference between the Output GST and Input GST is the GST payable.
The limit for registration in GST is Rs. 20 Lacs. In case the turnover is more than 20 lacs or likely to go beyond 20 lacs, then compulsory registration in GST is applicable.
The GST is an indirect tax wherein the tax keeps passed on till the last stage where the customer bears the tax. The change under the GST is that with multiple taxes levied in each stage the final cost to the customer will be eventually lower as double charging is eliminated from the system.
The person who receives goods or services will get ITC(Input Tax Credit ). In fact, the receivers of goods or services who are registered under any composition schemes are liable to pay tax under reverse charge.
With GST in action, all businesses with a turnover of over Rs. 40 lakhs* (Rs 10 lakhs for the NE and hill states) are needed to register as a normal taxable person. This process of registering is called GST registration. For many businesses, this registration is compulsory.
There are 4 types of GST in India:
SGST (State Goods and Services Tax)
CGST (Central Goods and Services Tax)
IGST (Integrated Goods and Services Tax)
UGST (Union Territory Goods and Services Tax)
GST on sales is called Output GST which is also referred to as GST Liability.
Except for Jammu and Kashmir, GST is appropriate in all states.
There are currently 5 rate components for the GST: 3%, 5%, 12%, 18%, and 28%. This is distinct from the manner that some products are absolved and zero-evaluated.
Finance Minister (Nirmala Sitaraman)
A 15-digit identification number makes up the GST Registration number. In view of the candidate’s PAN and express, the citizen was doled out a number. The State Code is addressed by the initial two digits of a GST enrollment number. The candidate’s PAN is addressed by the following 10 numbers.
A bill of materials or product structure is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product.
Form 16, Form 16A, Form 16 B and Form 16 C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment
Form | Certificate of | Frequency | Due date |
Form 16 | TDS on salary payment | Yearly | 31st May |
Form 16 A | TDS on non-salary payments | Quarterly | 15 days from due date of filing return |
Form 16 B | TDS on sale of property | Every transaction | 15 days from due date of filing return |
Form 16 C | TDS on rent | Every transaction | 15 days from due date of filing return |
Tax Deducted at Source has to be deposited using Challan ITNS-281 on the government portal. Read our article for a step-by-step guide for depositing TDS payment online.
TAN stands for Tax Deduction Account Number. TAN number is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10-digit alpha numeric number allotted by the Income Tax Department.
TDS to be deducted either at the time of credit to the deductee account or at the time of payment whichever is earlier.
TDS to be deposited on or before 7th of the following month.
Example: TDS deducted in April, to be deposited by 7th May
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