Creation Of Company In Tally ERP 9


Hello Readers Today i give u a first step of tally ERP9 in which i trained you 
How to create a new company in Tally ERP 9
Let See!!!!


Hey frnds After creating a New Company 
Creation Of Ledger in Tally ERP 9



Introduction About Accounts | Meaning Of Accounts

In all activities (whether business activities or non-business activities) and in all organizations (whether business organizations like a manufacturing unit or trading unit or non-business organizations like schools, colleges, hospitals, libraries, clubs, temples, political parties) which require money.
Accounting is required to account for these resources. In other words, wherever money is involved, accounting is required to account for it. Accounting is often called the language of business.
From the beginning accounting is very helpful for all, with the help of accounting the chances of mistake in financial transactions is nil.


            





Definition Of Accounts


"The art of recording , classifying and summarizing , in a significant manner and in terms of money , transaction and events which are, in part at least, of financial character, and interpreting the result thereof."


The three important aspects of accounts have been highlighted by the above definition.

1. Account as an Art & science.

2. Accounting is done for Business transaction.

3. Accounting is a system.



Objective Of Accounting


Record business activities in a systematic manner.

Evaluate the performance of the business in terms of profit.

Know the financial position of the business.

Control business activities effectively.

Provide information to various stake holders in the business.



Commonly / Basic Terms Used While Accounting

Entity: Entity has a definite individual existence. Business Entity is an identifiable business enterprise such as Super Bazaar, etc.

Transaction: Transaction is an event involving some value between two or more entities

Assets: Assets are economic resources of an enterprise that can be expressed in monetary terms.


"Fixed Assets" are assets held on a long term basis such as land, buildings, etc.
"Current Assets" are assets held on a short term basis such as debtors, bills receivables, etc.

Profit: Profit is the excess of the revenues of a period over its related expenses during an accounting year. Profit increases the investment of the owners.

Gain: Gain is a profit that arises from events or transactions which are incidental to business such as sale of fixed assets, winning a court case, appreciation in the value of an asset.

Loss: The excess of expenses of a period over its related revenues is termed as Loss.

Discount: Discount is the deduction in the price of goods on sale.

Voucher: The documentary evidence in support of a transaction is known as Voucher.

Goods: Goods refer to the products which a business unit produces and sells, or by and sells.

Drawings: Withdrawal of money and/ or goods by the owner from the business for personal use is known as drawings. Drawings reduce the investment of owners.

Purchases: Purchases are a total amount of goods procured by business on credit and cash, for use or sale.

Stock: Stock (inventory) is a measure of something on hand - goods, spares and other items in a business. It is called 'Stock in hand.'

Debtors: Debtor's persons and / or other entities who owe enterprise money, having bought goods and services on credit.

Creditors: Creditors are persons and / or other entities who have to be paid by an enterprise for providing goods and services on credit.





Accounting Concepts|Principles

Money measurement concept: Every accounting transaction is major in terms of money.

Dual entity concept: As per this concept an accountant assume that business & businessman are two different entities.

Going-concern concept: According to this assumption while doing the accounting it is assumed that business will continue for fairly longer period of time.

Cost concept: This concept is applicable only for fixed assets accounting purpose it states that while computing the cost of fixed assets all the incidental expenditure for the acquisition of the assets should be added in cost fixed assets.

Dual-aspect concept: This is the fundamental accounting assumption which state that every transaction has too folds effect positive or negative in accounts it is dr. & cr.

Periodicity concept: Every accounting is divided in smaller periods as per this concept.

Cost attach concept: While computing the revenue earned by the organization all the incidental expenditures required to earn such a revenue should be accounted for as per this concept .

Accrual concept: As per this concept revenue or expenditure should be accounted for only on the basis of the certainty of that revenue receives or expenditure paid actual payment or receipts is irrelevant.

Legal aspect concept: When there is a conflict between laws & accounting account should follow law procedures first.

Accounts Chart


Inspirational Quotes By Legends

Hello Readers, this time we are going to share some Inspirational Quotes of the Legends which have achieve so much success in their by following their principal. There vision about their life may also change your life so, i suggest you not to just reads this inspirational thought but also implements them in your Own life.......























Shortcut Keys For Tally ERP 9

 (                     Shortcut Keys For TallY ERP 9
ShortCut Key in TallyERP9
                                                 Short-Cut Key - (Special Key Combination)
Short Cut Key in TallyERP9
Short Cut Key TallyERP9
Short Cut Key TallyERP9
                                                                             
Short Cut Key TallyERP9

Tally Erp 9 Tips & tricks



                          
1. Name & Mailing Name

Difference Between Name & Mailing Name Option Available In a New Company Creation screen??

 The name provided in the Name field Is Displayed in the Selected Company Page & used to access the company in TALLY ERP 9. Where as the name entered in Mailing name field will be used for company's Full Name.

Example: Name : XYZ 

Mailing Name: XYZ Company Limited



2. Financial Year & Books Beginning from
Financial Year : This field indicates the commencement of the financial year
for a company, in this case, 1st April 2011 to 31st march 2012.
Books beginning From: The date entered in this field will restrict the user from
passing any entry prior to the date mentioned. In other words, vouchers cannot be
recorded prior to 1st July 2011, though the financial year begins from 1st April 2011.

3. Delete a line in a Voucher
To Delete Voucher 
Simply Press Ctrl+D
After Pressing Ctrl+D the voucher is deleted.


Hello Readers at this time i come here & Share very useful tips which is very helpful for you.

When you want to repeat last narration of last voucher, then go to narration of the voucher and Press Ctrl +R  it will place the last narration and will save your time to write to write narration again and again
You are entering vouchers and suppose you made a mistake in entry however the voucher was saved now you want to alter it, then you will need to follow a big long procedure.
But I will explain you here by which you will be able to modify the voucher without going to related ledger account and without leaving voucher entry screen
Hit the page up button from your voucher screen and you will find the last entered voucher there. now you can modify it easily alter the voucher.
Similarly you can edit any voucher by this way by selecting a date and pressing page up button again and again and you will find voucher entries one by one for that particular date.
And if you want to alter name or group of any ledger you can also do the same without leaving the voucher entry screen. just recall that voucher select the ledger you wanted to alter press enter one time you and go the amount field now hit back button and come back to the same ledger account and press Ctrl+Enter here you can modify name ,group or any details you want to modify
You are entering amount and suppose you want to do calculation and you need the result of these calculation to be entered in the amount field. Here is a short cut for this too. Go to amount field and Press Ctrl+C and you will be redirected to calculation pane at the bottom of your tally screen.Make your calculation and after that Press ENTER the amount will be automatically field in the amount column
Wanted to send a screen shot of your tally voucher entry of tally screen or even a ledger ?
okay go the screen for what you wanted to take a screen shot and press PrtScr button of your key board (top right side of your keyboard) now go word press or excel and just press Ctrl+V and you will find the screen shot of your tally screen. you may send this through email to any body you wish so.

Difference Between Deduction & Exemption



Readers, you must know the difference between exemption and deduction

If income tax was easy to figure out, every second person would have become a chartered accountant. Even as you warm up for the Union Budget to be delivered by the country’s finance minister, it’s about time, you have clarity on a few budget-related words. Exemption and deduction are two common words many get confused with, and most of us can’t differentiate between them. So, here is a simple explanation to figure out these terms.

Exemption: The word “exempt” means “free from an obligation from doing something”. In the case of income tax, “exemption” gives you the freedom to not pay the tax. So, when a particular income is not taxable at all, it’s an exemption. Of course, certain income can be exempted from tax provided certain conditions are met.

For instance, leave travel allowance amount is exempted from tax, provided certain conditions are met. Likewise house rent allowance is an exemption you get under Section 10(13a) of the Indian Income Tax Act. Also, capital gains from transfer of agriculture land, invested in another agriculture land. Another example of exemption is when long-term capital gain arising from transfer of eligible equity share of company.

Tip: You get tax exemption on income.

Deduction: The word “deduct” means “to subtract or take away for the total”. Likewise, the word “deduction” as far as income tax goes, means the amount is taken away (reduced) from the total taxable income. Usually when the government wants to encourage savings, they offer deductions for investing in certain instruments and hence lower your taxable income by that extent.


For example, if your gross income is Rs 5 lakh and you invest Rs 1 lakh in an instrument that offers deduction, your total taxable income (income on which tax is due) reduces to Rs 4 lakh. So if your tax liability is, say, 10 percent of your taxable income, after accounting for deduction, you will pay Rs 10,000 less in income-tax. Examples of financial instruments which offer various deduction benefits are as follows.

Investment in an equity linked savings scheme is also available for deduction up to Rs 1 lakh this year under Section 80 C. Health insurance premiums paid for self, spouse or children, also get a tax deduction benefit under Section 80 D. Also, under Section 80 E you get a deduction on repayment of education loan (only interest) taken for higher studies for self, spouse or children when taken from authorised lenders. Keep in mind that this deduction is allowed for eight assessment years or until the entire interest is paid, whichever is earlier.