FINANCIAL
ACCOUNTING (FA) SOFTWARE IS USED TO STORE AND MAINTAIN DAILY BUSINESS
TRANSACTIONS LIKE PURCHASE, SALES, RECEIPTS, PAYMENTS, PURCHASE RETURNS, SALES
RETURN, DEPOSITS AND WITHDRAWALS ETC. POPULAR FA SOFTWARE PACKAGE ARE TALLY,
WINCA ETC
THE ACCOUNTS ARE MAINLY CLASSIFIED INTO 3 TYPES.
[1]PERSONAL ACCOUNTSàACCOUNTS RELATED TO PERSONS,
NORMALLY ACCOUNT RELATED TO NAMES SUCH AS ABC CO.XYZ ELECTRONICS, NTPC PVT LTD
ETC
[2] REAL ACCOUNTSàACCOUNTS
RELATED TO TANGIBLE AND VISIBLE THINGS SUCH AS CASH, ALL TYPES OF ASSETS
INCLUDING VEHICLES, LAND, BUILDING, MACHINERY, FURNITURE ETC.
[3]NOMINAL ACCOUNTSà ACCOUNTS RELATED TO INTANGIBLE
AND INVISIBLE THINGS, WHICH DO NOT HAVE A SPECIFIC SHAPE. FOR EXAMPLE ALL
INCOMES (INTEREST ON BANK DEPOSITS, COMMISSION RECEIVED ETC) AND ALL EXPENSES
(TRAVELLING EXPENSES, SALARY, WAGES, COMMISSION GIVEN ,INTEREST ON BANK LOAN,
ELECTRICITY BILL, WATER BILL , TELEPHONE BILL ETC ).
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PERSONAL AC
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REAL AC
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NOMINAL AC
|
|
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LINA’S A/C
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CASH A/C
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SALARIRES A/C
|
|
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MINA’S A/C
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MOTOR CYCLE A/C
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RENT A/C
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|
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BINA’S A/C
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MACHINERY A/C
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PURCHES A/C
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|
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TINA’S A/C
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FURNITURE A/C
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SALES A/C
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|
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CAPITAL A/C
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LAND A/C
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BAD DEBTS A/C
|
|
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BANK A/C
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PREMISES A/C
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ROYALITIES A/C
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OUTSTANDAING
SALARIES A/C
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GOODWILL A/C
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SUNDRY EXPENSES
A/C
|
|
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ADVANCE RECEIVED
A/C
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ELECTRIC FITTINGS
A/C
|
ELECTRICITY
CHARGES A/C
|
|
|
GOVT. OF INDIA’S
A/C
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BUILDING A/C
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COMMISSION A/C
|
|
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TATA HOSPITAL A/C
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OFFICE EQUIPMENT
A/C
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BANK CHARGES A/C
|
|
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STAR FOOTBALL
TEAM A/C
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PATENTS A/C
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DIVIDENDS A/C
|
|
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THE GOLDEN RULES OF DEBIT AND CREDIT
FOR THE ABOVE THREE TYPES OF ACCONUNTS ARE
TYPES OF
ACCOUNTS DEBIT CREDIT
PERSONAL
A/C THE RECEIVER THE GIVER
REAL
A/C WHAT COMES IN WHAT GOES OUT
NOMINAL
A/C ALL EXPENSES AND LOSSALL GAINS& INCOME
ACCOUNTS INFORMATION
IN ANY FINANCIAL ACCOUNTING, THE
AMOUNT IS ENTERED INTO AN ACCOUNT. WHEN THE COMPANY IS CREATED. TALLY
AUTOMATICALLY CREATES TWO ACCOUNTS. THEY ARE CASH AND PROFIT AND LOSS A/C.OTHER
ACCOUNTS HAVE TO BE CREATED BY THE USER AS PER REQUIREMENTS.
BALANCE SHEETàA BALANCE SHEET IS A
STATEMENT OF THE FINANCIAL POSITION OF THE COMPANY. IT DISPLAYS THE CAPITAL ,
ASSETS AND LIABILITES OF THE COMPANY.
BY DEFAULT, THE BALANCE SHEET WILL BE DISPLAYES IN DOUBLE
COLUMNAR HORIZONTAL FORMAT WITH THE CLOSING BALANCES OF PRIMARY GROUPS OF
LIABILITIES AND ASSETS.
THE LIABILITIES INCLUDE THE CAPITAL ACCOUNT, CURRENT
LIABILITIES, LOAN LIABILITIES , NET PROFITS IF ANY ETC.
THE ASSETS
INCLUDE THE FIXED ASSETS, CURRENT ASSETS, AND ADVANCES(ASSETS),INVESTMENT ETC.
PROFIT AND LOSS ACCOUNTà PROFIT AND LOSS
ACCOUNT WILL DISPLAY THE NET PROFIT OR LOSS OF THE COMPANY FOR THE CURRENT
FINANCIAL YEAR
ACCOUNTS GROUP
BASED ON THE REQUIREMENTS OF INDIAN
ACCOUNTING SYSTEM, TALLY PROVIDES A SET OF 28 PR-DEFINED GROUPS, OF THOSE 15
ARE PRIMARY GROUPS AND 13 ARE SUB GROUPS AS FOLLOWS
CAPITAL
ACCOUNTà THIS IS A PRIMARY GROUP TO HOLD THE CAPITAL AND RESERVES
OF THE COMPANY. ACCOUNTS LIKE PARTNARS CAPITAL A/C, PROPRITORS CAPITAL A/C ,
SHARE CAPITAL A/C ,DRAWING CAPITAL A/C
ETC BELONG TO THIS GROUP
CURRENT
ASSETSàTHIS IS A PRIMARY GROUP.ALL ASSETS OF THE COMPANY ARE
PALCED UNDER THIS HEAD. BUT GENERALLY ACCOUNTS ARE CREATED FOR ITS SUB GROUPS.
THERE ARE SIX SUB GROUPS TO CURRENT ASSETS.
(1)
BANK ACCOUNTSà ANY BANKS SAVINGS OR
CURRENT A/C CAN BE PLACED UNDER THIS GROUP
(2)
CASH IN HANDà THIS WILL HOLD CASH
A/C ONLY. CASH ACCOUNT IS AUTOMATICALLY CREATED UNDER THIS GROUP, WHEN A
COMPANY IS CREATED
(3)
DEPOSITS(ASSETS)à ACCOUNTS REALETED TO
DEPOSITS LIKE SECURITY DEPOSITS, FIXED DEPOSITS, AND RENTAL DEPOSITS ETC.CAN BE
CREATED IN THIS GROUP
(4)
LOAN AND ADVANCESà ACCOUNTS REALTED TO
ADVANCES AND LOANS OF NON-TRADING
NATURE FOR EXAMPLE, ADVANCES AGAINST
SALARIES , WORK CONTRACTS,ADVANCES TO PURCHASE FIXED ASSETS ETC. CAN BE CREATED
IN THIS GROUP
SUNDRY
DEBTORS->THIS GROUP IS USED TO CREATE THE
ACCOUNT OF CUSTOMERS (ALL PARTIES TO WHOM CREDIT SALES ARE MADE).
SUNDRY
CREDITORSàACCOUNTS OF TRADE CREDITORS /SUPPLIERS (ALL PARTIES FROM
WHOMCREDIT PURCHASES ARE MADE ) ARE CREATED UNDER THIS GROUP.
FIXED
ASSETSàACCOUNTS LIKE BUILDING, LAND FURNITURE,MACHINERY ETC.,CAN BE CREATED UNDER THIS GROUP.
LOANS(LIABILITY)àACCOUNTS OF LOANS
TAKEN BY THE COMPANY ARE CREATED IN THIS
GROUP. IT HAS THREE SUBGROUPS
BANK OD ACCOUNTSà OVERDRAFT ACCOUNTS OF
A BANK LIKE BILL DISCOUNTING ACCOUNTS ETC, CAN BE OPENED UNDER THIS GROUP.
SALES ACCOUNTà THIS IS A PRIMARY
GROUP (GENERAL SALES A/C , STATE SALES A/C ETC CAN BE CREATED
UNDER THIS GROUP)
PURCHASE ACCOUNTà THIS IS A PRIMARY
GROUP (GENERAL PURCHASE A/C , STATE PURCHASE A/C CAN BE CREATED UNDER THIS GROUP)
DIRECT INCOME àSELLING THE GOODS OF
THE COMPANY CAN CREATE ACCOUNTS OF DIRECT INCOME OF THE COMPANY LIKE INCOME BY SELLING THE GOODS OF THE COMPANY UNDER THIS GROUP.
INDIRECT INCOME àACCOUNTS OF INDIRECT
INCOME LIKE RENT RECEIVED , COMMISSION RECEIVED ETC., CAN BE CREATED UNDER THIS
GROUP
DIRECT EXPENSESà THE ACCOUNTS RELATED
TO PAYMENT OF WAGES, FREIGHT, COOLIE,CARRIAGE,ELECTRICITY BILL,WATER BILL ETC
INDIRECT EXPENSESà THE ACCOUNTS OF
PAYMENTS MADE FOR ADVERTISEMENT, MAINTENANCE OF VEHICLES, SALARY PAID TO STAFF,
DEPRECIATION ON FIXED ASSETS, TRAVELLING EXPENSES ETC.
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Ledger name
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Under
group
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1
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Capital
a/c
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Capital
a/c
|
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2
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Purchase a/c
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Purchase
a/c
|
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3
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Ram
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Sundary
creditor
|
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4
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Building a/c
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Fixed
asset
|
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5
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Wages a/c
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Direct
expanses
|
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6
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Sales a/c
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Sales
a/c
|
|
7
|
Drawing a/c
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Capital
a/c
|
|
8
|
Furniture a/c
|
Fix
asset
|
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9
|
Salary a/c
|
Indirect
expanses
|
|
10
|
Ashok
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Loans
& liability
|
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11
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Rent a/c
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Indirect
expanses
|
|
12
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Bank a/c
|
Bank
a/c
|
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13
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Manoj
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Sundary
creditor
|
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14
|
Ravi
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Sundary
debtor
|
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15
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Commission a/c
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Indirect
expanses
|
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16
|
Suresh
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Loans
& advances
|
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17
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Interest a/c
|
Indirect
incomes
|
|
|
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no
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Prticulars
|
Dr.
|
Cr.
|
Voucher
Type
|
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1
|
Cash
a/c dr
To
capital a/c
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20000
|
20000
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|
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2
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Perchase
a\c dr.
To
Ram
|
10000
|
10000
|
purchase
|
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3
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Perchase
a\c dr.
To
cash a\c
|
5000
|
5000
|
purchase
|
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4
|
Perchase
a\c dr.
To
cash a\c
|
7000
|
7000
|
purchase
|
|
5
|
Building
a\c dr.
To
cash a\c
|
2000
|
2000
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payment
|
|
6
|
Wages
a\c dr.
To
cash a\c
|
200
|
200
|
payment
|
|
7
|
Cash
a\c dr.
To
sales a\c
|
2000
|
2000
|
sales
|
|
8
|
Drawing
a\c dr.
To
cash a\c
|
500
|
500
|
payment
|
|
9
|
Cash
a\c dr.
To
sales a\c
|
7000
|
7000
|
sales
|
|
10
|
Furniture
a\c dr.
To
cash a\c
|
5000
|
5000
|
payment
|
|
11
|
Salary
a\c dr.
To
cash a\c
|
3000
|
3000
|
payment
|
|
12
|
Cash
a\c dr.
To
ashok
|
5000
|
5000
|
receipt
|
|
13
|
Ashok
dr.
To
cash a\c
|
5000
|
5000
|
payment
|
|
14
|
Rent
a\c dr.
To
cash a\c
|
1000
|
1000
|
Payment
|
|
15
|
Bank
a\c dr.
To
cash a\c
|
10000
|
10000
|
Contra
|
|
16
|
Cash
a\c dr.
To
bank a\c
|
3000
|
3000
|
Contra
|
|
17
|
Purchase
a\c dr.
To
Manoj
|
5000
|
5000
|
Purchase
|
|
18
|
Manoj
dr.
To
bank a\c
|
5000
|
5000
|
Payment
|
|
19
|
Ravi
dr.
To
sales a\c
|
6000
|
6000
|
sales
|
|
20
|
Bank
a\c dr.
To
ravi
|
6000
|
6000
|
receipt
|
|
|
|
|
|
|
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21
|
Commision
a\c dr.
To
cash a\c
|
2000
|
2000
|
payment
|
|
22
|
Suresh
dr.
To
cash a\c
|
4000
|
4000
|
Payment
|
|
23
|
Bank
a/c dr.
To
interest a\c
|
500
|
500
|
receipt
|
|
|
|
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VOUCHER
TYPES
BASIC VOUCHER TYPES AVAILABLE IN
TALLY ARE,
[1] RECEIPT VOUCHER(F6)àRECEIPT VOUCHER IS
USED TO ENTER ALL RECEIPTS OF CASH OR BANK(RECEIPT OF BANK CHEQUES OR INTEREST
ON BANK DEPOSITS). EVEN THE AMOUNT RECEIVED FROM THE SALE OF FIXED ASSETS MUST
ALSO BE TREATED AS RECEIPTS.
DEBIT AND CREDIT ACCOUNTS OF RECEIPT VOUCHER ARE,
|
DEBIT
|
CREDIT
|
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CASH ACCOUNT
OR ANY BANK ACCOUNT (EX- SBI BANK A/C)
|
THE GIVER OF MONEY EX- DEBTORS A/C
|
EXAMPLE
ON
1-04-2011, RS 2500 RECEIVED FROM
M/S ADHIKARI BROTHERS.
DR CR
CR
M/S ADHIKARI BROTHERS 2500
DR
CASH 2500
[2] PAYMENT VOUCHER (F5)à PAYMENT VOUCHER IS
USED TO ENTER ALL TYPE OF PAYMENTS BY CASH OR BANK (PAYMENT BY BANK CHEQUES).
EVEN THE AMOUNT PAID FOR THE PURCHASE OF FIXED ASSETS LIKE PURCHASE OF
MACHINERY, LAND, FURNITURE ETC., MUST ALSO BE TREATED AS PAYMENTS.
DEBIT AND CREDIT ACCOUNTS OF PAYMENT
VOUCHER ARE,
|
DEBIT
|
CREDIT
|
|
LEDGER ACCOUNT PAID ex -
SUNDRY CREDITOR OR AN EXPENSE ACCOUNT
EX- ELECTRICITY CHARGES.
|
CASH
OR BANK A/C
|
EXAMPLE
ON 1-4-2011, FOLLOWING PAYMENTS ARE
MADE
RS 2500 PAID FOR SALARIES
RS 300 PAID FOR WAGES
RS 120 PAID FOR TRAVELLING EXPENSES,
RS 245 PAID FOR ELECTRIC CHARGES AND
RS 750 PAID FOR TELEPHONE BILL BY SYNDICATE BANK
DR CR
BY
SALARY 2500
BY WAGES 300
BY TRAVELLING 120
BY ELECTRICITY CHARGE 245
BY TELEPHONE BILL 750
TO SYNDHICATE BANK 750
TO CASH 3165
CONTRA VOUCHER(F4)à CASH OR CHEQUE
DEPOSITED INTO BANK, CASH WITHDRAWN FROM BANK,TRANSFER OF FUNDS FROM ONE BANK
ACCOUNT TO ANOTHER WILL BE ENTERED THROUGH CONTRA VOUCHER. HERE DEBIT AND
CREDIT ACCONTS CAN BE ONLY CASH AND BANK ACCOUNTS.
IF THE AMOUNT IS DEPOSITED INTO THE
BANK, THEN BANK A/C WILL BE DEBITED AND CASH A/C WILL BE CREDITED.
IF THE AMOUNT IS WITHDRAWN FROM THE
BANK , THEN CASH A/C IS DEBITED AND BANK A/C
IS CREDITED.
IF ONE BANK’S CHEQUE IS DEPOSITED
INTO ANOTER BANK, THEN THE FIRST BANK A/C IS CREDITED AND ANOTHER BANK A/C IS
DEBITED.
EXAMPLE
ON 1-4-11 RS 10200 SBI BANK CHEQUE
AND RS 500 CASH DEPOSITED INTO PNB.
DEBIT CREDIT
TO SBI
10200
TO
CASH 500
BY
PNB
10700
PURCHASE VOUCHER (F9)àPURCHASE VOUCHER IS
MEANT FOR PURCHASE ENTRIES. PURCHASES MADE IN THE REGULAR COURSE OF BUSINESS
WILL BE ENTERED IN THIS VOUCHER. PURCHASE OF FIXED ASSETS MUST BE ENTERED
THROUGH PAYMENT VOUCHER AND NOT PURCHASE VOUCHER.
GENERALLY, PURCHASES ARE MADE ON
CREDIT.TALLY ALLOWS YOU TO ENTER BOTH
CASH AND CREDIT PURCHASES.
DEBIT AND CREDIT ACCOUNTS OF
PURCHASE VOUCHER ARE,
|
DEBIT
|
CREDIT
|
|
1.
PURCHASE A/C
2.
INPUT VAT/TAX IN ANY
|
1.
THE ACCOUNT OF SUPPLIER
(SUNDRY CREDITOR)OR CASH OR BANK A/C
2.
DISCOUNT ON PURCHASE
IF ANY
|
EXAMPLE
ON 1-5-11,RS. 25
DR CR
TO
NAMASTE ENTERPRISES 25750
BY
PURCHASE 25000
BY PACKING AND FORWARDING CHG
750
SALES VOUCHER (F8)à SALES VOUCHER IS MEANT FOR SALE ENTRIES.SALES MADE IN THE
REGULAR COURSE OF BUSINESS WILL BE ENTERED IN THIS VOUCHER. SALE OF FIXED
ASSETS MUST BE ENTERED THROUGH RECEIPT VOUCHER
AND NOT SALES VOUCHER.
DEBIT AND CREDIT ACCOUNTS OF SALES
VOUCHER ARE,
|
DEBIT
|
CREDIT
|
|
1 THE LEDGER ACCOUNT OF BUYER OR CUSTOMER OR CASH OF BANK A/C
2 DISCOUNT ON SALES IF ANY
|
1 SALES A/C
2 DUTY, TAX , PACKING AND FORWADING CHARGE IF ANY
|
EXAMPLE
ON 1-4-11 RS.35000 WORTH GOODS (50 CHAIRS @300 EACH AND 20 TABLES @100 EACH)SOLD TO ANUSKA ON CREDIT WITH THE
FOLLOWING ADDITIONAL EXPENSES.
LST 5%
CST 4%
PACKING AND FORWADING CHARGE RS 1250
DR CR
BY ANUSKA 39400
TO SALES 35000
TO LST 1750
TO CST 1400
TO PACKING 1250
JOURNAL VOUCHER (F7) à A JOURNAL
VOUCHER IS AN ADJUSTMENT VOUCHER. ALL AMOUNTS
TO BE ADUSTED BETWEEN TWO ACCOUNTS ARE TO BE PASSED AS A JOURNAL.
[A]CREDIT NOTEàCREDIT NOTE IS USED TO
ENTER THE TRANSACTION RELATED TO SALES RETURNS OR WHEN THERE IS AN EXCESS DEBIT
TO A PARTY.
EXAMPLE
RS 900 WORTH GOODS(3 CHAIRS @ RS 300 EACH) RETURNED BY M/S GOOD EVENINIG ENTERPRISES.
DR CR
TO
GOOD EVENING ENT. 900
BY SALES RETURN 900
[B] DEBIT NOTEàDEBIT NOTE IS USED TO
ENTER THE TRANSACTION RELATED TO PURCHASE RETURNS OR WHEN A CUSTOMER IS SHORTED
BILLED.
EXAMPLE
RS 1000 WORTHS GOODS 4 CHAIRS @ RS
250 EACH) RETURNED TO NAMASTE ENT
DR CR
BY
NAMASTE ENT. 1000
TO PURCHASE RETURN 1000
LAB
QUESTION [1]
1.
RECEIVED CASH FROM SHUKLA BOOK DEPOT 200
LEDGER
2.
PURCHASED
GOODS ON CREDIT FROM MADAN LAL 500
LEDGER
MADAN LAL A/C
UNDERà SUNDRY CREDIOTR
PURCHASE A/C
UNDER à PURCHASE A/C
3.
SOLD GOODS
ON CREDIT TO SHYAM 700
LEDGER
SHYAM A/C
UNDERà SUNDRY DEBETOR
SALES A/C
UNDER à SALES
4.
RECEIVED
RENT FROM SEXSENA 50
5. BOUGHT GOODS FOR CASH 850
6. BOUGHT FOR CASH OFFICE FURNITURE 150
7. SOLD GOODS FOR CASH 1000
8. PAID SALARY 250
9. SOLD GOODS TO RAMNATH ON CREDIT 500
10.
PURCHASED GOODS FROM CO-OPERATIVE STORES 600
LAB QUESTION [2]
1.
SURESH
CHANDRA COMMENCED BUSINESS WITH CASH 1000
2. PAID INTO BANK 8000
3. BROUGHT GOODS ON CREDIT FROM BROWN
AND CO. 1000
4. SOLD GOODS ON CREDIT TO SMITH & SONS 1500
5. BROUGHT GOODS
FOR CASH 500
6. SOLD GOODS FOR CASH 700
7.
RECEIVED
CASH FROM SMITH & SONS 1470
8.
PAID BROWN
AND CO 1000
9. PAID FOR STATIONERY 20
10.
PAID SALARY 100
11.
PAID RENT 50
12.
PAID POSTAGE 10
LAB QUESTION [3]
1.
PURCHASED GOODS FOR CASH 5000
2. PURCHASED FUNITURE FOR CASH 1000
3. PURCHASED TYPWRITER FOR CASH 2000
4. CASH SALES 5000
5. SOLD GOODS TO MANOHAR 8000
6. PURCHASED GOODS FROM SAMRESH 10000
7. RETURNED GOODS TO SAMRESH 2000
8. SOLD GOODS TO RAM FOR CASH 5000
9. WITHDREW GOODS FOR PERSONAL USE 500
10.
ACCOUNT WITH INVENTORYà THIS IS THE DEFAULT OPTION, WHICH ALLLOWS TO MAINTAIN BOTH
THE FINANCIAL ACCOUNTS OF THE COMPANY AS WELL AS THE INVENTORY OF THE
COMPANY.IN THIS CLOSING STOCK FIGURES WILL BE CALCULATED AUTOMATICALLY.
INVENTORYà INVENTORY CONSISTS OF RAW
MATERIALS AND OTHER ITEMS AVAILABLE FOR SALE OR IN THE PROCESS BEING MADE READY
FOR SALE .IN OTHER WORDS,INVENTORY IS THE MONEY INVESTED BY AN ORGANISATION IN
RAW MATERIALS,WORK IN PROCESS AND FINISHED GOODS , FOR EXPECTED FUTURE SALE.
VAT
(VALUE ADDED TAX)àVAT IS AN INDIRECT TAX ON
GOOD,INTRODUCED IN SALES TAX OR PURCHASE TAX.
[1]
TAX PAID TO THE GOVERNMENT.
[2]
TAX PASSED ON TO THE CONSUMER.
TERM ASSOCIATED
WITH VAT
INPUT
TAXàTHIS IS A TAX PAID ON PURCHASES.
OUTPUT
TAXà THIS IS A TAX CHARGED ON SALES.
Very Nice Sir...
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