Академический Документы
Профессиональный Документы
Культура Документы
for
Beginner
Developed by:
Ram Krishna Prasad
BCA from IGNOU, New Delhi
Email: ramaisgod@gmail.com
&
Deepak Prasad
B.Com from IGNOU, New Delhi
Email: deepakprasad2012@gmail.com
Lesson 1
Ledgers & Group
All financial entries are made using ledger account heads. Every transactions of
the same nature are classified under one group.
A group is a collection of ledgers which have similar transaction.
Accounting Voucher
Contra Voucher (F4)
Payment Voucher (F5)
Receipt Voucher (F6)
Journal Voucher (F7)
Sales Voucher (F8)
An Account is a statement of trans action affecting any particular asset, liability, expense
or income. A ledger is the book in which all the accounts are maintained. A chart of
accounts is a list of all account titles used by an organization. The chart of account of the
business shows the categorization and grouping of its accounts.
1.5.2 Posting
Posting is the process by which information about transaction is transferred or moved to
an account.
1.5.3 Accounting period
A regular period of time, such as a quarter or a year, for which a financial statement is
generated is called an Accounting period.
Account Name
Debit balance
Credit balance
The balances of all the real, personal and nominal (capital in nature) accounts are
transferred from trial balance to balance sheet and grouped under the major heads of
assets and liabilities. The balance sheet is complete when the net profit/loss is transferred
from the profit and loss account.
Customer
Services Payment of
bills
Service organisation.
The trader deals with goods. He repacks them, if necessary but does not process
them.
A trading organisation has to continually keep track of market demand and ensure
that inventory planning is done to take advantage of demand whenever it arises.
Different customers may be charged different prices by varying the percentage of
discount on the price list.
collections
The trader must keep track of stock availability, customer requirement, cost of
procurement and market changes. The accountant in a trading organisation has to
maintain up dated inventory records a part from regular accounting.
2.3 Manufacturing organisation.
The process of transforming raw materials (inputs) into finished goods (output) for
consumers, or for further processing by others in the channel is called manufacturing.
The success of a manufacturing organisation depends on its ability to carry out this
process, effectively and profitable.
What will be the number of orders and order volume based on the above
combination ?
What will be the time required by the production team from the receipt of order to,
production considering available resources ?
What will be the requirement lifecycle (timeline from placement of the order to the
receipt of goods.) as agreed by both the customer and manufacturer, considering the
demand and competition for the product in the market ?
After finding suitable answers to these questions, the manufacturer, may decide to.
Manufacturing organisation
Inventory planning
Demand
Vat introduction.
Value Added Tax is a tax levied on the sale of tangible goods, which according to their
nature and legal status, may be movable, immovable, or intangible assets.
The Government appoints VAT collectors, who collect the VAT due from goods
purchase or service received and forward the payments to the state treasury. VAT
collectors include production sharing contractors (PSCS), Government treasurer
companies, or Government institution appointed by the Minister of Finance.
Every tax payer should register at the office of Directorate of General of Taxes to obtain
a Taxpayer Identification Number, which will be unique to him/her.
Taxable Period
Taxable period is equal to one calendar month or any other period that does not exceed
three calendar months as stipulated in a decree by the minister of Finance.
Taxableyear
Taxable year
Taxable year is a calendar year unless the taxpayer adopts an accounting year. Which is
different from the calendar year?
VAT in Tally
Vat for Indonesia in Tally is simple and easy to use with in – built class – fications for
easy voucher entry. It tracks all VAT enabled transactions and computer them
automatically. Transaction can be recorded in foreign currency.
Tally allows the generation of simple and standard invoices as well VAT return formsin
Government prescribed formats.
7. Set Percentage of Calculation to the VAT rate that you selected in the VAT/Tax
Class field or set is to 0%
8. Select the Method of Calculation on VAT Rate from Type of Duty menu.
Cost Categories
Let us take an example.
1. Create three cost categories named
Departments, Executives and Projects.
2. Create three cost centres named
Marketing, Manufacturing and Finance under the Cost Category Departments, Create
three Cost Centres Salesman A, Salesman B and Salesman C under the Cost Category
Executives. Create three Cost Centres Airports, Roads and Buildings under the Cost
Category Projects.
The structure for creating Cost Categories and Cost Centres are shown below.
You can specify a cost category to allow allocation of only revenue items or items of both
revenue and capital nature. In this example, allow allocation of items of both revenue and
capital in nature for both Departments and Projects categories and items of only revenue
in nature for Executives.
If the salesman A now incurs expense for the project Buildings, you would allocate to the
cost centres salesman A and Buildings. You may allocate an expense to one or more cost
centres and it is not essential to always allocate to all cost centres. An expense can remain
unallocated to other cost centres.
In case cost categories are not enabled, you will be able to allocate the expense to either
building cost centre under projects or salesman A under Executives and not to both. In
such a case, you would not obtain the third dimension.
You may not have cost categories activated if you do not need to without cost categories,
you will allocate the ledger amount to only one set of cost centre, and not to parallel sets.
Hence, you would allocate the conveyance expense to salesman A only and not to both
salesman A and project buildings. You can allocate the expense partly to salesman A and
party to project building that adds up to the total amount. This information will not enable
you to know now much salesman A spent for the project buildings.
Note: you do not allocate transaction to cost categories y allocate them to cost centres
only. The concept is like group / ledger account classification.
Cost centre allocations have to be done in pop-up sub-screen in the main voucher entry
screen. The sub-screen pops up after the amount field pertaining to the ledger for which
cost centres have been activated. Hence, the following is the sub-screen for the ledger
Conveyance amount in a payment voucher.
Cost category
Name of cost centre Amount
Executives
Salesman A 600.00
Salesman B 400.00
1.000.00
Project
Buildings 1.000.00
Departments
Marketing 1.000.00
In this example, make a payment voucher for the amount Rs. 1,00,500. Hence, enable
cost centres for the ledger conveyance.
1. Go to Gateway of Tally
2. select Accounts info > ledger > Alter
3. Select the ledger Conveyance from the List of ledger. Set Cost centre are
Applicable to Yes. If the ledger Conveyance is not available create a new one with
Cost centres enabled.
Ledger Alteration ABC Company (C+M) X
Name : Conveyance Total op. Bal.
(alias) :
Mailing Details
Under : Indirect Expenses Name :
Address :
The voucher entry screen, appears. Debit the amount to the conveyance ledger. Cost
centre allocations have to be done in pop-up sub-screens in the main voucher entry
screen. A sub-screen pops up after the amount field pertaining to the ledger for which
cost centres have been activated. The sub-screen for the ledger conveyance and in a
payment voucher appears as shown below.
Cost category
Name of cost centre Amount
Executives
Salesman A 50,000.00
Salesman B 50,500.00
1,00,500,00
Project
Buildings 1,00,500,00
Departments
Marketing 1,00,500,00
Price - List
introduction
Price Lists are useful for orders and invoice. An up-to-date price lists helps in decisions at
even the lower levels of the organisation and quickens the sales process. Tally assists in
creating guantity based pricing with complex discount structure. Price lists are available
only for inventory items and hence the feature is available only if inventory and invoicing
are activated for the company.
You can have one or more price lists. More than one price list is required when you have
different price structures or levels for different purposes, usually, different groups of
customers requiring different discounts or dealing in different products.
Price Levels
Customers can be assigned to specific price lists, called price levels in Tally. So that only
the relevant price is used during entry of orders and invoices.
Before you begin creating price lists, you should decide whether you want different price
levels. In a running business, you will already know that. You might want different price
levels for various reasons; e.g. different types of customers like wholesale customers,
export customers and so on. Each customers type could have a different discount
structure. Write down on a piece of paper the price levels/bands that are reguired.
Type out the price levels that you wrote on the paper earlier.
1. Export
2. Consumer
3. Dealer
Accept through each screen of company Features by pressing the Enter key (do not press
escape) and return to Gateway of Tally.
To alter the name of a price level, go through the same procedure as enable and create
price levels.
Assigning Ledger Account to Price Levels.
When the Price List feature is activated, it enables an option in party (debtor and creditor)
ledger accounts where the account can be assigned or tagged to a specific Price Levels.
An account can be assigned to only one Price Levels.
If the ledger accounts already exist and you wish to assign them to a Price Levels, you
have to alter the ledger account.
If it is a new ledger account, the option to select a Price Level will be the same and
therefore, we will take alteration of an account as an example.
Name : CP Limited
(alias) :
Price Levels
Currency of Ledger : Rs. Not Applicable
Consumer
Pricing Level Applicable : Dealer
Maintain balance bill by bill ? Yes
Export
Cost centre are applicable ? No
Inventory values are affected ? No
It is not Mandatory to carry out the assigning activity before creating Price Lists. It can
be done even alter Price Lists are created.
The Pricing Level can be changed to reflect changed circumstances. For this, simply alter
the ledger account and select a different Pricing Level option.
If the Price List option does not appear, confirm the activation procedure given in the
Inter-state sales is when a sale or purchase constitutes movement of goods from one state
to another, Accordingly, Consignments to agents or transfers of goods to branch or other
offices is not a sale as per the CST Act.
CST is payable in the state where the goods are sold and movement commences. The tax
collected is retained by the state in which the tax is collected. CST is administered by
sales tax authorities of each state. Thus, the state Government sales tax officer who
assesses and collects total (state) sales tax also assesses and collects CST.
Example 1: “A” in Andhra Pradesh sells and delivers goods to “B” in Karnataka.
Example 2: “A” in Maharashtra delivers goods to “B” in Gujarat. “B” sells it to “C” in
Gujarat by transferring the document of title during the goods movement from
Maharashtra to Gujarat.
Note: Goods that are sold within a state but while transporting travel through state is
not considered inter-state sales.
Rate of CST
In an inter-state sale to a registered dealer against from C the rate of CST is 4% or
local sales tax rate which ever is lower.
If under the local sales tax law, sale or purchase is exempt from CST the CST is nil.
In an inter-state sale to government against from D the rate of CST is 4% or local
sales tax rate whichever is lower.
Rate of CST in case of inter-state sale of declared goods without form C or D is
twice the rate of tax applicable to the local sale or purchase of such goods in that
state.
Rate of CST in case of other goods (i.e. non-declared goods) is 10% or the
applicable local sales tax of that state which ever is higher.
o C forms – (Issuable/Issued/Receivable/Received).
o E1, E2 forms – Issued against sale of goods in transit by the buyer.
o F forms – For consignment sales and Branch Transfer.
o H forms- For sale in course of exports.
o D forms- For sales to Govt organisations.
o I forms- For sale to SEZ customers.
Reminder Letters/Covering letters to customers.
Auto Fill option.
Service Tax
Information on service tax
Currently the rate of service tax on all the taxable services is 12%. Presently, service tax
8*56*969ZV
A person/firm providing a service that comes under the service tax category has to pay
service tax. Service tax is to be shown separately in the invoice and is payable based on
the payment realized and not on the total amount shown in the invoice Similarly, when
you buy a service that falls under service tax category, you avail service tax credit based
on the payment made. So, you pay service tax on the services that you sell and get credit
on the service tax payable when you buy a service.
Adjust Credit ?
While you pay service tax on sale of service that come under the service tax category.
You can adjust service tax credit availed on purchase of service (Buyer). This deduction
is called adjusting credit against service tax. The different between the service tax that
you have to pay for selling service and the service tax credit on purchases that can be
adjusted is the payable service tax.
Service tax (sales) that is adjustable against service tax credit (purchases) is also called
availing input credit. Let us look at an example.
ABC Courier Company 123 Telephone Company
buys telephone service
from 123 Telephone
Company
Customers
If you input service (purchase) can be directly related to the output service.
(sales) then you can use 100% credit adjustment on the service tax payable for example.
If you are providing a consultancy service over the phone then you can use the input
credit from the telephone charges to adjust against 100% of the service tax payable on
your consultancy service. If the input service is not solely used for the output service,
then 20% credit adjustment is applicable.
Input service tax credit can be adjusted to both output service tax and output cess
(surcharge on tax). But input cess credit can be adjusted only towards output cess.
Assessable Value
Service tax is calculated on the assessable value. The assessable value is the service
charge value minus abatement and expenses.
Abatement
The government has given a deduction on the value to be considered for service tax on a
few categories of services. For example, some categories of services include material
value. A caterer has to procure material to prepare food products and sell services.
Service tax is charged on the total amount for the service and does not include the rate of
the materials procured. Hence a deduction’s provided. This deduction from the service
charges to be considered for service tax is called abatement. Abatement is either
percentage of the service charges or a lump sum value.
Example:
a. Charge on service Rs. 10.000/-
b. If an abatement of 30% is applied, then abatement Rs. 3.000/-
c. Here, the assessable value is (a-b) Rs. 7.000/-
Therefore, service tax@10% on Rs. 7.000/- Rs. 700/-
Expenses
Expenses can be deducted from the total service charge to get the taxable amount.
E.g. a technical consultant might travel to different locations with respect to work.
The invoice is prepared as consultant and the travel expenses are included in the total
service charges.
If supported by records, you can deduct the travel expense from the total service charges
to drive the assessable value on which service tax is applicable.
Focal /Bank
Service tax integrated in Tally takes care of your service tax transaction. It eliminates
error-prone information, incorrect remittance, penalties, interests, compliance issues, etc.
Service tax in Tally needs a one-time configuration for service tax features to be
activated.
Tally tracks bill-wise (Bill-by-bill) detail and automatically calculates service tax
payable and input credit with the flexibility to make adjustments later.
Transfer earlier pending service tax payable and available service tax input credit in
to Tally.
Report are generated as per government suggested format. Print and file reports:
TR6 challahs, Input credit form, ST3 Report and ST3-A Report.
Management Information Service (mis) reports Service Tax payable Report and
Input credit Form.
Set Set/Alter Service Tax Details to Yes to enter the Company Service Tax Details
The Company Service Tax Details screen in where you will enter the Service Tax
Details. The name of the company is disp.
Code : 4056
Go to Gateway of Tally > Display > Statutory info > Service Categories.
Service Category
gjgjkjkllklklklkbhgndf.,dvhjdfyukghwuigtm,r.m,k,k
Code : 00440013
Accounting : 00440016
1. Select the group from the List of group in the field Under
2. Set Maintain Balance Bill by Bill to Yes
3. Set Inventory Value are affected to No
4. Set Is Service Tax Applicable to Yes
5. Select the Type of Classification from the List of Classification
Note: A sales Item Invoice can also be passed with Inventory allocations.
2. Enter the reference number in the Ref field if required.
Note: Set Use Common Ledger A/C for Item Allocation to No in the F12:
Configure
3. Select the Party’s A/C Name from the List of Ledger Account
4. Select the Service ledger from the List of Ledger Account
5. Enter the Amount
6. Select the Service Tax ledger from the List of Accounts for the Service Tax
Details sub from to appear.
Less :
Abatement :@ 0%
Expenses : Black
Assessable Value : 2,00,000.00
7. You can allocate the Expenses amount if any in above screen, else leave the field
blank and tab down to accept the above screen.
8. Tab down through the voucher entry screen for the Bill Wise Details Sub from to
appear.
The buyer (corporate and Non-corporate) make payments (Such as Salary, Rent, Interest
on securities, Dividends, Insurance Commission, Professional Fees, Commission on
Brokerage, Commission on Lottery Tickets, etc.) to the sellers (Service) and deduct the
requisite amount from such payments towards tax.
The buyer files the TDS returns containing details of the seller and bank, where the TDS
amount is deposited to the Income Tax Department (ITD).
The Income Tax Department has prescribed the format for filling these returns
electronically, which the buyer does in a CD/Floppy.
For additional details you can visit the Income Tax Website at
http://www.incometaxindia.gov.in.
TDS in Tally
TDS (Tax Deducted at source) in Tally provides an easy-to-use and flexible interface. It
helps you to handle intricate cases and calculate the tax payable to the Income Tax
Department.
Tally calculates the tax of all parties / suppliers where TDS deduction is mandatory. It
calculates the TDS automatically and prints form 16A certificates, forms 26Q,26,27 and
27A (cover note) for Quarterly / Annual Returns as per statutory requirement.
It allows the user to view and print various TDS reports, challans and TDS outstanding
statements.
TCS Introduction
TCS is the Tax Collected at Source by the seller (collector) from the buyer/lessee
(collectee/payee). The goods are as specified under section 206C of the Income Tax
Act,1961.
If the purchase value of goods is X the amount payable by the buyer is X+Y, where Y is
the value of tax at source. The seller deposits Y (tax collected at source) at any
designated branch of banks authorized to receive the payment.
The seller, lessor or licensor is responsible for the collection of tax from the buyer, lessee
or licensee. The tax is collected for sales of goods, on transaction, receipt of amount from
the buyer in cash or issue of cheque, draft or any other mode, whichever is earlier.
Central Government.
State Government.
Any Local Authority.
Any Company.
Any Individual/HUF whose total Sales or gross receipts exceed the prescribed
monetary limits as specified under Section – 44AB during the pervious year.
Central Government
State Government
Any club, such as social clubs, sports clubs and the like.
Alcoholic liquor for human consumption including India Made Foreign Liquor
(IMFL).
Tendu leaves.
Scrap (scrap means waste and scrap from the manufacture or mechanical working of
materials which is usable as such because of breakage, cutting up, wear and tear and
other reasons).
Licensing or leasing of parking lot, Tool Plaza.
1. Go to Gateway of Tally.
2. Press F11 or click F11 Feature > statutory &Taxation to display the Company
operation Alteration screen.
3. Enter Yes in Enable TCS and Set/Alter TCS Details.
4. Enter the Company TCS Collector Details.
5. Enter the Tax Assessment Number The Tax Assessment Number (TAN) is a 10-
digit alphanumeric number, issued by the Income Tax Department (ITD) to the
collectors.
6. Enter the Income Tax Circle/ward (TCS). This is issued by the Income Tax
Department.
7. Select the Collector Type from the List of Company Type.
8. Enter the Name of Person responsible for filing the TCS returns.
9. Enter the Designation of the person responsible to filing of the TCS returns
Question.
1. Sold to Concord Packing Service on credit of 10 days. The following items. Interest
is applicable at 10% P.a. after due date and 12% interest is further chargeable from
10/02/06 onwards.
Item Quantity Rate Vat Value
(Nos) (Rs)
Computer P4 10 28000 4% 280000
// Athlon 10 25000 4% 250000
Note: Set Active Interest Calculation and Use Advanced Parameters to Yes.
2. Received a Cheque from Concorde Packing Service with interest an full settlement
of bill dated 20-01-06.
Payroll Configuration
Gateway of Tally > F12: Configure > Payroll Configuration
All Statement are Yes
Pay Heads
The Salary components constituting pay structures are called pay Heads. A pay Heads
may be an earning, which is paid to an employee, or a deduction, which is recovered
from his/her Salary. The value of these pay Heads could be either fixed or variable, for
each Payroll Period.
In Tally Payroll, Pay Head types are Provided in a natural language for ease of use, as
follows:
5. Gratuity
7. Reimbursement to Employees
Go to Gateway of Tally > Payroll info > Pay Heads > Create
Name: Basic Salary
Salary Payable
Pay Heads Type: Not Applicable
Under: Current liabilities
Go to Gateway of Tally > Payroll info > Employee > Create (Single Employee)
Go to Gateway of Tally > Payroll info > Employee Groups > Create
Go to Gateway of Tally > Payroll info > Salary details > Create > Select Sales from
the List of Employee/Group.
Name: Salary
Under: Primary
Salary details
Effective Pay heads Rate Per Pay Head Calculation Computed
from Type Type on
Units (Work)
Go to Gateway of Tally > Payroll info > Unit (work)
Go to Gateway of Tally > Payroll info > Attendance/Production Type > Create
Name: Overtime
Under: Primary
Attendance Type: Production
Unit: Hr of 60 min
Attendance Voucher
Employee Filters
Cost category: Primary Cost Category
Employee/Group: Sales
Attendance/Production Type:
I. Pay Heads. Employee Group
1. Basic salary
Employees
2. Hra premium cost category
Calculation Type – As computed Value Krishna Mathur
Pay Heads Primary
1. Hra 101
Earnings for Employees
Indirect Expenses
Yes
Hra
No
As Computed Value
Month
Not Applicable
2. Salary Payable
Not Applocable
Current liabilities
3. Ta
Earnings for Employees
Indirect Expenses
Yes
Hra
No
As Computed Value
Month
Not Applicable
4. Salary details
Krishna Mathur
Salary details
Pay Heads Rate Per Pay heads Type Calculation Computed on
Type
Basic salary 15000 months Earning for On Attendance
Employees
Hra - - ” ” ” ” As Computed On Current
Values Sub Total
Ta - - ” ” ” ” ” ” ” ” ” ” ” ”
No
No
No
No
No
No
F11 > F2
Allow Sale order Processing Yes Sales Order Ledger
Accounting Voucher Alt+F5 Concored Packing Service
F11 > F2 Sundry debtors
Tracking Number Yes Yes
Accounting Voucher Alt+F8 No
No
Rejection Note Yes
F11 > F2
Use Rejection Inward/Out ward notes Yes
Accounting Voucher Crt+F6
Rejections In
Informatic Pvt. Ltd.
Debit Note
Reliance info, Sunday debtors, Yes, 10, No,
Active interest calculation Yes
Interest Parameters
Calculate Interest T by T – Yes
Override Parameters for each T – Yes
Override advanced Parameters – Yes
Rate: 10%, Per 365Days, on debit balance only
Applicability: Past Due date, by 10 days, calculation due date of Nor applicable
Invoice/Ref
Rate: 12%, ” ” ” ” ” ” ” ” ” ” ” ” ”
Applicability: Always calculate from: Date specified during Entry.
The End