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To Overcome this, Accounting Packages has come into existence in which Tally is one of it. We can get different types of reports as required. Steps in Tally Accounting:1. Company Creation; 2. Accounts Creation; 3. Passing Journal Entries.
Company Creation:
Creating a Company involves providing basic information about the company whose books of accounts are to be maintained in Tally.
Shut Company: This option is use to close an already open company in tally.
Change Tally Vault: It is used to set or change the password of the company.
Split Company Data: It is the procedure to split data based on financial years of the company.
Back up: This option is use to copy the data to any other storage device.
F7: Journal Entries not related to Cash and Bank, but for Debit Note and Credit Note.
Illustration 1.
Creative Advertisers started their business of Advertising on 1st April 2010. They also provide Consultancy Services to their clients.
Basic Information:
Name: Creative Advertisers Address: 007, Stars Street, Patna, State- Bihar, Pin Code- 841234.
Email: learntally@gomail.com
Particulars Rs. 5,00,000 invested as Capital Contribution. Out of the above, Rs. 4,00,000 deposited in SBI Bank Account. Furniture and Fixtures purchased for Rs. 40,000 in cash. Computer and Printers purchased for Rs. 1,30,000 by cheque. Advertising Services provided to Sun Enterprises in credit Rs. 55,000.
Rs. 25,000 received from Sun Enterprises. Rs.22,500 paid for printing of banners etc. Balance Rs. 30,000 received from Sun Enterprises. Electricity expenses paid Rs. 1,800; Telephone and Mobile expenses paid Rs. 2,750; Office Rent paid Rs. 5000.
Solution:
Step 1: Create a New Company in the name of Creative Advertisers, fill the basic information.
Step 2: Press Esc; Select > Accounts Info; Press Enter Select > Ledgers > Create; Press Enter
Name: Creative Ad. Capital A/c SBI Bank Account Furniture and Fixtures Advertising Services Sun Enterprises Printing Charges
Under: Capital Account Bank Accounts Fixed Assets Income (Direct) Sundry Debtors Direct Expenses
Electricity Expenses Telephone and Mobile Exp. Office Rent Computer and Printers
Go to Company Info. (Alt+F3); F12 > Configuration; Select > Voucher Entry; Set as follows: