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Unit -2 Process of Computerized Accounting, CREATION OF A COMPANY:, Creating company is the first step towards starting working with Tally ERP.9. A company is an organization, for which financial records are to be maintained and therefore, it can be called as a central repository from, where any financial statement or report can be extracted at any time. A company can be Partnership Firm or, a Sole Proprietor or a Limited Liability Partnership or Non-Governmental Organization or a Company, registered under Companies Act, 2013., , Procedure of Creating a Company, To create a company, click on the ‘create company’ in ‘Company Info’., Alternatively, one can press ALT+ F3 and the company info screen will appear, as appeared in Fig. 1.1, , Fig. 1.1, , Once, you click ‘create company’, the following screen will appear as appeared, in Fig. 1.2 in front of you.

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Fig. 1.2, , The various fields appearing in company creation in Fig. 1.2 are explained, below:, Directory: It will display the path where your company data is stored., By default, it would automatically be stored in Tally ERP.9 data folder,, but you can change its path and can specify any location where you want, to store the data relating to the company by pressing backspace key, Name: It means providing a name to the company. Example: Surbhi Ltd., Primary Mailing Details:, Mailing Name: You can specify any other name if you want for mailing, purpose. By default, it will always show the name which you have entered, in the Name field earlier, Address: Provide the address of the company in this field, Statutory Compliance: Choose the country in which the company is located., For example, we have selected India., State: Choose the state in which the company is located. For example,, we have selected Delhi., Pin-code: Provide the Pin code for the company where it is located., Contact Details, Provide telephone number, mobile number and Fax number (if any) of the, company. Also, provide the official email address of the company which, would be further used for emailing of reports and statements., Auto-Back up: Putting ‘Yes’ to enable auto backup will result in, automatically creating backup of the data of the company in the company, data folder., Company Details:, Currency Symbol: Once country is selected, Tally will automatically choose, the currency of the country. In this example, we have selected India, so, currency symbol would be of ‘Rupee’.

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Maintain: If company maintains inventory with them, select accounts with, inventory otherwise accounts only. Selecting accounts with inventory would, combine both financial accounts and inventory books., Financial Year: Financial year is a period of 12 months starting from 1st, April. The accounting period in this example, will begin from 1st April, 2017., Books beginning from: Provide a date at which you started maintaining, your books. It can be a date later than 1stApril, 2017. By default, it would, automatically take date mentioned in previous field., Security Control:, Tally Vault Password: Entering this password will require, opening the, company with password each time. The name of the company having tally, vault password will be shown with asterisk ‘*’ mark., Repeat Password: Password entered in various field has to re-enter for, confirmation., Use Security Control: Enabling this field as ‘Yes’ will allow to define access, administrator user name and password. Every time you open a company,, it would ask for name of administrator and password., Base Currency Information:, Base Currency Symbol: The selection of country will define base currency, symbol. In this example, we have selected India, so currency symbol would, be of ‘Rupee’, Formal Name: The formal name of the currency like INR (Indian Rupee), will be displayed., Suffix Symbol to amount: This will allow putting symbol of currency after, the amount., Add space between amount and symbol: This will allow space between amount, and symbol., Show amounts in millions: This will allow the values of amount to be expressed, in millions i.e. international system of numeration., Number of Decimal Places: By default, it will be set to 2 places only and Indian, currency has 2 decimal places whereas some currency has 3 decimal places., It can go upto 4 decimal places., Words representing amount after decimal: By default, it will be automatically, set according to currency., Number of Decimal places for amounts in words: Provide the number of decimal, places for which printing is required. It can be equal to or less than number, of decimal places field but can’t be more than that., After filling all the requisite details, the company creation screen will appear, as follows shown in Fig. 1.3, , Fig. 1.3

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Once the details are filled and you press enter again, screen will displays a, box saying accept Yes or No? If all the details are correctly filled, then proceed, to select ‘yes’ otherwise select ‘No’ as shown in Fig. 1.4., , Fig. 1.4, , Once you select ‘Yes’, the company creation is complete and the following, screen will appear as sown in Fig. 1.5, , Fig. 1.5, , The Gateway of Tally will appear as above with current period and current, date on left side pane of tally screen. Below that it will display the name of, the company which is open. Since it is a new company created, therefore in, date of last entry it is written no vouchers entered. In the right pane, you can, see masters where ledger and group creation along with inventory are created., In transactions, vouchers are created related to accounting and inventory. Utilities

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consist of importing of data from outside and other banking related operations, like cheque printing, deposit slip etc. Finally reports include all financial statements, like balance sheet and profit and loss, stock summary and ratio analysis. Display, includes trial balance, day book, cash/fund flow etc. and in the end finally quit, where you will be able to close the tally programme if selected ‘Yes’., , Selecting a Company, By using ‘select company’ field you can open another company from list of, companies already existing in tally. Click Alt+F3 and company info will open, as shown in Fig. 1.6. Click select company field or press S., , Fig. 1.6, , Once you click select company, the following screen will appear as shown in Fig. 1.7, , Fig. 1.7, , You can select the company which you want by using arrow key and then, pressing enter or by clicking the company through mouse., , Alteration of Details of a Company, Once company is created, you might need to update details related to company, already created before. Again go to gateway of tally, click company info or, Press F3, the following screen will appear as shown in Fig. 1.8

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Fig. 1.8, , Once you click ‘alter’, the following screen shall appear as shown in Fig. 1.9, , Fig. 1.9, , Select the company for which you wish to alter details and after selecting, the, following screen will appear and you can alter any details you want as shown, in Fig. 1.10.

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Fig. 1.10, , After altering the same, once again a box will appear saying Accept ‘Yes’ or, ‘No’? Click ‘yes’ if alteration is done and click ‘no’ if you further wish to, alter the details of the company., , Deletion of a Company, For deletion of a company, you have to go to gateway of tally and then company, info and then alter (same like alteration of details of a company). Once you, click alter and select the company, the company details screen will appear as, follows as shown in Fig. 1.11, , Fig. 1.11, , Now, Press Alt+ D and it will ask you to delete the company i.e. yes or No.

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If you wish to delete the company press ‘Yes’ or otherwise ‘No’. Once you, press Y or select ‘Yes’ through mouse click, company will be deleted and the, data will not be available as shown in Fig. 1.12:, , Fig. 1.12, , Shutting of a Company, Once company is created, if you want to shut the company which is already, open, again go to gateway of tally, click company info or Press F3, the following, screen will appear as shown in Fig. 1.13, , Fig. 1.13, , Press shut company field or Press H or Alt+ F1 or click F1: Shut Company, on the right pane., LEDGER, Ledger is a T- shape account head. For example, Purchase account head will, be called as ‘Purchase Ledger’. To record specific transactions, you can create, ledgers as per transaction., By default, Tally has two pre defined ledgers viz. (1) cash, and (2) Profit &, loss Account as shown in Fig. 2.1

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Fig. 2.1, , To view already predefined ledgers: Go to Gateway of Tally Accounts Info. Ledgers Multiple Ledgers, Display and the screen will appear as follows as shows in Fig. 2.2., , Fig. 2.2, , GROUP, A group is the accounting group which consists of ledger accounts of similar, nature. For example, Bank account group will have all bank accounts classified, under it., Tally has 198 predefined groups out of which 15 are main or primary groups, and remaining 13 are sub-groups., Out of 15 primary groups, 9 are related to balance sheet items and remaining, 6 are Profit and loss related items., You can see in Fig. 19.3, all 28 predefined groups by going to Gateway of, Tally Accounts Info. Groups Multiple Groups Display

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Fig. 2.3, , Single Ledger Creation, Let us create ledgers for company created in Unit 18: Surbhi Ltd., Ledger: Surbhi Capital Account, Group: Capital Account, Amount: Rs. 5,00,000, Ledger: Building, Group: Fixed Assets, Amount: Rs. 19,00,000, Creating Surbhi Capital A/c (Fig. 2.4), Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click single ledger - create, Type Surbhi Capital Account in Name, Select Under - Capital Account, Enter 5,00,000 in opening balance on 1-Apr-2017

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Fig. 2.4, , Once you put opening balance, press enter and a box will appear asking you to, accept. Click ‘Yes’ and your ledger will be created. The screen in Fig. 2.5, shows that the ledger has been created:, , Fig. 2.5

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Creating Building A/c (Fig. 2.6), Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click single ledger - create, Type Building Account in Name, Select Under- Fixed Asset Account, Enter 2,00,000 in opening balance on 1-Apr-2017, , Fig. 2.6, , Once you put opening balance, press enter and a box will appear asking you, to accept as shown in Fig. 2.6. Click ‘Yes’ and your ledger will be created., The screen shows the ledger has been created as shown in Fig. 2.7, , Fig. 2.7

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Multiple Ledger Creation, Multiple Ledger creation will enable to create same class of ledgers quickly, as creating single ledger takes time., Let us create ledger account of Furniture and Plant & Machinery., Ledger: Furniture A/c, Group: Fixed Assets, Amount: Rs. 50,000, Ledger: Plant & Machinery A/c, Group: Fixed Assets, Amount: Rs. 1,00,000, Creating Both Ledgers (See Fig. 2.8), Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click multiple ledger – create, Select Under- Fixed Asset Account, Type Furniture Account in Name of Ledger, Press Enter (Fixed Asset, group will come automatically) as shown in Fig. 2.8., Enter 50,000 in opening balance on 1-Apr-2017 and press enter, Type Plant & Machinery in Name of Ledger, Press Enter (Fixed Asset, group will come automatically)., Enter 1,00,000 in opening balance on 1-Apr-2017, Press Enter and again press enter, Now, a box will appear asking you to Accept ‘Yes’ as show in Fig. 2.8, , Fig. 2.8, , Once you accept, both the ledgers will be created, as shown in Fig. 2.9.

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Fig. 2.9, , Altering and Displaying Ledger, Alteration of ledger is the process by which you can alter any ledger say for spelling mistake, wrong, selection of group, altering balance of ledger etc., Example: To change Building A/c ledger name as ‘Land & Building’, Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click single ledger - alter, Select Building A/c from List of Ledgers, Change Building A/c to Land & Building A/c, Press Y or Accept Yes, Please note: Even if ledgers are created in multiple, but alteration will always, be done in single mode only., Display will enable to view the ledger accounts., Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click single ledger – Display, , Fig. 2.10

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Once you click single ledger display, the screen in Fig. 2.10 will appear and, after selecting the ledger account, the ledger display will open. You can only, view the ledger as appeared in Fig. 2.11 but no change can be done in the, ledger account., , Fig. 2.11, , Deleting Ledger, To delete a ledger:, Go to Accounts Info in masters in Gateway of Tally, Click Ledgers, Now click single ledger - alter, Select Building A/c from List of Ledgers, Press Alt + D, Press Y or Accept Yes, Ledger will be deleted as appeared in Fig. 2.12, , To delete a ledger once accounting entry has already been entered in journal,

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you will need to delete journal entry first and then only you will be able to, delete the ledger., Voucher is a document which is proof of transaction. Example: sales receipt, purchase cash memo, bank, interest statement etc. Voucher is used to enter the transactions of the business so that financial statements, can be prepared to determine financial position of the business., SCREEN OF VOUCHER ENTRY, , Fig. 3.1, , By default you will get ‘By’ and ‘To’ instead of ‘Dr’ and ‘Cr’. If you wish, to use ‘Dr’ and ‘Cr’ for entering journal entries, Go to configuration: F12, then, Voucher Entry and then set Use Cr/Dr instead of To/By during entry as ‘Yes’., Also, Set Warn on negative cash balance and show ledger current balances, and show balances as on Voucher date as Yes., If you wish to skip date for faster entry, enable it as Yes as shown in Fig. 3.2., Also, Tally automatically selects the Dr or Cr for first which you cannot change,, and you can change thereafter Dr or Cr as per transaction. It also displays, a list of Accounts which can be debited or credited automatically in the specific, voucher. Example: Cash or Bank will be displayed in Payment or Receipt voucher, or Purchase or Sales voucher, but it cannot be shown in Journal Voucher., Similarly, in payment voucher, Cash or Bank will only be shown while crediting., Balance of both debit and credit should be same, otherwise transactions will, not be recorded as Tally voucher will prompt to debit or credit another account., TYPES OF VOUCHERS, Tally has pre-defined 10 vouchers to record various types of transactions. They, are:, Contra Voucher (F4), Payment Voucher (F5), Receipt Voucher (F6), Journal Voucher (F7), Sales Voucher / Invoice (F8), Purchase Voucher / Invoice (F9), Credit Note Voucher (Ctrl + F8), Debit Note Voucher (Ctrl +F9), Reversing Journals (F10)

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Memorandum, , Voucher (Ctrl + F 10), , Contra Voucher (F4), Contra Voucher is used to record transactions of funds transfer from bank to, cash account, cash to bank account and bank account to bank account., Example: Surbhi Ltd. deposited cash Rs 10,000 into PNB bank., Journal Entry: PNB Bank A/c (Bank Account) Dr., 10000, To Cash A/c (Cash in Hand), 10000, Create Contra Voucher as shown in Fig, 3.3:, Go to Accounting Voucher in transactions in Gateway of Tally, On the Vertical bar click F4: Contra or Press F4, Contra Voucher will open with serial Number 1, Put the Date of Transaction, Now Cr will be on display already. Select Cash A/c from the list of ledger account., Enter 10,000 in amount and enter, Similarly, Dr will be on display. Select PNB A/C and enter amount 10,000, and Press enter., Enter Narration, if needed and again press enter, You can now see Contra Voucher No 2. It shows that entry has been, recorded., , Fig. 3.3, , Once you enter the account to be debited as PNB A/c along with amount, Rs. 10,000, the screen shown in Fig. 3.4 will appear., This screen will display the transaction type as cash since cash has been the, deposited amount and Bank name can also be specified as PNB and press, enter. Next you are required to put details of cash deposited i.e. Denominations, of money. In our case, we have deposited 5 notes of Rs. 2000 amounting, to Rs. 10,000. Once these details have been put, you will be taken to original, screen of Contra Voucher and prompted to Accept ‘Yes’ or ‘No’. It is not, mandatory to put denominations of currency deposited, one can skip the same.

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Fig. 3.4, , Fig. 3.5, , Payment Voucher (F5), Payment Voucher is used to record transactions of all payments made through bank or by cash., For example, Surbhi Ltd. paid Rs 2,000 by cheque to Vardhaman Furniture Ltd., Journal Entry: Vardhaman Furniture Ltd., (Sundry Creditors) Dr 2000, To PNB A/C (Bank A/c) 2000, Create Payment Voucher as shown in Fig. 3.6:, Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F5: Payment or Press F5, Payment Voucher will open with serial Number 1, Put the Date of Transaction, Now Dr will be on display already. Select Vardhaman Furniture Ltd. from

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the list of ledger account., Enter Rs. 2,000 in amount and enter, Similarly, Cr will be on display. Select PNB A/C and enter amount Rs, 2000 and Press enter. You may be promoted to enter transaction type, (cheque) and cheque range, Enter Narration, if needed and again press enter, You can now see Payment Voucher No 2. It shows that entry has been, recorded., , Fig. 3.6, , Tally also shows warning on negative cash balances, as shown in Fig. 3.7., If balance goes negative i.e. you are making more payment than cash held by, you, then screen will appear as follows:, , Fig. 3.7, , Receipt Voucher (F6), Receipt Voucher is used to record transactions of all receipts of cash or receipt, through bank.

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For example, Surbhi Ltd. received Rs 5,000 by cheque from Suresh Electrical, Fittings Ltd., Journal Entry: PNB A/C (Bank A/c) Dr 5,000, To Suresh Electrical Fittings Ltd. 5,000, (Sundry Debtors), Create Receipt Voucher (see Fig. 3.8):, Go to Accounting Voucher in transactions in Gateway of Tally, On the Vertical bar click F6: Receipt or Press F6, Receipt Voucher will open with serial Number 1, Put the Date of Transaction, Now Cr will be on display already. Select Suresh Electrical Fittings Ltd., from the list of ledger account., Enter Rs. 5000 in amount and enter, Similarly, Dr will be on display. Select PNB A/C and enter amount Rs, 5000 and Press enter. You may be promoted to enter transaction type, (cheque) and cheque range, which you may skip., Enter Narration, if needed and again press enter, You can now see Receipt Voucher No 2. It shows that entry has been, recorded., , Fig. 3.8, , Journal Voucher (F7), Journal Voucher is used to record transactions which does not fit in any other, voucher i.e. receipt or payment or purchase or sales or it can be used to pass, adjustment entries which do not involve cash or bank., For example, Surbhi Ltd. incurred an expenditure on printing and stationery, amounting to Rs 1,000, as office cost and not recording it as separate ledger, transaction., It is a two step procedure: (1) creating purchase voucher for printing and, stationery and (2) recording it as office cost in journal voucher., (Before starting, prepare Printing & Stationery A/c & Office Costs A/c in account, info (ledgers). Both comes under indirect expenses.

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Step 1: Creating Purchase Voucher, Journal Entry: Printing and Stationery A/c Dr 1000, (Indirect Expense A/c), To Cash (Cash in Hand) 1000, Create Purchase Voucher (see Fig. 3.9):, Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F9: Purchase or Press F9, Purchase Voucher will open with serial Number 1, Click F12: Configure and a box with Purchase Standard Configuration will open., Again press F12 and it will display more options, Set Allow expenses/fixed assets in purchase voucher as Yes, Press enter till you return to voucher screen, Put the Date of Transaction, Now Cr will be on display already. Select Cash A/c from the list of ledger account., Enter Rs. 1,000 in amount and enter, Similarly, Dr will be on display. Select Printing and Stationery and enter, amount Rs. 1,000 and Press enter., Enter Narration, if needed and again press enter, You can now see Purchase Voucher No 2. It shows that entry has been recorded., , Fig. 3.9, , Step 2: Creating Journal Voucher, Journal Entry: Office Cost A/c Dr 1000, (Indirect Expense A/c), To Printing and Stationery A/c 1000, (Indirect Expense A/c), Create Journal Voucher (see Fig. 3.10):, Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F7: Journal or Press F7, Purchase Voucher will open with serial Number 1, Put the Date of Transaction, Now Dr will be on display already. Select Office Cost A/c from the list, of ledger account.

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Enter, , Rs. 1000 in amount and enter, Similarly, Cr will be on display. Select Printing and Stationery and enter, amount Rs. 1000 and Press enter., Enter Narration, if needed and again press enter, You can now see Journal Voucher No 2. It shows that entry has been recorded., , Fig. 3.10, , Sales voucher is used to record transactions of goods sold on cash (cheque), or credit basis., For example, Surbhi Ltd. sold 10 white Tubelights @ 110/- and 8 LED, 6 watts @150/- to Suresh Electrical Fittings Ltd., Journal Entry: Suresh Electrical Fittings Ltd. Dr 2300, (Sundry Debtors), To Sales A/c (Sales A/c) 2300, Create Sales Voucher (see Fig. 3.11):, Prepare Sales A/c under account info (ledgers) under Sales a/c group and, put inventory values to be effected as ‘Yes’., Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F8: Sales or Press F8. Please ensure that sales, voucher is opened in ‘As Voucher’ mode. On vertical button panel on, right side, you can find as voucher or as invoice above post dated voucher, option. The written mode on right panel is the one not in use. Set that, as voucher mode. Or you can press V., Sales Voucher will open with serial Number 1, Put the Date of Transaction and Reference No, if available,  Now Dr will be on display already. Select Suresh Electrical Fittings Ltd., A/c from the list of ledger account. It will ask buyers details, enter details, if available otherwise press enter and method of adjustment as new reference., Enter Rs. 2,300 in amount and enter, Similarly, Cr will be on display. Select Sales A/c and Press enter

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Fig. 3.11, Now,, , Inventory allocation box will open., Type name of item as White and list of stock item will display towards, your right. Select white (see Fig. 3.12)., , Fig. 3.12, Now, , inventory allocation for white tube light will open., Enter godown name where it is stored and quantity and rate. Amount will, be displayed automatically as shown in Fig. 3.13., , Fig. 3.13

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Similarly, , enter details for LED 6 watts bulb (see Fig. 3.14)., , Fig. 3.14, , Next, the screen shown in Fig. 3.15 will appear, , Fig. 3.15

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Fig. 3.16, Press, , enter till you return to original screen of sales voucher, Narration, if needed and again press enter, You can now see sales Voucher No 2. It shows that entry has been recorded, Enter, , Fig. 3.17, , Credit Note Voucher (Ctrl + F8), Credit Note voucher is used to record transaction of sold goods returned back, by buyer., Example: Suresh Electrical Fittings Ltd. returned 2 white Tubelights being, defective goods., Journal Entry: Sales A/c Dr 160

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To Suresh Electrical Fittings Ltd., (Sundry Debtors) 160, Create Credit Note Voucher:, Before, recording transactions go to F11: inventory Features and Set Use, debit note and credit note as Yes., Now, Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F8: Credit Note Voucher or Press Ctrl + F8, Credit Note Voucher will open with serial Number 1, Put the Date of Transaction and original invoice No, if available, Now Cr will be on display already. Select Suresh Electrical Fittings Ltd., A/c from the list of ledger account. It will ask buyers details, enter details, if available otherwise press enter. Also, it will ask method of adjustmen :, select against reference no 1 and amount Rs. 220, Similarly, Dr will be on display. Select Sales A/c and Press enter and enter, details of goods returned, Once it is filled, the screen shown in Fig. 3.18 will appear:, , Fig. 3.18, Enter, You, , Narration, if needed and again press enter, can now see credit note Voucher No 2. It shows that entry has been recorded, , Purchase Voucher/Invoice (F9), Purchase voucher is used to record transaction of goods bought on cash (cheque), or credit basis., For example, Surbhi Ltd. bought 15 white Tubelights @ 100/- and, 5 CFL 8 watts @120/- from Jatin Electrical Ltd., Journal Entry: Purchase Account Dr 2100, (Purchase Account), To Jatin Electrical Ltd. (Sundry Creditors) 2100, Create Purchase Voucher:, Purchase A/c under account info (ledgers) under purchase A/c group has, been already made while recording entry for Printing and Stationery and, please note to put inventory values to be effected as ‘Yes’., Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F9: Purchase or Press F9. Please ensure that

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purchase voucher is opened in ‘As Voucher’ mode. On vertical button panel, on right side, you can find as voucher or as invoice above post dated, voucher option. The written mode on right panel is the one not in use., Set that as voucher mode. Or you can press V., Purchase Voucher will open with serial Number 2, Put the Date of Transaction and Reference No, if available, Now Cr will be on display already. Select Jatin Electrical Ltd. A/c from, the list of ledger account. It will ask buyers details, enter details if available, otherwise press enter and method of adjustment as new reference, Enter Rs. 2100 in amount and enter, Similarly, Dr will be on display. Select Purchase A/c and Press enter and, enter details of goods purchased, Once it is filled, the screen shown in Fig. 3.19 will appear as below:, Enter Narration, if needed and again press enter, , Fig. 3.19, You, , can now see Fig. 3.20 Purchase Voucher No 2. It shows that entry, has been recorded., , Fig. 3.20

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Debit Note Voucher (Ctrl +F9), Debit Note voucher is used to record transactions of purchased goods returned, back to seller or to record price consideration changes., For example: Jatin Electrical Ltd. sent 2 CFL 8 watts @ Rs 120/- and, 1 white Tubelight defective which was returned by Surbhi Ltd., Journal Entry: Jatin Electrical Ltd. Dr 340, (Sundry Creditors), To Purchase Account 340, Create Debit Note Voucher:, Before, recording transactions go to F11: inventory Features and Set, Use debit note and credit note as Yes., Now, Go to Accounting Voucher in transactions in Gateway of tally, On the Vertical bar click F9: Debit Note Voucher or Press Ctrl + F9, Debit Note Voucher will open with serial Number 1, Put the Date of Transaction and original invoice No, if available, Now Cr will be on display already. Select Suresh Electrical Fittings Ltd., A/c from the list of ledger account. It will ask buyers details, enter details, if available otherwise press enter. Also, it will ask method of adjustment :, select against reference no. 1 and amount 220, Similarly, Dr will be on display. Select Sales A/c and Press enter and enter, details of goods returned, Once it is filled, the screen in Fig. 2.21 will appear:, , Fig. 3.21, Enter, , Narration, if needed and again press enter, You can now see the screen in Fig. 3.22 Purchase Voucher No 2. It shows that entry has been recorded

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Fig. 3.22, , Reversing Journal Voucher (F10), They are special journals that are reversed after the specified date by the user., They are effective only till that date and are effective only when they are included in reports., To enable this voucher, go to accounting features: F11 and Set Use reversing, Journals and optional vouchers as Yes. For example: For Pay Projections of employees, , Memo Voucher (Ctrl + F10), It is a non accounting voucher which does not affect books of account. These entries are stored in a separate, Memo Register. Later on, you can convert this into regular voucher., To enable this voucher go to accounting features: F11 and Set Use reversing, Journals and optional vouchers as Yes. For example, Making suspense payments, , Post–Dated Voucher, It is used for entering such transactions which occur frequently on a regular, basis. Example: Instalments payment for vehicle on hire-purchase., , Cash /Bank Books, It displays balances as and when transactions that affect cash and bank balances, are recorded. You can view Cash/ Bank Books under Accounts Book under, Display on Gateway of Tally. If you press enter on cash, you can view monthly, ledger summary as well. The Cash/ Bank Books of Surbhi Ltd. will appear, as shown in Fig. 4.1 and 4.2.

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Fig. 4.1, , Fig. 4.2, , Trial Balance, A trial balance is a book-keeping worksheet in which the balances of all ledgers, are compiled into debit and credit columns. The objective is to ensure arithmetical, accuracy. The total of debit and credit should be equal. A trial balance is usually, prepared at the end of reporting period., You can view Trial Balance on Gateway of Tally under Reports and by using, F1: Detailed or in condensed form., The Trial Balance of Surbhi Ltd. will appear as in Fig. 5.1

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Fig. 5.1, , Preparation of Final Accounts: Financial Statements shows the financial health of the business. It, summarizes the business transactions for use by the various stakeholders. Financial statements include:, a) Balance Sheet b) Profit and Loss Account, , Balance Sheet, It is a financial statement that reports the financial position of the business as, on a specific data. It shows a balance between assets and liabilities signifying, Assets = Liabilities + Capital, You can view balance sheet on Gateway of Tally under Reports. Alternatively,, if you have set ‘Use separate menu for Final Accounts Statements as ‘yes’, in General Configurations, then you can find balance sheet under ‘Final, Accounts’., The balance Sheet of Surbhi Ltd. will appear as seen in Fig. 6.1., , Fig. 6.1

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You can view detailed balance Sheet by using F1: Detailed or in condensed form., Also you can see the balance sheet on different dates like on 1st April, 2017, and 1st May, 2017 and the same will show effect on stock valuation on different dates., The balance sheet gets updated automatically after each transaction once recorded., , Profit and Loss Account, Profit and Loss Account or Income and Expenditure Statement is a financial, statement which shows the revenues, cost and expenses for a specified period., It gets updated automatically after each transaction and displays information, based on primary groups., You can view Profit and Loss Account on Gateway of Tally under Reports., Alternatively, if you have set ‘Use separate menu for Final Accounts Statements, as ‘yes’ in General Configurations, then you can find Profit and Loss Account, under ‘Final Accounts’. You can view detailed Profit and Loss Account by, using F1: Detailed or in condensed form., The Profit and Loss Account of Surbhi Ltd. will appear as shown in Fig. 6.2., , Fig. 6.2, , Also you can see the Profit and Loss Account on different dates like on 1st, April, 2017 and 1st May, 2017 and the same will show effect of stock and, expenses and income on different dates.