Computerised Accounting notes.pdf
- 1. Computerised Accounting Interface and Company Management: Introduction to Tally ERP9 - Creating a Company - Altering and Deleting Company – Data Security: Security Control Setup - User Security Control, Multi Language, Export, Import, Backup and Restore: Export and Import Formats - Data Backup and Restore - Masters - Ledgers: Understanding Ledgers - Creating Ledgers - Creating Multiple Ledgers - Altering and Deleting Ledgers – Groups: Creating Groups - Altering and Deleting Groups - Bill wise Debtors and Creditors Ledgers: Configuring Bill wise Details ChatGPT Interface and Company Management: Introduction to Tally ERP9 Tally ERP9 is a popular accounting software used by businesses to manage their financial and accounting needs. It offers a user-friendly interface and various features to facilitate efficient company management. In this guide, we will cover key aspects of using Tally ERP9 for company management, data security, multi-language support, export, import, backup, and restore functionalities. Additionally, we will delve into creating and managing ledgers, groups, and configuring bill-wise details for debtors and creditors. Creating a Company 1. Launch Tally ERP9 and log in with appropriate credentials. 2. In the main menu, select "Company Info" and then "Create Company." 3. Enter essential company details such as name, address, financial year, and currency. 4. Specify the ledger and voucher configurations for the company. 5. Save the company information, and the new company is now created. Altering and Deleting Company 1. To modify company details, go to "Company Info" and select "Alter." 2. Make the necessary changes and save the modifications. Note: Deleting a company in Tally ERP9 requires proper authorization, and you should exercise caution when performing this action. Deleted company data cannot be recovered. Data Security: Security Control Setup Tally ERP9 provides robust data security features to protect sensitive financial information. You can set up security controls to restrict access to certain functionalities and data. User Security Control 1. Go to "Company Info" and select "Security Control." 2. Set a security level (e.g., Owner, Administrator, Data Entry, etc.) for each user. 3. Define access rights for various features and functions based on user roles.
- 2. 4. Save the changes to apply the security settings. Multi-Language Support Tally ERP9 supports multiple languages, allowing users to work in their preferred language. 1. In the "F12: Configure" screen, choose "General" settings. 2. Select the preferred language from the list of available languages. 3. Save the settings to enable multi-language support. Export and Import Formats Tally ERP9 allows exporting and importing data in different formats for external use. 1. To export data, go to the relevant report or ledger, and choose the export option. 2. Select the desired format (e.g., Excel, PDF) and proceed with the export. Data Backup and Restore Regular data backup is crucial for safeguarding against data loss due to system failures or other issues. Tally ERP9 offers easy data backup and restore options. 1. To back up data, go to "Company Info" and select "Backup." 2. Choose the backup location and follow the on-screen instructions to complete the process. To restore data from a backup: 1. Go to "Company Info" and select "Restore." 2. Navigate to the backup file location and proceed with the restore process. Masters - Ledgers: Understanding Ledgers In Tally ERP9, ledgers represent individual accounts for assets, liabilities, income, expenses, etc. Understanding ledgers is fundamental to effective accounting in the software. Creating Ledgers 1. To create a ledger, go to "Accounting Info" and select "Ledgers." 2. Choose the appropriate group (e.g., Sundry Debtors, Sundry Creditors, etc.). 3. Enter the ledger name, address, and other relevant details. 4. Save the ledger to add it to the chart of accounts. Creating Multiple Ledgers You can create multiple ledgers in Tally ERP9 using the same process mentioned above.
- 3. Altering and Deleting Ledgers 1. To modify a ledger, go to "Accounting Info" and select "Ledgers." 2. Locate the ledger you want to alter, make the necessary changes, and save. To delete a ledger: 1. Be cautious, as deleting a ledger affects associated transactions and reports. 2. To delete, open the ledger, select "Alt + D," and confirm the deletion. Groups: Creating Groups Groups in Tally ERP9 categorize ledgers for organized accounting. 1. Go to "Accounting Info" and select "Groups." 2. Choose the appropriate primary group for the new group (e.g., Sundry Debtors, Sundry Creditors, etc.). 3. Enter the group name and other relevant details. 4. Save the group to add it to the chart of accounts. Altering and Deleting Groups 1. To modify a group, go to "Accounting Info" and select "Groups." 2. Locate the group you want to alter, make the necessary changes, and save. To delete a group: 1. Be cautious, as deleting a group affects associated ledgers, transactions, and reports. 2. To delete, open the group, select "Alt + D," and confirm the deletion. Bill Wise Debtors and Creditors Ledgers: Configuring Bill-wise Details In Tally ERP9, you can enable bill-wise details to track transactions for individual bills from debtors and creditors. 1. Go to "Accounting Info" and select "Ledgers." 2. Choose the debtor/creditor ledger you want to configure for bill-wise details. 3. Enable "Maintain balances bill-by-bill" option in the ledger configuration. 4. Save the changes to activate bill-wise details for that ledger. Now, you have a basic understanding of Tally ERP9's interface and company management, along with data security, multi-language support, export-import, backup-restore functionalities. Additionally, you've learned about creating, altering, and deleting ledgers and groups, as well as configuring bill-wise details for debtors and creditors. These aspects will help you efficiently manage your accounting and financial needs using Tally ERP9.
- 4. UNIT II Default Vouchers: Payment Voucher - Receipt Voucher - Contra Voucher - Journal Voucher, Day Book: Day Book Reports - Altering and Deleting Transactions, Cheque Printing: CTS Cheque Printing System, Masters : Inventory: Understanding Inventory - Integrating Accounts and Inventory - Stock Group - Go down and Locations - Stock Category - Units of Measure - Stock Items - Manual Stock Valuation without Inventory ChatGPT UNIT II Default Vouchers Tally ERP9 comes with several default voucher types that facilitate different types of transactions. Here are the commonly used default voucher types: Payment Voucher The Payment Voucher is used to record payments made to suppliers, creditors, or for any other expenses. It helps in tracking cash and bank payments. Receipt Voucher The Receipt Voucher is used to record money received from customers, debtors, or any other sources of income. It helps in tracking cash and bank receipts. Contra Voucher The Contra Voucher is used to record transactions involving both cash and bank accounts. It is commonly used for bank transfers, cash deposits, and withdrawals. Journal Voucher The Journal Voucher is used to record non-cash transactions, such as adjustments, accruals, depreciation, and other general entries. Day Book The Day Book is a report in Tally ERP9 that displays all the transactions entered on a specific day. It provides a chronological record of transactions, categorized by their voucher types. Day Book Reports The Day Book Report can be generated for any specified period to view all transactions during that period. It helps in auditing and reconciling daily transactions. Altering and Deleting Transactions In Tally ERP9, you can modify or delete transactions, but it requires appropriate user access and authorization. To alter or delete a transaction: 1. Go to the relevant report (e.g., Day Book, Ledger Vouchers).
- 5. 2. Locate the transaction you want to alter or delete. 3. Select "Alter" to make changes or "Delete" to remove the transaction. Cheque Printing: CTS Cheque Printing System Tally ERP9 supports CTS (Cheque Truncation System) cheque printing. To enable cheque printing: 1. Configure cheque printing settings in Tally ERP9 by providing necessary details like bank name, account number, etc. 2. Create the required voucher (Payment or Receipt). 3. Select the option to print the cheque while making the payment or receipt entry. The system will generate and print the cheque based on the configured settings. Masters: Inventory Inventory management in Tally ERP9 involves handling stock-related information to track goods and materials. Understanding Inventory Inventory refers to the stock of goods a business holds for production, resale, or consumption. Integrating Accounts and Inventory Tally ERP9 allows seamless integration of accounting and inventory modules, providing a comprehensive view of the financial and stock-related aspects of the business. Stock Group Stock Group categorizes stock items based on similar characteristics or nature. For example, "Electronics," "Furniture," etc. Go Down and Locations Go Down and Locations represent physical storage areas for inventory items. Go Down could be a warehouse, while Locations might be specific racks or shelves within that warehouse. Stock Category Stock Category further classifies stock items within a Stock Group. For example, within the "Electronics" group, you could have "Laptops," "Mobile Phones," etc., as Stock Categories. Units of Measure
- 6. Units of Measure specify how stock items are measured, such as pieces, kilograms, liters, etc. Stock Items Stock Items are individual items in the inventory that you buy, sell, or manufacture. Each Stock Item is associated with specific details like its name, unit of measure, rate, etc. Manual Stock Valuation without Inventory Tally ERP9 allows manual stock valuation in situations where a business does not use the inventory module. Manual stock valuation helps in determining the value of closing stock at the end of an accounting period. By understanding these concepts and utilizing them effectively, businesses can manage their inventory and integrate it with their financial accounts seamlessly. Tally ERP9 offers a comprehensive solution for various aspects of accounting and inventory management. UNIT III Purchase Order Processing Purchase Order Processing in Tally ERP9 involves the steps to create and manage purchase orders and handle related transactions. Purchase Order Process The Purchase Order Process includes the following steps: 1. Creating Purchase Order: Prepare a purchase order with details like supplier name, item details, quantity, rates, etc. 2. Sending Purchase Order: Send the purchase order to the supplier for confirmation and acknowledgement. 3. Receipt Note (Inventory): When goods are received, create a receipt note to record the items in the inventory. Purchase Order Voucher The Purchase Order Voucher is used to create a purchase order with all the necessary details. Receipt Note (Inventory) The Receipt Note (Inventory) is used to record the receipt of goods from a supplier. It updates the inventory with the received items. Rejection-Out Voucher
- 7. The Rejection-Out Voucher is used to record rejected goods returned to the supplier due to various reasons like damaged items or incorrect shipments. Sales Order Processing Sales Order Processing in Tally ERP9 involves creating and managing sales orders and handling related transactions. Sales Order Process The Sales Order Process includes the following steps: 1. Creating Sales Order: Prepare a sales order with details like customer name, item details, quantity, rates, etc. 2. Sending Sales Order: Send the sales order to the customer for confirmation and acknowledgement. 3. Delivery Note (Inventory): When goods are delivered, create a delivery note to record the dispatch of items from the inventory. Sales Order Voucher The Sales Order Voucher is used to create a sales order with all the necessary details. Delivery Note (Inventory) The Delivery Note (Inventory) is used to record the delivery of goods to a customer. It updates the inventory by reducing the dispatched items. Rejection-IN Voucher The Rejection-IN Voucher is used to record the receipt of rejected goods from a customer. It updates the inventory by adding the returned items. Debit and Credit Notes Debit and Credit Notes are used to adjust the value of a transaction without affecting the original voucher. They are commonly used for corrections and adjustments. Bank Reconciliation Bank Reconciliation in Tally ERP9 involves comparing and reconciling the bank statements with the transactions recorded in the software. It helps identify any discrepancies and ensures accurate financial records. Manufacturing Vouchers Manufacturing Vouchers in Tally ERP9 are used to record manufacturing-related transactions. Bills of Materials (BOM)
- 8. Bills of Materials (BOM) are used to define the raw materials and their quantities required for manufacturing a finished product. Job Costing Job Costing is used to track and allocate costs for specific jobs or projects undertaken by a business. Tax Deducted at Source (TDS) TDS in Tally ERP9 deals with tax deductions made at the source of income. Understanding TDS TDS is a tax deducted by individuals or businesses while making payments to others and remitted to the government. Creating TDS Masters In Tally ERP9, you can create TDS masters to manage TDS deductions and payments. TDS Payment TDS payments can be recorded in Tally ERP9, and the software helps in generating TDS certificates and reports. Tax Reports and Tax Forms Tally ERP9 provides various tax reports and forms to assist businesses in fulfilling their tax-related obligations. Payroll Accounting Payroll Accounting in Tally ERP9 involves managing employee-related financial transactions. Understanding Payroll Payroll refers to the process of calculating and managing employee salaries and other benefits. Pay Heads and Categories Pay Heads and Categories in Tally ERP9 help define salary components and categories for employees. Employee Details and Salary Details Employee details and salary details are entered in Tally ERP9 to manage payroll- related transactions.
- 9. Attendance Entries Attendance entries are recorded in Tally ERP9 to calculate employee salaries based on their working days. Salary Payment – Pay sheet and Pay Slips Tally ERP9 facilitates salary payment by generating pay sheets and pay slips for employees. By utilizing these features and functionalities, businesses can effectively manage purchase and sales orders, handle manufacturing transactions, handle tax deductions, reconcile bank statements, and efficiently manage payroll accounting in Tally ERP9. Goods and Services Tax (GST): Activating Tally in GST - Setting Up GST (Company Level, Ledger Level or Inventory Level) - GST Taxes & Invoices - SGST, CGST & IGST - Creating GST Masters in Tally, Purchase Voucher with GST: Updating GST Number for Suppliers -Intra-State Purchase Entry in GST (SGST + CGST) - Inter- State Purchase Entry in GST (IGST) - GST Purchase Entry for Unregistered Dealer in Tally - Reverse Charge Mechanism Entry for GST in Tally, Sales Voucher with GST: Updating GST Number for Suppliers - Intra-State Sales Entry in GST (SGST + CGST) - Inter-State Sales Entry in GST (IGST) - Printing GST Sales Invoice from Tally ERP9 Software, GST Reports and Returns: GSTR 1 in Tally - GSTR 1 Return Filing ChatGPT Goods and Services Tax (GST) in Tally ERP9 Goods and Services Tax (GST) is a unified indirect tax system that replaced multiple taxes in India. Tally ERP9 provides comprehensive support for GST compliance. Below are the key aspects of using Tally ERP9 for GST-related activities. Activating Tally in GST To enable GST in Tally ERP9, you need to activate the GST feature in the software. This can be done during the initial company creation or by going to "F11: Features" and enabling the GST feature. Setting Up GST GST setup involves configuring GST-related details at the company level, ledger level, and inventory level. 1. Company Level: Set up company-specific GST details like GSTIN, taxation type, etc. 2. Ledger Level: Configure GST-related information for ledgers like suppliers, customers, and other parties.
- 10. 3. Inventory Level: Define GST details for stock items, tax rates, and tax classifications. GST Taxes & Invoices - SGST, CGST & IGST In the GST system, taxes are categorized as State GST (SGST), Central GST (CGST), and Integrated GST (IGST), depending on the type of transaction (intra-state or inter- state). Intra-State Transactions (within the same state): o SGST: State GST collected on intra-state sales. o CGST: Central GST collected on intra-state sales. Inter-State Transactions (between different states): o IGST: Integrated GST collected on inter-state sales. Creating GST Masters in Tally To create GST masters in Tally ERP9: 1. Define GST tax rates, tax ledgers, and tax classifications. 2. Set up supplier and customer ledgers with their respective GSTIN (GST Identification Number). Purchase Voucher with GST To record purchase transactions with GST: 1. Update GSTIN for suppliers to include GST details on the purchase voucher. 2. Record intra-state purchases (SGST + CGST) or inter-state purchases (IGST) based on the type of transaction. 3. Record purchases from unregistered dealers and reverse charge mechanism entries as required. Sales Voucher with GST To record sales transactions with GST: 1. Update GSTIN for customers to include GST details on the sales voucher. 2. Record intra-state sales (SGST + CGST) or inter-state sales (IGST) based on the type of transaction.
- 11. 3. Print GST-compliant sales invoices from Tally ERP9. GST Reports and Returns Tally ERP9 provides various GST reports to help with GST compliance and filing GST returns. GSTR 1 in Tally: GSTR 1 report provides details of outward supplies made during a tax period. GSTR 1 Return Filing: Based on the GSTR 1 report, businesses can file their GSTR 1 return directly from Tally ERP9. By utilizing the GST-related features in Tally ERP9, businesses can easily comply with GST regulations, manage GST-related transactions, and generate accurate GST reports for filing returns. COUNTING LIST OF PRACTICALS 1. Creation of company in Tally ERP.9 with security control setup. 2. Creation of single and multiple ledgers. 3. Creation of default vouchers- payment, receipt, contra, journal 4. Creation of inventory with Stock group and stock items 5. Creation of purchase order and sales order voucher 6. Printing the cheque, GST Sales Invoice, GST Purchase and various other reports. 7. Creation of payroll, pay heads, attendance and reports 8. Activation of Tally in GST, Purchase and Sales Voucher in GST with Intra state and Interstate entry 9. Activation of interest calculation budgets and controls. 10. Prepare a financial statement. Interest Calculations (Auto Mode): Activating Interest Calculations, Point of Sales, Budgets and Controls: Budget Masters and Configurations - Budget Reporting and Analysis, Cost Centers and Cost Categories: Cost Centers - Profit Centers, Purchase and Sales Reporting: Analyzing Purchase and Sales Register - Analyzing Debit and Credit Note - Overdue Payables and Receivables - Outstanding Reports and Printing, Stock Analysis and Reports: Stock Registers - Stock Valuation - Stock Transfer
- 12. Report - Negative Stock Report - Record Physical Stock and Shortage - Stock Entry without Perpetual Inventory, Financial Reports: Trial Balance - Profit and Loss Account - Balance Sheet - Working Capital - Cash Flow and Fund Flow Statements, Printing Reports: Sales Invoice - Printing Payment and Receipt Vouchers - Printing Various Other Reports - Miscellaneous: Inserting Vouchers - Duplicating Entries - Split Company Data - Merge Tally Companies, Shortcut Keys ChatGPT Interest Calculations (Auto Mode) In Tally ERP9, you can activate automatic interest calculations to apply interest on overdue transactions. This feature is useful for managing interest on outstanding receivables and payables. Activating Interest Calculations To activate interest calculations: 1. Go to "F11: Features." 2. Enable "Interest Calculation" under "Accounts & Inventory Features." 3. Configure the interest calculation settings, such as rate of interest, grace period, etc. Point of Sales (POS) Tally ERP9 provides Point of Sale (POS) capabilities, allowing businesses to manage retail sales efficiently. Budgets and Controls Budgets and Controls in Tally ERP9 help businesses set financial targets and monitor their performance against those targets. Budget Masters and Configurations 1. Create budget masters to set budget details for specific periods and ledgers. 2. Configure budget-related settings like "Budgets and Scenario Management" under "F11: Features." Budget Reporting and Analysis Generate budget reports to analyze actual performance against the set budgets and make informed financial decisions. Cost Centers and Cost Categories Cost Centers and Cost Categories in Tally ERP9 are used to track and allocate expenses across different segments or departments. Cost Centers
- 13. Create cost centers to track expenses based on specific departments or projects. Profit Centers Profit Centers help analyze profitability based on specific segments or branches. Purchase and Sales Reporting Tally ERP9 provides various reports to analyze purchase and sales transactions. Analyzing Purchase and Sales Register View detailed purchase and sales registers to analyze transaction-level information. Analyzing Debit and Credit Note Track debit and credit notes to understand adjustments made in transactions. Overdue Payables and Receivables Generate reports to identify overdue payables and receivables for effective debt management. Outstanding Reports and Printing Get outstanding reports to review pending payments and receipts. Stock Analysis and Reports Tally ERP9 offers comprehensive stock analysis and reporting features to manage inventory effectively. Stock Registers View stock registers to track stock movements and transactions. Stock Valuation Generate reports to determine stock valuation based on different methods (FIFO, LIFO, etc.). Stock Transfer Report Analyze stock transfers between different locations or warehouses. Negative Stock Report Identify instances of negative stock to avoid stockouts. Record Physical Stock and Shortage
- 14. Record physical stock verification and address stock shortages. Stock Entry without Perpetual Inventory Record stock entries without using the perpetual inventory system. Financial Reports Tally ERP9 provides essential financial reports to analyze a company's financial position. Trial Balance View the trial balance to check the accuracy of transactions. Profit and Loss Account Generate profit and loss statements to assess the company's financial performance. Balance Sheet Get the balance sheet report to view the company's financial position. Working Capital Analyze the working capital to measure the company's liquidity. Cash Flow and Fund Flow Statements Generate cash flow and fund flow statements for cash management and fund analysis. Printing Reports Tally ERP9 allows you to print various financial and accounting reports. Sales Invoice Print sales invoices with all relevant details. Printing Payment and Receipt Vouchers Print payment and receipt vouchers for record-keeping. Printing Various Other Reports Print other reports as required for analysis and compliance. Miscellaneous Here are some additional features and functionalities in Tally ERP9.
- 15. Inserting Vouchers Insert vouchers between existing vouchers for accurate data entry. Duplicating Entries Duplicate vouchers for similar transactions to save time on data entry. Split Company Data Split data from one company to create a new company in Tally ERP9. Merge Tally Companies Merge data from multiple companies into a single company in Tally ERP9. Shortcut Keys Tally ERP9 offers various shortcut keys for quick navigation and data entry. These shortcuts can significantly speed up your workflow and improve productivity.