Accounting Tally Package by A to Z Computer Knowledge
Basic Concept of Accounting
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Accounting : It is a specialty of recording, requesting and summarizing in basic way and to the extent that money, trades and events which are of financial individual and translating the results thereof.
Bargain / Business Transaction : An arrangement is "The improvement of endlessly cash worth construction one person to another". Of course exchange of values between two get-togethers is generally called "Arrangement".
Purchase : A purchase suggests items purchased by a monetary expert from suppliers.
Bargains / Business Transaction Arrangements is items presented by a monetary expert to his clients.
Purchase Return or Excusal in or Outward Receipt /Rejection in or Outward Invoice : Purchase return suggests the appearance of the full or a piece of product purchased by the money director to his suppliers.
Bargains Return or Excusal out or Interior Receipt/ Sales Return or Rejection out or Inward Invoice :Arrangements return infers the appearance of the full or a piece of the product presented by the client to the money supervisor.
Assets : Assets are the things and properties moved by a cash supervisor not such a great amount for resale yet rather for the use in the business.
Liabilities : All of the aggregates payable by a business stress to outcasts are called liabilities.
Capital : Capital is the total contributed for starting a business by a person.
Debtors : Debtor is the person who owes amounts to the businessman.
Creditor : Creditor is the person to whom amounts are owed by the businessman.
Debit : The receiving aspect of a transaction is called debit or Dr.
Credit : The giving aspect of a transaction is called credit or Cr.
Drawings : Drawings are the totals eliminated (recovered) by the money director from his business for his own, private and local explanation. Drawings may be made in the construction cash, product and assets of the business.
Receipts : It is a report given by the beneficiary of cash to the supplier of cash perceiving the cash got voucher.
Account : Record is a summarized record of the large number of trades interfacing with every person, everything or property and each kind of organization.
Record : The book of unequivocal section where records lie.
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Journal segments : An everyday record of trade. or
Journal entries : A daily record of transaction.
Trail Balance : It is an attestation of all the record account changes prepared around the completion of explicit period to affirm the precision of the sections made in books of records.
Benefit / Profit : Wealth of credit side over charge side.
Profit and loss Account /Advantage and Hardship account : Deciding certified advantage or loss of the business is prepared.
Balance Sheet /Resource Report : To find the financial spot of the business. It is an attestation of assets and liabilities.
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Types of accounts
1) Personal Account: Personal accounts are the accounts of persons, firms, concerns and institutions which the businessmen deal.
Principles: Debit the receiver
Credit the giver
2) Real Account: These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch. Ex. Cash, Sale, Purchase, Furniture, Investment etc.
Principles: Debit what comes in
Credit what goes out
3) Nominal account: Nominal account is the account of services received (expenses and Losses) and services given (income and gain) Ex. Salary, Rent, Wages, Stationery etc.
Principles: Debit all expense/losses
Credit all income/ gains
Tally is a complete business solution for any kind of Business Enterprise. It is a full-fledged accounting software.
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Procedure for creating company in Tally
Procedure for creating company in Tally
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