Solution of Top 10 queries of Accounting and Tally problems

1st Query


Question


I wanted to start using Tally ,However, I am having difficulty in setting up the ledgers so that I can then to the next step of voucher entries . My main source of income is from investment in shares & mutual funds and interest and commission. As such I shall be grateful if you can help me

Answer

First of all when you create company you must select account only and then accept it by enter
2nd step
After this Select this company and go to gate way of this company and open right side feature option or click F11 key in this feature you must select income and expenditure account and write yes
After this you
go to account inf -----> then go to ledger after this create multiple ledger under group = all item
S.no. name of ledger under opening balance 1. investment fixed asset if buy now do not write 2. interest receive indirect income not write 3. your expenses indirect expenses not write 4. dividend receive indirect income not write 5. you other current assets current assets if you have like interest receivables 6. furniture , office building and fixed assets fixed assets if you have after this you must accept this multiple ledger creation I hope you will solve your problem




2nd Query



Question
Hi I wanna know that is it necessary to have recycle bin for tally. As i have heard it instantly save the data as you accept the transaction. Please make me clear.And can you help me on Cost center and Profit center use and technique to utilize it.



Answer




First of all I thank you for asking question through writing comments.Now, I am trying to make you understand the importance of recycle bin in tally gateway.
1. It is very necessary to those business organizations whose accountant passes many voucher entries in a day, and if we get this facility we can get any deleted voucher entry, if we delete that entry by our mistake.
2. Another benefit is that we get double process of any delete of voucher entry.You have heard correctly that Tally save as you have passed voucher entry but if you have not make this recycle bin and you have press alt+d it will delete permanently .
So try to understand this point For full utilization of cost and profit center, I will write full article in my Accounting Education blog. Please continually study this blog


3rd Query



Question


dear sir i have posted a question regarding cost centres op. balance......plz guide me as nobody in my contact list been able to give the solution n i think u r the capable person. so plz guide

Answer
Only Capital items like fixed assets or current assets balance and liabilities account’s balance can be written , cost center keep yes in ledger creation and then you can enter the value of opening balance in ledger creation . After this you see it cost center vise .

4th Query



Question

dear sir, i am a B.com fresher seaching job in Mumbai .i am facing a lot of difficulties in getting the job, where ever i go they ask about experience or else accounting software. so i request u to tell me some short term accounting course and accounting software which i should pursue to become an account executive .i want to pursue my carrer in accounts. please reply me as soon as possible and help me to overcome this problem.--


Answer


Dear If you want to get the job of Accounts Executive then you must prepare your self for these you do not need to get any training if you have your own computer and Internet facility. You can do your full course online free of cost without paying any thing. But for better is that you must get some basic training from any computer institute . After this , with practise and other following point you can become master in computer accounting There are following point for selection 1. Self confidence 2.Prefect in the basic education of Computer 3.Advance accounting and tally software education 4. Complete practical knowledge of Tax Laws Dear do not feel nervous . Try to increase your self -employment . It is more better than trying to getting job. Best of luck for your accounting Career from Vinod Kumar



5th Query




Question
Dear Vinod Sir,Your blog is great and help a lot to understand Tally deeply. Although, i would like to share my queries through this email. Hope you will help me again.Actually, I need to know about the Inventory Management and Inventory report according to our need. So, can we do such things using some of the advance features of the Tally. I am willing to have some given report in excel for further modification as per my organization's requirement. I want to have 1. Each Debtor's reports for given month with accumulated items consumptions on single report. 2. Sales report according to sales account or item group (or more than one).



Answer



First of all i thank you for reading my blog .Then I feel sorry for not answering your query at spot time due to large volume of queries. You want to know about inventory management. Dear It means you have to activate accounts with inventory in tally company creation. After this you have to make inventory ledger i) unit measurement ii) stock item and you have to make also stock journal voucher in voucher entries for consumption of raw material for production . After this you can see full detail of your inventory books in desplay--> inventory books . Now you can export it to excel sheet and make to change setting



6th Query




Question
My company has purchased Computer? I want to know how the entry will be passed for this? will there be 2 entry i.e a payment made and the other bill entry under what account heading will this entry be passed, please explain to me in details



Answer




You give full detail of your transaction Are you dealing in computer or not or you have purchased on credit or by cash or with bank. But I tried to give you best solution When you purchased your company computer , You will pass only one entry If you purchased on credit Computer Account Debit ( Amount of computer +VAT )( Assume it is your fixed asset ) Creditor of Computer Account Credit or If Computer Purchase with cheque or by cash Computer Account Debit ( Amount of computer +VAT )( Assume it is your fixed asset ) Cash / Bank Account Credit You have just create the ledger and then pass the voucher entry if cash or bank it will goes to payment voucher , if on credit it will goes to journal voucher in voucher entry room of tally .



7th Query




Question

Your work for Tally Tutorial is very very nice. I need Your Full Tally tutorial please send me as soon as possible


Answer




Hallo Student First of all I am thankful to you for your thinking about my tally tutorial.This is my real reward . I am trying to publish my all tally tutorial in this Website Accounting Education So make you link with this website .Soon I will publish full tally learning tutorial in one article so be patience.



8th Query




Question
Dear Sir, We have just started using tally in our company. i am having problem in doing transfers within bank accounts because tally do not pick bank account under credit in payment voucher. So How can we do transfers within two bank accounts in tally under one company? Please guide me.




Answer




First of all tell me in clear which transaction do you want to enter in tally. You have written that you want to transfer within two banks . I think you want to deposit your cash in two banks. In this situation you have to either make voucher type or make sub group or if you create both ledger of banks account independent then you will have to pass in this journal entry in contra voucher not in payment voucher. Please also send your transaction and photo copy of voucher by pressing key button (prtscn sysrq) for copy and then past in paint . After receiving both through attach file then I can give you better solution.



9th Query




Question
Dear sir , I have a doubt which i want to ask you .how we can match party ledger , do bank reconciliation in tally , and deal with different tax like tds,service tax,income tax etc in tally and from where i can get the rate chart of the tax .please reply me waiting for your reply.




Answer




Dear , Bank reconciliation is very easy. I gave full information in my website address . For seeing click here . http://svtuition.org/search/label/Bank%20reconciliation Matter of tds , service tax and VAT and Excise duty , custom duty and Income tax and its accounting treatment will show in my website . so be patient , you will find each and every problem in my above two websites. Dear I will try to show full tutorial about bank reconciliation in tally in my website . So be patience.



10th Query



Question
dear sir, i am the regular e-mail reader of your Online accounting education journal and i learned extra which i don't know. thanks for it. but i have still facing the problem about account and tax rule of retail mobile shop in which the transaction are as under : *** purchase the recharge coupon & mobile easy recharge balance with commission *** sale the recharge coupon & mobile easy recharge balance with mrp. so ,in this case , what the rules and regulation are affected in the account of this type of business. also says about the tax rules .and vat is applicable or not ? i hope i would find my answer early if possible.



Answer




First of All , I am thankful to you for reading my journal , Now , I am trying to solve your problem:- Dear , If you are operating the retail shop of Mobile phones , the like mobile phones , purchasing of recharge coupons are also your purchasing of goods because you are dealing in this product. It must show at cost price in your books , means purchase of recharge coupons = Maximum retail price of recharge coupon - commission you get or discount value at the time of purchasing. Now at this value , you have to pass voucher entry in the books Purchase ( Recharge - Coupons) Account Dr. xxxxxxxxx to cash / bank Account / creditor in case purchase on credit xxxxxx if you are passing the voucher entry in tally then you have to make the unit measurement and stock item and creation of purchase ledger and also make cash and credit purchase in voucher type menu When you will sold , you will pass the following journal entry Cash / Bank / Debtors in case credit sale Account Dr. xxxxxxxx To Sale ( recharge coupons at mrp ) Account xxxxxx About treatment is Without any VAT . Soon I will publish about accounting treatment of VAT with different rates .Basically some goods it is 1% ,4% and 12.5% and some goods are exempted from VAT but full detail , I will publish after studying deeply VAT laws . So be patience.