After Globalization , India becomes market place for world . Top class companies are starting their business in India . So , I am giving explanation to fresh professional accountants how they can record branch accounts in India .
There are two way , you can choose any one of following for keeping record according to the need of your company.
First Way
Open independent branch
It is dependent on your company's business size , if it is so large , then create your branch in company creation by giving the name of company as branch of main company and after this create ledger without writing balance so it will deem zero balance in accounts . After this pass the regular voucher entries .
Second Way
All branches record in Head Office's Tally.ERP 9
If want to record all the transaction of branches in head office . Then you can create cost centers and cost categories .
To create a Cost Category, set Maintain Cost Centres to Yes in F11: Accounting Features and then set More than ONE Payroll/Cost Category to Yes.
Gateway of Tally> Accounts Info.> Cost Centres> Create (under Multiple Cost Centres)
You can also create sub - branches by keeping one branch under parent branch in multiple cost centres . Suppose , If you want to create cost center of Taxation , finance and marketing sub branches , under Delhi branch , then in the creation mode of multiple cost center , choose category Delhi and , then create cost center taxation , finance and marketing , if you have not create cost center already , then create same box by Alt + C .
After this when you pass any voucher entry , you have to record the detail your branches also , suppose you have paid lighting bill , then new pop up window in voucher entry of payment , you have to write the detail of branches' lighting expenses . After this you can find the detail report of everything above revenue and expenses from any particular branch .
There are two way , you can choose any one of following for keeping record according to the need of your company.
First Way
Open independent branch
It is dependent on your company's business size , if it is so large , then create your branch in company creation by giving the name of company as branch of main company and after this create ledger without writing balance so it will deem zero balance in accounts . After this pass the regular voucher entries .
Second Way
All branches record in Head Office's Tally.ERP 9
If want to record all the transaction of branches in head office . Then you can create cost centers and cost categories .
To create a Cost Category, set Maintain Cost Centres to Yes in F11: Accounting Features and then set More than ONE Payroll/Cost Category to Yes. Gateway of Tally> Accounts Info.> Cost Centres> Create (under Multiple Cost Centres)
You can also create sub - branches by keeping one branch under parent branch in multiple cost centres . Suppose , If you want to create cost center of Taxation , finance and marketing sub branches , under Delhi branch , then in the creation mode of multiple cost center , choose category Delhi and , then create cost center taxation , finance and marketing , if you have not create cost center already , then create same box by Alt + C .
After this when you pass any voucher entry , you have to record the detail your branches also , suppose you have paid lighting bill , then new pop up window in voucher entry of payment , you have to write the detail of branches' lighting expenses . After this you can find the detail report of everything above revenue and expenses from any particular branch .
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