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Tally.ERP 9
Auditors Edition
Statutory Audit
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Agenda
Statutory Audit using Tally.ERP 9 AE
Benefits
Definition & Audit Objective
Audit & Analysis-Features
Audit Journals
Financial Statements
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Benefits
The Tally.ERP 9 AE offers many benefits to Auditorsperforming a Statutory Audit.
Enables faster and easier data analysis - saves timeand cost
Generates Exceptions for Accounts, Stocks, Balances,etc.
Perform General Ledger review / scrutiny and assignSampling Methods for verification of vouchers
Perform Analytical procedures, Fixed Asset Analysis Finalise book of account through Audit Journals
Aids in preparing Schedule VI Balance Sheet and Profit& Loss A/c
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Definitions & Audit Objectives
Statutory Audit refers to examination/verification activitiesperformed by a Chartered Accountant to ascertain:
a) Whether books of accounts prepared, conform to theaccepted accounting principles, policies and
law/statutesb) Reflect a true and fair view of the businesss state of
affairs to interested parties
The Chartered Accountant certifies whether the accounting
information recorded in the books:a) Conform
or
b) Does not to above requirements
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Audit & Compliance Menu
Open Tally.ERP 9
Auditors Edition.
Select the requiredCompany to display
Gateway of Tally.
Select Audit &
Compliance under
Audit to access theaudit features.
Tally Main -> Gateway of Tally
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Access to Audit & Compliance Menu
When the Client activates the Security ControlScenario 1
Click Alt+F3:CmpInfo in Gateway ofTallyto display the
Company Alterationscreen.
Under SecurityControl:
Select Yesfor UseSecurity Control Enter details for
Name ofAdministrator&Passwordfields
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Access to Audit & Compliance Menu
When the Auditor provides the access details Scenario2
Click Audit &Compliance inGateway of Tally
screen todisplay CompanyAlteration-EnableSecurityscreen.
Enable access to auditfeatures by entering: Name of
Administrator Password
Accept and savethe login details foraccess.
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Audit & Compliance
Access theStatutory AuditMenufeatures byexecuting the
steps:
Tally Main>GatewayofTally> Audit&
Compliance
Features coveredare: Audit
Programme
Audit &Analysis
Audit Journals Financial
Statements
Main features of the Statutory Audit Menu.
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Audit Programme
Click AuditProgrammeunderStatutory Auditmenu
Select YestoSet/Alter Client &Auditor DetailsinAudit Programmescreen
Select defaultarea(s) to beaudited underAreas of Audit.
You can alsodefine your ownarea of audit(User DefinedArea of Audit).You can alsoremove the areaof audit defined(Remove UserDefined Area of
Audit).
Prepare the programme for conducting the audit. Selected areaappears underAreas of Audit.Period: Entertime details afteraudit completion.Verified By:Enter Auditorsname.Extent of
Verification:Enter scope ofverification.VerificationRemarks: Enter
any remarks.
The details ofNameand Addressare automaticallypicked up from theCompany Creationscreen under ClientDetails.
Enter other detailsunder Client
DetailsandAuditor Details.
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Audit Programme
You can alsodefine audit areasas required andsave them under
List ofAuditAreas window.
Select UserDefined Area of
Auditunder Listof AuditAreasto define.
Define audit programme as per your requirements.Define therequired areas ofaudit under theAddingUser
DefinedArea ofAuditwindow.
The user definedarea of audit isnow saved underAreas of Audit
and is availablefor selection inthe current andfuture audits.
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Data Analysis
Perform a set of verification/analysis steps to ascertain certainattributes about Client data by comparing two years data
Change period toview previousyears data for
comparison withcurrent year.
ClickF2: Period-to change period.
Note: Use thismenu when thedata of both yearsare available in asingle folder.
Enter the currentyear againstBeginningto
display itsdashboard.
For example,enter 2009todisplaydashboard forcurrent year2009-10.
The Audit &Analysisscreenafter the change
of period.
The Dashboards topsection, DataAnalysis- provides
information on dataexceptions, errors ordiscrepancies,mined out of theunaudited data.
The Auditingdealswith verification ofvoucher details andtransactions likeMSME, Forex,etc.
The dynamicinformation underAuditing are:
Total: totalvouchers to beaudited.Audited: thenumber to beaudited.UnderObservation:vouchers underauditorsobservation.
Under Clarification:vouchers to beclarified by client.
Clarified: clarifiedvouchers to be re-audited.Altered: vouchersmodified afterupdating audit status
to be re-audited.
Other importantmenus includecontrol/support
centers, etc.
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Data Analysis
Compare currentyears Clients datawith the previousyear.
ClickCtrl+F3:Compare Cmp-to select data of theprevious year for
comparison withcurrent year.
Note: Use this menif data of both yearsreside in separatefolders.
Study trends in data between current and previous year andconfigure ledger accounts.
Mention the pathwhere theprevious yearsdata is located
Select the data ofthe previous yearin CompareCompanyscreen.
The Audit &AnalysisDashboard aftercomparison.
ClickCtrl+F9:MasterConfigto displayStatutory Audit
Configurationscreen
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Data Analysis
Access all featuresunder StatutoryAuditmenu
directly from anyof its features.
Click Alt+F10:Audit Reports.
Access Stat Audit all features directly from any where in thedashboard.
Select therequired stat auditfeature directly
under AuditReportsin AuditReportsscreen toperform thedesired auditprocess.
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Verification of Chart of Accounts
The Chart of Accounts is the starting point of a statutory audit.Select All Itemsagainst ShowLedgers havingStatusin
Configurationscreen.
Accept entries forother fields.
The report providesinformation on theexceptions in theledgers of data.
ClickF12:Configureandselect All Itemstodisplay all types of
exceptions.
The Chart ofAccounts after theconfigurationprovides information
on all exceptions inthe ledgers.
Note that a newexception, No
Changeis displayedalong with others.
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Verification of Chart of Accounts
Features in Verification of Chart of Accounts.Out of the theseexceptionsgenerated, considerthe following
examples:
Only Balances,No Transactions
Regrouped
Only Balances,No Transactions:
Auditor can advise
the client to writeoff: considering the
age of thebalance
other factors
Regrouped:Auditor can verifythe reason(s) forregrouping the
ledger account.
For Example, theselected ledgeraccount was
grouped underSundry Debtors inYr 08-09but in Yr09-10, groupedunder Sundry
Creditors.
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Verification of Stock Items
Displays stock related exceptions in the data to be audited.Display ofexceptionsrelating to stockswhen data of two
years arecompared.
For example,consider theexception.Negative
Stock.
The Auditor canverify/find thereason(s) for thenegative stock.
Difference inOpening Stock
The Auditor can
verify/find thereason(s) for thedifference in thecurrent yearsopening balancewhen comparedwith the closingbalance of theprevious year.
Not Used.
The Auditor canverify/find the
reason(s) for thenil activity in thestock items.
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Verification of Stock Items
Configure display of details in Verification of Stock Items.ClickF12:ConfigureConfigure displaydetails for stock
items, Exceptions,Groups, AuditNotes and Names.
The display afterconfiguration. Notethe display of newexception-No
Change.
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Verification of Balances
Verify differences in op balances in ledger accounts.
Investigate ledgeraccounts whoseclosing balances inthe previous year
do not tally withthe openingbalances in thecurrent year.
Consider theExceptions of theFixed AssetsGroup.
Analyse and findreasons for thedifferences in theclosing and
opening balancesof ledgeraccounts forappropriateaction.
Note: If data ofboth years are inthe same folder, thedifferences in op
balances are notrelevant.
The differences arerelevant only when
the data of bothyears are found inseparate foldersand are compared.
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Verification of Balances
Examine change in default/normal behaviour of ledger accountsConsider an accountGroup-DirectExpenses, whoseamount is displayedin red colour underTransactions(rightside of the report).Verify the change inthe normal behaviourof the ledger account.
Place the cursoron the right sideand drill down tothe ledger leveldisplay.
Select the ledgeraccount(s) withcredit closingbalances.
Select thetransaction for audit(press Spacebar).
Click F9:Audittoaudit it.
Select the value forAudit Status andenter observationunder Audit Note.
Values available forAudit Status: Unknown Audited Need Clarification Under Observation
Explanation for AuditStatus values:
Unknown: Thisvalue is used whenthe Auditor wants tochange the earlieraudit decision taken.
Audited: This value
is chosen when auditof the transaction iscompleted and theAuditor has arrivedat a decision.
Need Clarification:This value is chosenwhen the Auditorrequiresadditional/moreinformation from theClient beforecompleting the audit.
Under
Observation: Thisvalue is chosen whenthe Auditor is still inthe process ofauditing and has not
completed it.
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Verification of Balances
Perform General Ledger review / scrutiny by configuring display.Left side detailshighlighted in reddepict opening /closing difference
and right sidedetails highlightedin red depictbehaviouralchanges
ClickAlt+X:Exceptions
Analysedifference/variancein closing balancesin amount and
percentage.
Click Alt+V:BalanceVariance-
Amount.
F12:Configure-Configure howdetails have to
be displayed inthe feature.
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Analytical Procedures
Study behaviour between two different entities, e.g., A Group to GroupLedger to Group, Ledger to Ledger, etc.
Select the requiredinformation togenerate the
comparison report(see image).
Compare the SalesGroup with theIndirect Expenses
Group.
Discuss with theClient on adversevariances and planthe required auditsteps.For example, adecrease in Salesvalue with increasein expenses is not a
good sign.
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Pending Documents
Generate pending status of orders, bills and outstanding.Find the numberand value oftrading transactiondetails:
Pending salesand purchaseorders
Goods received
without bills Goods delivered
but not billed Outstandings-
Receivables &Payables
For example,generate thePending PurchaseOrder Summary
to ascertain: Number of
pending POs
Opening value
Value of receipts
Closing value
Plan the audit stepsaccordingly.
Perform the audit othe pending order(e.g. PO).
Select any ordertransaction bypressing theSpacebar.
Click F9: Audittoperform the audit otransaction.
Select the valueunder Audit Statuand enter thedetails under Audit
Note.
Values available forAudit Statusare: Unknown
Audited Need Clarification Under
Observation
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Pending Documents
Ascertain the age of the pending orders/bills.Select anytransaction type(e.g. Receivables)under
Outstandings.
Click Receivables.
Click F6: Age wisein ReceivablesSummary(Outstandings)
screento age thereceivables.
Select any ageingmethod (Ageing byBill Date/Ageingby Due Date) in
Ageing Analysisscreen.
Define the ageingranges/periods inCompanyAgeingAlterationscreen.
The receivablesamounts and theiraged details aredefined in the
Outstandingsscreen.
Click Alt+X:Exceptions to list allSundry Creditors withdebit balances
Click Alt+F12Range to filter foronly debtors in orderto generate relevant
ageing report
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Statutory Payments
Ascertain statusinformation onstatutory/tax
remittances-
What amount ispayable?
How much ispaid?
What is thebalance payable?
To use this feature,it is necessary thatinitially the various
statutory & taxationfeatures areactivated in F3:StatutoryunderF11:Featuresand
relevant entrieshave been passedin Tally.ERP 9.
Gather key information on Statutory Paymentsfor audit.
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Fixed Assets Analysis
Verify information onfixed assets opening balance
additions disposals closing balance number of days for
depreciationcalculation
Aids in preparingdepreciation schedulewith provision toexport this to Excel
Analyse important information relating to fixed assets duringthe year
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Periodic Payments and Receipts
Verify information onpayments/receiptswhich are periodic innature.
E.g. Rents, Salaries,Interest income,telephone bills, etc.
Verify variance interms of amountsand vouchersrelating to
payments/receipts foraudit.
Examine payments that are made periodically anddetect variances.
ClickCtrl+F9:MasterConfigtoconfigure ledgers
as PeriodicLedgers.
Select PeriodicPayments andReceiptsunderMaster
Configurationinthe StatutoryAuditConfigurationscreen.
Select requiredledgers and clickCtrl+ A: Changeto configure them
as Periodic Ledgers.
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Repeated Value Transactions
Verify the repeatedvalues accounted inthe report asconfigured.
Probable duplicate entry of transactionsConfigure the displayof transactions basedon amount range: equal to
greater than lesser than
Sort the transactionsas required.
Click F12:Configure-to configure thereport display.E.g.-Amounts aboveRs.5000 in
ascending order.
Investigate for agiven ledger ofsame transactionvalue how manyinstances arerepeated
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Relative Size Factor (RSF)
Relative Size Factor (RSF) is a forensic tool used by auditors todetect any anomalies in transactions of a ledger account.
Click Relative SizeFactor (RSF) inAudit & Analysis
screen.
A report of the ledgerswith the respectiveRelative Size Factor
(RSF) is displayed inthe Relative SizeFactor (RSF) screen.
Click F4: Grouptoexamine ledgeraccounts to review the
amounts debited.
Select any ledgeraccount (e.g.Electricity Charges)
and examine thetransactions withrespect to RSF.
The RSF factor is theration of the highestand the 2ndhighest
ledger amounts.
The RSF ratio isverified taking intoconsideration the
nature of ledgeraccount and thebusiness activity.
Click F9: Audittoperform the audit ofthe transaction.
Select the requiredvalues for AuditStatusand Audit
Note.
The values availablefor Audit Statusare: Unknown
Audited Need Clarification Under Observation
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Auditing/VouchingPerform steps ofVoucher verification,Sampling, Forex,Payroll and MSMEaudits using the Audit
& Analysisfeature.
View the number oftransactions/vouchersaudited under:
Total Audited Under Observation Need Clarification Clarified Altered
Auditing status:TotalThe totalnumber of vouchersunder audit for theyear.
Audited The numbeof vouchers audited.Under Observation The number ofvouchers under
observation.
Need ClarificationThe number ofvouchers sent to theClient for Clarification.Clarified(To be re-
audited) Thenumber of vouchersclarified by the Clientto the Auditor and hasto be re-audited.
Altered(To be re-audited)The numbeof vouchers which havbeen altered by theClient after audit andhas to be re-audited.
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Verification of Vouchers
Select vouchers byany samplingmethod in theSampling Detailsscreen.
For example, selectAll Vouchersunder SamplingMethodsandreturn to the
previous screen.
Note: Samplingcan be 100%/based on
Group(s)/Ledger(s)
Select any Group(e.g. Fixed Assets)for sampling bypressing Spacebar.Click Alt + S:
SamplingConfigtoselect a sample.
Verify vouchersselected usingdifferent methodsfor audit.
Select therequired Group forverification ofvouchers in theVerification ofVouchersscreen.
Click Ctrl+ A:Accept.
The details ofsampled vouchers
are displayedunder SampledVouchersin theVerification ofVouchersscreen.
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Verification of Vouchers
View sampled transactions and voucher types audited.
View details ofsampled vouchers
Click F7:Show
Sampled.
View the details ofvoucher types andthe auditedvouchers.
Click Ctrl + V:VchType Audit.
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Related Party Transactions
These aretransactionsbetween theclient and other
parties whereeither has someinterest/stake.
Click Ctrl+ F9:Master Config.
Configure therelated partyledgers byconsulting
the client.
Select requiredledger Account(s).
Click F9: Update
to configure theledgers as relatedparties.
Select any ledgerDrill down tovoucher level andselect for audit
the transaction.
Select the required related party ledger for audit.Perform the auditof the transaction.
Select the value
under AuditStatusand enterappropriateremarks underAudit Note.
You canalternativelyconfigure theledger accounts
as related partythrough ledgercreation underMasters menu.
Configure thedisplay detailsunder OtherInformation in
LedgerAlterationscreen.
Click F12:Configure.Select Yesagainst UseOtherInformationfor Ledger
Accounts.
Select Related Party Transactions.According toAccountingStandards, AS-18, a party is
considered asrelated, if it hasthe ability tocontrol the otherparty or exercise
significantinfluence over theother in makingfinancial and/oroperatingdecisions.
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Forex Transactions
Verify the exchange rates used for foreign currenciestransactions.Select anyVoucher Type(e.g. Payment)by moving cursorto the right underForex Vouchersand drill down tothe voucher level.
Note: To use FEtransactionsfeature, activatethe multi currencyoption in
F11:Features.
Perform audit of anytransaction/voucherClick F9: Audit.
Select Forex Transactions.
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Micro, Small & Medium Enterprise (MSME) Txns
Buyers of goodsand services fromMSME have to payinterest at 3 times
the bank rate forlate payments.
Configure selectionof MSME ledgersby discussing withthe client.
Click Ctrl+F9:Master Config toselect the ledgersfor audit.
Verify the timely payments to micro, small and medium enterprises(MSME) for goods and services.Select Micro, Small & Medium Enterprise (MSME) Transactions.
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Micro, Small & Medium Enterprise (MSME) Txns
Display age wise amounts due to MSME parties.Generate ageinganalysis foroutstanding billsof MSME.
ClickF6: Agewise.
Generate ageingreport by bill ordue dates.
Define the ageingperiods to displaythe report.
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Salary / Wages PaymentsAudit the employee headcount and their salaries details forthe year.
Headcountdetails: Opening
number
New joiners Resigned/Retir
ed Closing
number
Salary details: Gross
earnings Deductions Net earning
Place the cursoron the right sideof the reportunder
Earnings,Deductions,Net Salary.
Drill down to
display themonthlyemployeeearnings.
Select a salarytransaction foraudit.
Press spacebarand click F9:Audit.
The MonthlySummary ofSalaries/Wagesis displayed.
Select Salary / Wages Payments.To use thisfeature, youhave to activatethe Payroll
option indefaultTally.ERP 9 andaccount thepayroll
transactions.
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Salary / Wages Payments
Generate report on movements in Headcount based on Officeand Dept.
Place the cursoron the right sideunder HeadCount.
Drill down todisplay theheadcount detailsfor Offices &
Depts.
Filter data todisplay headcountdetails for aselected Officeand Dept.Click Ctrl+ F7:EmployeeFilters.
Configure the display of details in Salary/Wages Payments.
Configure displayof details.ClickF12:Configure.
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Audit Journals
Use Audit Journals to close Books of Accounts forpreparing final accounts as per Sch VI ofCompanies Act.
Pass Entries for: Appropriation-record entries such as Dividend,
Dividend Tax, Reserve & Surplus Depreciation- record Depreciation entries
Set up provisions for: Interest-pass provisional entries for interest Tax-pass provisional entries for tax
Finalisation- entries passed in P&L before interest,depreciation and Tax
Others- entries passed by client affecting P&L A/c
AppropriationsExample:Appropriationof net profit
for Dividenddistribution.
OthersVerify the entries passed by Client which affectthe P&L A/c.
Click AuditJournals underStatutoryAudit in Audit& Compliance
to display theAudit JournalSummaryscreen.
These entriescan beexported forimport intoclient data
Click F7: AuditJrnl to displaythe AccountingVoucher
Creationscreen.
Select requiredappropriationvalue underList of
Appropriationsto pass thefinal entry.
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Financial Statements
Perform audit of the two main financial statements:1. Balance Sheet2. Profit & Loss A/c
Advantages the Auditor Edition offers:
Generate final accounts statements by click of button
Define schedule numbers (numeric, alpha-numeric,roman)
Regroup group/ledgers as per your requirements(regrouping does not affect the groupings in defaultTally.ERP 9)
Aids in preparing Schedule VI Balance Sheet andProfit & Loss A/c by exporting to Excel
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Schedule VI -Balance Sheet
Define numbers forthe accountingschedules as peryour requirements.
Click F9: Sch.No.tonumber/renumberSchedules.
Define Sch No for account heads.
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Schedule VI -Balance Sheet
Move Tally ledgers/Groups from one Schedule VI Group to anotherRestore default settings.Drill down and movea ledger fromSecured LoanstoUnsecured Loans.
Note: You can onlymove a defaultgroup/ledgercreated in Tally from
one Schedule VIGroupto another.
Click Ctrl+Enter:Config: Select aledger underSecured Loansto
move toUnsecured Loans.
Click F10:Restore Deftorestore originalsettings.
Select UnsecuredLoansunder List ofGroups and accept.
The ScheduleSummaryforSecured LoansGroup after the
movement.
Click ScheduleSummaryofUnsecuredLoansto view the
movement of theledger accountfrom SecuredLoans.
Click YestoRestoreDefault?
Click any key torestore defaultsettings.
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Schedule-VI Profit & Loss A/c
Click F9:Sch.No.Define/Renumberschedules as peryour
requirements.
Define Sch No for account heads.
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Statutory Audit in Tally.ERP 9
Thank you