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INTRODUCTION OF FINANCIAL ACCOUNTING SYSTEM

CONCEPTS OF ACCOUNTING:

Real Account – Example: Cash Book.Personal Account – Example: Name of Person, Bank, and Companies.Nominal Account – Example: All Expenses and Income.

Real Account: It deals with the accounts relating of the properties and assets, which possessed by the business concern. For example, Cash Book, Machinery Account, Building Account, Purchase Account, Sales Account, etc.

Personal Account: It deals with the accounts relating to persons and takes the following forms.

Nature Person: The name of an individual customers or suppliers.Artificial Person or Legal Body: Banks Firms, Joint Stock Company,

Co-operative Society, Associations, Clubs, etcRepresentative Personal Account: Outstanding liabilities, for rent, Salary etc. The

proprietor being an individual his capital account and his enrolling account are also known as personal account

Nominal Account: It relates to the items, which exists in name only for expenses, income, etc.

RULES OF ACCOUNTING: The Double Entry System of book keeping is a Scientific and complete system. Hence the transactions should be recorded according to the following rules.

Real Account: Debit what comes in Credit what goes out

Personal Account: Debit the receiver

Credit the giver

Nominal Account: Debit all expenses & losses Credit all income & gain.

What is accounting?

Accounting is the language of business.

Accounting means: Recording, classifying, summarizing, interpreting to facilitate decision-making.

Financial Accounting Cycle:TransactionsTrading, Profit and Loss and Balance SheetJournalLedgerTrial Balance

OBJECTIVE OF MAINTAING ACCOUNTS:

Owner Others1.To ascertain the Profit & Loss Sales Tax\Central Taxes & Customs Dept.

2. To ascertain the liabilities to dept outsiders

Income Tax Dept Labour Banks\Financial Creditors

BOOKS OF ACCOUNTING:

Cash BookBank BookPurchase RegisterSales RegisterPurchase Return RegisterSales Return RegisterJournalLedger

MERITS OF COMPUTERIESED ACCOUNTING IN:

Repetition of entries avoidedMinimum department of Human ResourcesSaves timeError freeGeneration of various repents immediatelySpecially qualified person is not essentialFlexibility in changing recordAllows multi-copy recordE-mail facility

Print PreviewAgeing AnalysisRation AnalysisHelp option

INTRODUCTION OF TALLY

TALLY DEVELOPING LANGUAGE (TDL)

There are 28 groups

3 Types of golden rules

RealNominalPersonal

Purchase Parties Name (or) Paid Sundry Creditors (Suppliers)E.g. Credit purchases from Krishnan Traders Rs.2000 Invoice.123

Sales Parties Name (or) Received Sundry Debtors (Customers)E.g. Credit sales from Ravi & Co Rs.2000 Invoice.124

PURCHASES ACCOUNT:

Credit PurchasesCash PurchasesPurchases ReturnsPurchases Account

SALES ACCOUNT:

Credit SalesCash SalesSales ReturnsSales Account

INDIRECT EXPENSES:

All Office Expenses like salaries, stationeries, traveling expenses, rent, telephone charges, etc.

DIRECT EXPENSES:

Factory Light & Fuel, Oil, Gas, Wages Etc.

FIXED ASSETS:

FurnitureBuildingsComputer Etc.

Capital – Capital AccountBank – Bank AccountPetty Cash – Cash-in-HandTNGST – Duties and Taxes

TNGST – Tamil Nadu Government Sales Tax

SHORTCUT KEYS:

Keys Explanation

Enter To accept any thing you type into a fieldEscape To came out the screenCtrl+A To accept or save any information Ctrl+Q To quit all screen in tallyAlt+D To delete the masterAlt+I To insert a voucherAlt+P To print the voucherAlt+2 To duplicate the voucherAlt+A To add the voucher

Shift+Enter To explore online information detailsCtrl+Enter To alter a master

Alt+N To get a new column in a reportAlt+B Budget

Alt+F1 To select the company Alt+F2 To change the period Alt+F3 To modify the company Alt+F4 Purchase Order Alt+F5 Sales Order Alt+F6 Rejection Out Alt+F7 Stock Journal Alt+F8 Delivery Note Alt+F9 Receipt Note Alt+F10 Physical Stock

Alt+Z To Zoom the Details

Alt+E To Export the DetailsCtrl+F6 Rejection InCtrl+F8 Debit NoteCtrl+F9 Credit NoteCtrl+F10 MemorandumCtrl+N To Activate the CalculatorCtrl+M To Deactivate the CalculatorCtrl+R To Copy the Narration

F1 To Select the CompanyF2 To Change the DateF3 To Modify the CompanyF4 ContraF5 PaymentF6 ReceiptF7 Purchase Returns, Sales Returns, Depreciation on CreditF8 SalesF9 PurchasesF10 Reversing JournalF11 FeaturesF12 Configuration

Ctrl+V To Change the method (A/Cs Only Or A/Cs with inv.)Alt+X To Cancel the Voucher

Tally of 2 Types of User

Single User - We Can’t Change the DateMulti User - We Can Change the Date

Tally of 2 Types of Accounts

Accounts Only - Only cash Mentioned, they could not mentioned items, units of measures. For example: Credit Purchases from Krishna Traders Rs.2000

Accounts With Inventory - They mentioned units of measures, items etc. For Example: Credit Purchases from Ravi & Co Inv.124

Ceiling Fan 100 Nos Rs.800Table Fan 100 Nos Rs.1000

Accounts with inventory:

Stock Groups - Under which groupStock Categories - Under which CategoryUnits of Measures - Nos, Lit, Pcs, etc,.Stock Items

FULL FORM

SST State Sales Tax

TNGST Tamil Nadu General Sales Tax

ODBC Open Data Base Connectivity

FTP File transfer Protocol

BRS Bank Reconciliation Statement

CST Central Sales Tax

VAT Value Added Tax

MODVAT Modular Value Added Tax

To Create the Ledgers Entries

1. To Create the Company

2. To Create the Ledger Entries

Accounts Info

Ledger

Multiple --- Create

3. To View the Ledger Entries

Accounts Info

Ledger

Multiple ---- Display 4. To Add the Ledger Entries

Accounts Info

Ledger

Multiple --- Alter

5. To Delete the Ledger

Accounts Info

Ledger

Single --- Alter And Alt+D

How to Create the Accounting Voucher


2. To Create the Ledger

3. To Create the Accounting Voucher

4. To See the Answer

Balance Sheet – To See the Full Details – Alt+F1

Profit & Loss - To See the Full Details – Alt+F1

Display --- Trail Balance – To See the Full Details – Alt+F1

Day Book - To See the Full Details – Alt+F2

ACCOUNTING WITH INVENTORY


2. To Create the Ledger

3. F11 Features

Integrate Accounts And Inventory --- Yes

Allow Invoicing --- Yes

Enter Purchase In Invoice Format --- Yes

Maintaining Bill wise Details --- Yes

Maintain Stock Categories --- Yes

4. To Create the Inventory Info.

Stock Groups Stock Categories Units Of Measures Stock Items



Balance Sheet --- Alt + F1 Profit & Loss --- Alt + F1 Display --- Enter Trail Balance --- Alt + F1

Day Book --- Alt + F2

COST CATEGORIES AND COST CENTER



3. F11 Features

Maintain Bill wise the Company --- Yes

Maintain Cost Category --- Yes

More Than One Cost Center --- Yes

4. To Create the Cost Category

Accounting Info --- Enter

Cost Categories --- Enter

Multiple --- Create

5. To Create the Cost Center

Accounting Info --- Enter

Cost Categories --- Enter Multiple --- Create



Display --- Enter

Statement of Accounting --- Enter

Cost Center --- Enter

Category Summary --- Enter

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