Financial Accounting
Customized for business and trading houses

Accounts module is the central module of the program which receives data from all other modules to give you the final reports about your business at the touch of a button. The whole process of keeping the accounts is highly simplified for the user. All updations in accounts are made automatically. The sales, purchase, returns and other transactions are entered in the account once invoices / memos are made. The changes in vouchers, bills, memos can be made any time and the changes are made in account books automatically. All the entries in ledger can be reposted in the ledger after deleting the ledger, if the need ever arises.

Customer and supplier account heads are set up automatically when the first transaction is made. Other account heads can be created separately under one of the following categories : Asset, Liability, Income, Expenditure. Account heads can be grouped together using control accounts.

The voucher entry system is very efficient where all types of voucher can be entered from one single entry form. Narrations are included automatically if payment against purchase or receipt against sales is made along with the Amt, Nos. of invoices. Also any numbers of narrations can be set up separately.

The module produces Cash Book, Bank Book, Journal, Ledger, Trial Balance, Trading and Profit & Loss account and Balance Sheet. The closing of financial year automatically carry forward all the balances along with the profit and loss. The accheads, customer, products and supplier information is also carried forward to new year automatically. All data of previous year remains intact. You can review the sales, purchase or any other information of previous year even after closing the year.

List of software's : Full ERP Software / Production and Job Work / Accounting Software / Inventory Software / Accounts with Inventory + Barcode Software / Hr & Payroll Software / CRM Software / Export & Import Software ..can be customized according to the client requirement and budget..

Masters

Financial Accounting- Transaction

Reports

Customer Type
Main Account Group
Account Group
Account Head
Sub Account Head
Sub Sub Account
Warehouse
Agreement Record
Director Record
Utility Bills
Voucher Locking
Share Details
Pending Ledger Creation
Copy To buyer
Board Meeting
Minutes Of Meeting
Reminder
Upload

Cash/Bank
Journal Voucher
Inter-Branch JV
Petty Cash
Contra
CR/DR For Sales
CR/DR For Purchase
Revering Journal
Memo
Bank Reconciliation
Audit
TDS For Service Provider
Carry Forward Accounting
TDS Challan Accounts

Profit & loss A/C
Balance Sheet Report
Report Trial Balance
Day Book Report
Outstanding Report
Audit Report
Cash Flow Report
Cash Bank Report
Journal Voucher Report
Sale Report
Purchase Report
DR/CR Report
Ledger Report
Sub Ledger Report
Vat Report
Bank Reconciliation Report
Minutes Of Meeting Report
TDS Challan Report
Balance-sheet (group)
Voucher Head Wise Report
Employee Wise Report
Day Book (Cash/Bank)

Reminder for Utility Or Agreement Expiring Alters on the welcome page


Create Account Head
At the highest level of grouping, accounts are classified into assets, liabilities, income and expenditure. Based on mercantile accounting principles, we have provides a set of reserved groups and allows you to modify their names or create sub-groups.

The Group Creation screen displays:-
Name of Group
Enter the name of the Group to be created. For example, Administrative Expenses.
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Sub-Groups
A Sub-Group behaves exactly like a group and is created under a group.
Groups have a hierarchical structure. The main group of accounts that determine the entire accounting and their presentation are the asset, liability, income or the expenditure. These main groups ascertain whether a ledger affects Profit & Loss Account as a revenue item or if it affects the Balance Sheet.

This helps in the purpose of keeping the accounts of a particular group together during displays and analysis.   Use the classification depending on the most natural group for the party.

During voucher entry, only the ledger accounts are used and the group structure remains transparent, irrespective of the use of sub-classification.
The same principle can be applied to Sundry Debtors, Sales Accounts, Purchase Accounts and so on.
You can classify Debtors and Creditors according to geographical areas as shown below.
You can classify creditors according to their tax status as shown below.
You can create unlimited levels of sub-groups (like branches) or ledgers only if they are two or more in number. You can simply create ledgers directly under Marketing Expenses as shown below.

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Main Ledger Creations

A Ledger is the actual account head to which you identify a transaction. All Ledgers have to be classified into Groups. Hence a thorough understanding of account classification is important for working with Ledgers. The creation and usage of Groups, has been explained above. Now you will learn how it works with Ledgers.

Creating a Ledger Account with minimal information:


Name
Enter the Name of the account. You can provide the full name of the account. 

Account Group
All accounts must be classified under their appropriate Groups. Select the Group under which the Ledger is created from the List of Groups

 Is This Buyer or Vendor
Tick if the ledger is created for Buyer or Vendor

Is  Bank
Tick if the ledger is created for any Bank

Rest is optional
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Sub Ledger Creations

Mailing Details is applicable only for party accounts like Sundry DebtorsCreditors and Branch Divisions. This is also available for loan accounts. Enter the party's particulars here. These are used in mailing outputs like statement of accounts.

Tax Information
The Tax Information consists of the default fields PAN/IT No. and the TIN/SALES Tax No. 
 
Default Credit Period
Credit Periods are in days only and are calculated from the Invoice date.

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Warehouse

Cost Center / Warehouse is any unit of an organization to which transactions (generally, revenue) can be allocated. When only costs or expenses are allocated to these units, they are referred to as Cost Centers. When profits are also allocated to these units, they become Profit Centers. You can now obtain a Profit and Loss account of each such Profit Center.

Cost Center in Tally allows an additional dimension to a transaction where a Ledger account indicates the nature of the transaction. It does not readily disclose, except in the narration field, which part of the organization was involved in the transaction.
By providing Cost Centers, a transaction can be allocated to it, which would then enable extraction of all transactions for a Cost Center. Tally gives you the Cost Center break-up of each transaction as well as details of transactions for each Cost Center.

Some examples of Cost Center are

Departments of an organization – Warehouse, Finance, Manufacturing, Marketing, and so on.

Products of a company.

Individuals such as Salesman A, Salesman B.

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Cash/Bank Entry
By Default, the Payment Entry screen appears in Single Entry Mode 


Advantages of Double Entry Mode

o

You can select any number of ledgers to be debited and credited in the payment voucher.

o

You can view on the screen whether a ledger is debited or credited thus allowing you to cross-verify.

Receipt
Bank Receipt Voucher Print
Journal Voucher



Contra Entry : According to accounting rules, Contra Entry is a transaction indicating transfer of funds from:

Petty Cash

Sales Return
 

The Sales Returns Book window is displayed when selected under the Sales Reports option of the Financial Accounting Menu.

Select the Sales Account from the Account combo. Select the Report Dates and the Report Layout from the Layout combo. Click OK to view the Report.

This report is similar to the Sales Register with the only difference being that instead of Sales Invoices, it gives the user details of Sales Returns entered during the period for which he is taking the report. The information included is the Return Date, the Customer Name, the Product, Quantity, Rate and Gross. The Report is customizable, if any other information is required.
Click Close in the Report to close the Sales Returns Book Report window and return to   the Main Menu.

Purchase Returns


 
The Purchases Returns Book window is displayed when selected under the Purchases Reports option of the Financial Accounting Menu.

Select the Purchases Account from the Account combo. Select the Report Dates and the Report Layout from the Layout combo. Click OK to view the Report.
This report is similar to the Purchases Register with the only difference being that instead of Purchase Vouchers, it gives the user details of Purchases Returns entered during the period for which the user are taking the report.

Reconciliation of Bank accounts
Reconciling the company's bank accounts with the banker's statement is a regular task of accounting.

The display goes to the Reconciliation mode, which can be edited. The primary component of the current screen is the column for Bankers Date.


The Reconciliation found at the bottom of the screen shows:

·

Balance as per Company Books

·

Amounts not reflected in Bank

·

Balance as per Bank

The Balance as per Company Books reflects the balance as on the last date

Report for  Bank Reco.

Trial Balance

Ledger & Sub Ledger

Report Trial Balance
Day Book Report
Outstanding Report
Audit Report
Cash Bank Report
Journal Voucher Report
Sale Report
Purchase Report
DR/CR Report
Ledger & Sub Ledger Report
Vat Report
Bank Reconciliation Report
Minutes Of Meeting Report
TDS Challan Report
Balance-sheet (group)
Voucher Head Wise Report
Employee Wise Report
Day Book (Cash/Bank)
Profit & loss A/C
Balance Sheet Report

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