aisiz0%8 TALLYPDF TALLY TUTORIALS Home WINDOW 7 TRICKS, HACKS calendar Lesson ot: Bases of Acunting Lesson o2: Fundamentals of Tally.ERP 9 Tesson 02 Intron ‘esson 02.2 Getting Fantional sth Tally ERP 9 Lesion 03: Creating Accounting, Masters in Tally.ERP 9 Yes. Seti Lesson 04: Creating Inventory Masters in Telly.ERP 9 14ss08 04.1 Stock Groups esson 04.2 Stock Categories Tesson 04.2 Godowns / Tocstions ‘esson 04-4 Units of Measure esson 04.5 Stack tems ‘esson 04.6 "Pratcal Excecee of ventory Masters for ‘ational Tradere Lesson 05: Voucher Entry in Tally ERP 9 Lesson 06: Advanced ‘Accounting in Tally. ERP 9 Lesson 07: Advanced Inventory in Tally ERP 9 wan) ‘Lesson 09: Central Sal «sn Lesson 10: Point of Sale (P05) Lesson 1: Job Costing Lesson 12: Multilingual Capabilities Lesson 13: Technological ‘Advantages of Tally ERP9 Lesson 14: Tally NET and Tex 15: Application Management and Controls Support Lesson 17 Service Tax Lesson 18: Tax Deducted at Souree [TDSI Lesson 19: Tax Collected at Souree [1S] LESSON 20: Excise for Dealers TALLY PDE, Forms and Does tally shorteut keys TALLY TIPS, TRICKS AND DOWNLOAD TALLY PDF HERE Lesson 01: Basis of Accunting «| Iypat Lesson 01: Basics of Accunting Lesson 1: Basics of Accunting Lesson Objectives (On completion of this lesson, you wil be able to understand 1 Principles ane concepts of Accounting 1 Double Enty System af Accounting 1 Financia Statements 1.4 Introduction [Accounting is a process of idenitying, recording, summarising and reporting economic informa ton to cision makers in the form of fnancial statements. Financial statements wil be useful to the followingpartes: + Suppliers + Customers + Employers + Banks + Suppliers of equipments, sulings and other assets + Lenders + Owners 144 Types of Accounts ‘There ae basically three typos of Accounts maintained for transactions. + Real Accounts + Personal Accounts = Nominal Accounts Real Accounts Real Accounts are Accounts relating to properties and assets, which are owned by he business ‘concern, Real accounts include tangible and intangible accounts, For example, + Land + Buling + Good + Purchases + Cash sonal Accounts Personal Accounts are Accounts which relate to persons, Personal Accounts Include the following + Suppliers + Customers + Lenders "Nominal Accounts are Accounts which relate to incomes and expenses and gains and losses of a business concer. Far example, + Salary Account + Dividend Account + Sales ‘Accounts can be broadly classiied under the following four groups. hitpsistes.google.comistetallyonlinetuterlesson-t-basics-of accunting 1aisiz0%8 Fone soc More Stuff ‘TALLY PDF, Forms and Does ome sitemap TALLY ERP 9 FULL. TUTORIAL ONLINE Lesson 01: Basis of Accunting «| Iypat 3 Assets + Liabilies + Income + Expenses ‘The above classification isthe bass for generating various financial statements viz, Balance Sheet, Prof & Loss Ac and other MIS repors. The Assets and labiies are taken to Balance sheet and the Income and Expensesaccounts are posted lo Profi and Loss Account. 1.1.2 Golden Rules of Accounting Real Recounts Parsonal Accounts | Nominal Accounts Debit | What Comes in The Receiver Expenses and Loss Greait_| What Goas out The Gi Theomes and Gains 1.1.3 Accounting Principles, Concepts and Conventions ‘The Accounting Principles, concepts and conventions form the basis for how business transac: tons are recorded. A number of principles, concepts and corventions are developed to ensure that accounting Informaton is presented accurately ané consistent. Some of these concep are briefly descrbed In the following sections. Revenue Realisation ‘According to Revenue Realisation concept, revenue is considered as the income earned on the date, won itis realsod. As per ths concept, unearned or unrealised reverue is not takon ilo account. This concept isvtal for determining income pertaining to an accounting period, It reduces the possibiltes of inating incomes an profs, Matehing Concept [As per this concept, Matching of the revenues eamed during an accounting period with the cost ‘associated withthe respective period fo ascertain the result of the business concom is cared out. This Concept serves ae the basis fr fncing accurata prof for apetiad which can be cistibuted to the ners, ‘Accrual Under Accrual method of accounting, the transactions are recorded when earned or Incurred rather when calocted or paid... vansactons aro recorded on the bass of income earned or expanse incurred irespectve ‘factual receptor payment. For example, asl bils the buyer atte time of sale an treats the bil amount as revenue, even inaugh the payment may be received later. ate The cash basis of accounting is @ method wherein revenue is recognised when itis actualy received, rather than when tis eamed. Expenses are booked when they are actualy pai, rather than when Incured. This ‘method is usually not considered to ba in conform with accounting principles and is, therefore, usod only in sloct situations such as for very small busi Going Concern [As per this assumption, the business will exist fr long period and transactions are recorded fam this pont of Comments ‘You dont have permission to add comments, Sain | Rent Stet | Kinase | Bina | Powel By Googe ites hitpsistes.google.comistetallyonlinetuterlesson-t-basics-of accunting 22