JOURNAL VOUCHER IN TALLY

JOURNAL VOUCHER (press F7)

Journal is an adjustment voucher, normally used for non cash transactions like adjustment between ledger accounts.

Particulars	Debit	Credit
Dr. Depreciation Cr. Machinery Cr. Furniture & Fixtures Cr. Motor Car	(Amount)	(Amount)                  (Amount)                  (Amount)

Entry Rules: In a journal voucher, only non cash bank accounts (Ledger accounts other than Cash, Bank or Bank OCC) may be Debit. Later accounts may be either Debit or Credit. 

RECEIPT VOUCHER IN TALLY

RECEIPT VOUCHER (press F6)

All inflow of money (in cash or through bank) is recorded through receipt voucher. Such receipts may be towards any income, from debtors, Loans/Advances taken or Refund of Loans/Advances given earlier etc.

Particulars	Debit	Credit
Cr. Ledger A/c received from      Dr. Cash/Bank A/c	(Amount)	(Amount)

Entry Rules: The first entry is always credit (other than cash/ Bank/Bank OCC) and second entry on-wards you may specify debit/credit. Ledger A/c placed under the cash in hand, Bank A/c’s or Bank OCC group must be credited.

PAYMENT VOUCHER IN TALLY

PAYMENT VOUCHER (press F5)

All payments (by cash or through bank) are recorded in payment voucher. Such payments may be towards purchase, expenses, Acquisition of fixed assets, Dues to creditor, Loans/advances given by you or repayment of loans/advances taken by you earlier etc

Particulars	Debit	Credit
Dr. Ledger A/c paid to      Cr. Cash/Bank A/c	(Amount)	(Amount)

Entry Rules: The first entry is always debit (other than cash/ Bank/Bank OCC and second entry onwards you may specify debit/credit. Ledger A/c placed under the cash in hand, Bank A/cs or Bank OCC group must be credited.

CONTRA VOUCHER IN TALLY

CONTRA VOUCHER

Contra voucher is used for fund transfer between cash & bank accounts (ledger placed under groups; Cash in hand, Bank Accounts & Bank OCC) only. 

Following transactions should be entered in Contra voucher:- 

·      Cash deposited into bank: Cash outflow, equal inflow at Bank Account.

·      Cash withdrawn from bank: Outflow from bank account, equal cash inflow.

·      Cheque of one bank deposited to another bank: Outflow from one bank account equal inflow to another bank account.

·      Cash given to / received back from petty cash: Outflow from one cash account, equal inflow to another cash account.

VOUCHER RULES

The entries in Contra Voucher follow the rule shown below:

Particulars	Debit	Credit
Cr  Source of Funds Dr Destination of funds	(Amount)	(Amount)

Entry Rules: The 1^st entry is always credit. From 2^nd  entry on-wards you may Debit or Credit a ledger Cash, Bank Accounts and Bank OCC Group only.

ACCOUNTS INVENTORY CREATION

ACCOUNTS WITH INVENTORY

STEP 1- To create stock group

Gateway of Tally

Inventory Info

Stock Group

Create

STEP 2- To create stock category (press F11)

MAINTAIN STOCK CATEGORIES -YES

STOCK CATEGORIES

CREATE (NAME OF PRODUCT)

 STEP 3- To create Units of Measures

UNITS OF MEASURES

UNITS

CREATE

STEP 4- To create Stock Items

STOCK ITEMS (FINAL PRODUCTS)

CREATE

STEP 5- To create Godowns

Press f11-maintain multiple godowns – yes

Gateway of tally

Inventory info

Godown

INVENTORY MASTERS IN TALLY

INVENTORY MASTERS

In newly created company the inventory info menu comprise of four types of masters namely.

1.  Stock Group

2.  Stock Items

3.  Voucher types

4.  Units of Measure

However in order to maintain i) Stock Category ii) Storage Locations or Godowns Activate two features in F11

1.  Maintain stock categories.

2.  Maintain multiple godowns.

Stock Items:-

          Stock items refer to goods in which you deal that is goods that you manufacture or trade (sale and purchase) stock items are important inventory.

Stock Group:-

          Similar to group in accounting masters these providing for the purchase of classification of stock items.

Stock Categories:-

          This feature is required to be activated in F11 like stock group; classification is done on some similar behavior.

Location / Godowns:-

          A place where stock items are stored is referred for as godowns you can specify where the stock items are kept e.g. warehouse shelf or rack etc. Stock report for each godown by activating “maintain multiple godown” in F11 feature.

Units of Measure:-

         While studying inventory, unit of measure is an unavoidable issue. Because, any stock item has to be measured in some specific units for e.g. liquids will be measured in liters, solid will be measured in kg or items or nos or pieces and so on. We have to create a specific unit of measure for whatever type of goods that we stock in our company. We can create two types of units in Tally. Simple & Compound Example of Simple unit is will be kg, pieces etc & examples of Compound units will be ‘1 dozen of 12 pieces, 1 quintal of 100 kg and so on’.  

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INVENTORY IN TALLY

INVENTORY IN TALLY

Meaning: - 

Inventory means the stock of raw materials, finished goods in our business. In Tally, along with accounting information, we can also keep information on how much goods were received by us, at what prices and how much goods were dispatched, at what prices and such other information.

Inventory accounting with Tally: - 

Inventory accounting includes recording stock details the purchase of stock the sale of stock movement between storage locations or godowns and providing information on stock availability with tally it is possible to integrate the inventory & accounting system so that financial statement reflects the closing stock value the inventory system.