Advance Accounting in Tally

 Advance accounting in tally 

You will get Answer of the following question 

What is Tally ?

How to maintain Bill wise detail ? 

What is cost center how to use it ? 

What is interest ? 

How to interest calculation use in Tally ? 

In this blog you will learn about advance accounting in tally basically focus on following topic 

Maintain Bill wise detail 

Create and maintain cost center 

Create and maintain currencies 

Interest Calculation 

Print and display reports 

you will get Answer of the following question in this PDF file . 

1. What is advance Tally ? 

2. What are the advanced Features of tally ? 

3. What is the difference between F11 and F12 ?

4. What is F11 and F12 in tally ? 

Bill-wise Details

The details of all the sales and purchase transactions made with the debtors and creditors have to

be maintained at the invoice level. In order to maintain these details Tally.ERP 9 provides a

feature called as Bill-wise details for bill-wise accounting. In this section you will learn to:

 Maintain details of bills.

 Specify credit periods.

 Obtain receivable and payable reports.

 Relate every entry with the relevant transaction.

Activating Bill-wise Details

Go to Gateway of Tally > select National Traders and shut Indus Enterprises

 Press F11: Features (Accounting Features).

 Type Yes for Maintain Bill-wise Details.

 Retain No for Non - Trading A/cs also.

    Accept the settings, by pressing Ctrl+A.

On activation of this feature, all the ledgers previously created under the Groups Sundry Debtors

and Sundry Creditors will automatically have their Bill-wise details set to Yes.

Let us view the ledger master of Supreme Computers.

Display Outstanding Reports

Go to Gateway of Tally > Display > Statements of Accounts > Outstandings > Ledger

> Power Line Computers. You will see that there is only one entry.

 In order to view the history of settled invoices, press F12: Configure and tab down to

Range of Bills to show and select All Bills. Select Detailed in the button bar.

 Return to the Gateway of Tally main menu.

Cost Centres and Cost Categories

Cost Centre

A cost centre is a unit of an organisation to which transactions can be allocated. Cost Centres are units to which costs or expenses are allocated and Profit Centres are units to which incomes are allocated. Tally.ERP 9's cost centres allow a dimensional analysis of financial information.

Tally.ERP 9 gives you the cost centre break-up of each transaction as well as details of transac-tions for each cost centre.

Cost Categories

Cost Categories have been introduced specially for project oriented organisations as they require allocation of resources to parallel sets of cost centres. For example, the project is to construct an airport. The airport is the cost centre. For this project certain expenses are incurred by the project head. A simultaneous allocation of the amount has to be made for both the project and the project head. This requirement can be achieved using Tally.ERP 9's Cost Category feature. Any number of parallel allocations can be done as per requirements.

Activating Cost Category and Cost Centre

Ensure that you are at the Gateway of Tally of National Traders. To activate the cost centre and cost category,

 Set Yes to the following in the F11: Features (Accounting Features):

 Maintain Cost Centres

 More than ONE Cost Category

Creating Cost Categories

Go to Gateway of Tally > Accounts Info. > Cost Categories > Create.

 Name: Projects & Assignments

 Allocate Revenue Items: Yes

 Allocate Non-Revenue Items: No

Display Cost Centre Reports

Go to Gateway of Tally > Display > Statements of Accounts > Cost Centres.

The Cost Centres Menu comprises of the following sub menus :

 Category Summary

 Cost Centre Break-up

 Ledger Break-up

 Group Break-up

Multiple Currencies

Due to the globalisation of business, many organisations have found the necessity to work with more than one currency. Transactions are often made in currencies other than the home currency. Tally.ERP 9's multi-currency feature is very powerful and allows you to :

 Record transactions with different currencies by allowing you to specify and change the currency rate of exchange.

 Maintain the balance of the specified account in a foreign currency.

Tally.ERP 9 uses the term base currency for the currency in which your account books are maintained (typically in the home currency). Foreign Exchange is used interchangeably with foreign currency.

Creating Foreign Currencies

All amounts in your books are maintained in the base currency which is specified during company  creation to facilitate easy analysis of data. Hence, whenever you record a transaction in a currency other than the base currency, Tally.ERP 9 prompts for an exchange rate and then displays the information in the base currency.

Setup :

Ensure that you are at the Gateway of Tally of National Traders.

 Activate the feature Allow Multi-Currency in F11: Features (Accounting Features).

Step 1 : Create Foreign Currency

Go to Gateway of Tally > Accounts Info. > Currencies > Create.

1. Symbol: $.

2. Formal name: US Dollars.

3. Number of Decimal Places: 2

4. Show Amounts in Millions: No.

5. Is symbol SUFFIXED to Amounts: No.

6. Put a SPACE between Amount and Symbol: Yes.

7. Symbol for Decimal Portion of Amount: Cents.

8. Press Y or Enter to accept the screen.

Similarly, create the following currencies:

 Pounds Sterling by using Alt+156 = £

 Yen symbol by using Alt + 0165 = ¥

 Euro symbol by using Alt + 0128 = €

see more detail read  below pdf file