Saturday, April 24, 2010

Contra Entry,Sales entry,

Contra Entry


Contra Entry is used for the following transactions

1. Funds/ amount transfer from bank to bank

2.Cash with drawn from Bank

3. Cash deposit to Bank

Now let's see how to enter the cash deposit into bank


Gate way of tally > accounting vouchers > F4 (contra)

Double click on this figures one by one

Amount trans.fram sbi to CBI Rs.50,000/-





















Cash with draw from Centra Bank Rs .60,000/-



















Cash deposited to State bank of India Rs 50,000


Sales entry

Sales Entry (F8)


When a sales transaction takes place, a document, detailing the transaction (item name, tax, etc) has to be given to the buyer (debtor) as proof of purchase by him. This document is called "Invoice" or "Bill" or "Cash Memo". The practice of issuing an Invoice, which is in vogue, is available in Tally.

Gateway of Tally > Accounting Vouchers > selecting F8, Tally displays the Sales Invoice screen. The Invoice mode is default. To enter details of sale transactions – use Tally's Sales entry (F8 – in Accounting Vouchers).

Sales entries can be made in the Voucher as well as Invoice Formats.

Invoicing or sales invoicing is not very different from sales voucher entry. The advantage of using the invoice format for sales invoice entry is that, automatic calculations of taxes and duties (ledger accounts classified under the group 'Duties & Taxes') is possible.

The default Sales Invoice screen appears as:



Tally prompts for the Sales Ledger to be allocated to - at the beginning of the entry. There after, any number of stock items or account ledgers can be selected one after another – enabling faster data entry. This is possible as the option Use Common Ledger A/c for Item Allocation in F12: Configure on the invoice entry screen is set to YES (by default)

There are two types of Invoices, namely,

Item Invoice > you can select ITEMS for invoicing

Account Invoice > you can select LEDGERS for invoicing

Note: Click on the links – "Example" for more details

More:

Sales Item Invoice

Sales Account Invoice



Copyright Tally Solutions Pvt Ltd. 1988-2005. All rights reserved.


Receipt Entry : Purchase Entries in Invoice mode (without

classes)Purchase Vouchers can now be created in Invoice

mode. You can enter the suppliers' invoices in the same

way as they physically appear.Set-up Invoice Mode entry

for Purchase transactionsSelect F11:Company Features.Set

the option 'Allow Invoicing' to Yes.Enter Purchases in

Invoice Format? Set it to Yes .Accept the screen using
Ctrl+A. Entry of Purchase vouchers in Invoice modeSelect F9:Purchases. Select As Invoice button or use CTRL+[V]. This button is a toggle for Invoice and Voucher modes. You may want to use the voucher mode for more complex entries.Entries are exactly like sales invoices and hence are not discussed.The treatment of additional cost of purchases needs elaborating.Additional Cost of PurchasesIf it is desired to add the other purchase expenses like freight and import duty to the cost of the item, you would have activated the option in F11:Company Features 'Track Additional Costs of Purchases'. In voucher mode, the additional cost details have to be filled in after the allocation of each purchase item.In Invoice mode, the treatment of additional costs on stock items is automated by altering the parent group master details of the expenses.In many situations, more than one item is purchased where the expense that is incurred for them is charged as a lump-sum. However, to give an effective cost including the expense to each purchased item, you would earlier give additional costs of purchase for each item. That method though very flexible and practical could be tedious. That process is now automated and allocation of the expense to stock item can be done on a predefined basis.The following set-up activity is required to be carried out:Alter the Parent Group of the expense ledger accounts, e.g. Direct Expenses. You will find a new option - Method to Allocate when used in Purchase Invoice. If you want to appropriate the ledger accounts under this group to stock items by either Quantity or value, you must select the option. Select Appropriate by Qty for our example. Now if freight belongs to the group Direct Expenses, the amount will be apportioned by quantity, i.e., in the ratio of 1:5. If however, the parent group does not have an allocation method or is set to No Appropriation or Not Applicable, the amount of freight will not be apportioned to the items and will simply remain in the financial books as expense.Note: In Invoice mode, Purchases can be allocated to Cost Centres only when Cost Centre classes are used, i.e., you have to auto-allocate purchases to cost centres if you are using the Invoice mode of entry. Using the voucher mode of entry for purchases allows manual allocation of purchases to cost centres.Print Formal Receipt after SavingFor example, the company receives a certain amount from the customer against a particular invoice and a Formal Receipt has to be issued acknowledging receipt of the same. Tally's Formal Receipt printing fulfils this requirement.To activate this facility:From Gateway of Tally > Accounts Info > Voucher Types > Alter > ReceiptSet the option Print Formal Receipt after saving to YES and accept the sameViewing the Receipt Voucher screen – one can observe an additional field "Name on Receipt" – the entered receipt voucher will have the name given here. (The receipt will be printed either having the Ledger Name or the name given in the "Name on Receipt" field.) Enter a receipt voucher and Tally prompts to print the Formal Receipt (to be issued) and then the Receipt Voucher (for the company's records).The Formal Receipt prints as:The Receipt voucher for the same information prints as:The information required can be configured in F12: Configuration after giving the Print Command.Important: 1. Use the buttons on the right-hand side of the screen to Explore the Potential of Tally.2. Press [Enter] wherever the cursor is placed to know the Depth of Tally!

Purchase Entry

Purchase Entries in Invoice mode (without classes)


Purchase Vouchers can now be created in Invoice mode. You can enter the suppliers' invoices in the same way as they physically appear.

Set-up Invoice Mode entry for Purchase transactions
Select F11:Company Features.

Set the option 'Allow Invoicing' to Yes.

Enter Purchases in Invoice Format? Set it to Yes .

Accept the screen using Ctrl+A.

Entry of Purchase vouchers in Invoice mode
Select F9:Purchases. Select As Invoice button or use CTRL+[V]. This button is a toggle for Invoice and Voucher modes. You may want to use the voucher mode for more complex entries.

Entries are exactly like sales invoices and hence are not discussed.



The treatment of additional cost of purchases needs elaborating.

Additional Cost of Purchases
If it is desired to add the other purchase expenses like freight and import duty to the cost of the item, you would have activated the option in F11:Company Features 'Track Additional Costs of Purchases'. In voucher mode, the additional cost details have to be filled in after the allocation of each purchase item.

In Invoice mode, the treatment of additional costs on stock items is automated by altering the parent group master details of the expenses.

In many situations, more than one item is purchased where the expense that is incurred for them is charged as a lump-sum. However, to give an effective cost including the expense to each purchased item, you would earlier give additional costs of purchase for each item. That method though very flexible and practical could be tedious. That process is now automated and allocation of the expense to stock item can be done on a predefined basis.

The following set-up activity is required to be carried out:

Alter the Parent Group of the expense ledger accounts, e.g. Direct Expenses. You will find a new option - Method to Allocate when used in Purchase Invoice. If you want to appropriate the ledger accounts under this group to stock items by either Quantity or value, you must select the option. Select Appropriate by Qty for our example.



Now if freight belongs to the group Direct Expenses, the amount will be apportioned by quantity, i.e., in the ratio of 1:5. If however, the parent group does not have an allocation method or is set to No Appropriation or Not Applicable, the amount of freight will not be apportioned to the items and will simply remain in the financial books as expense.

Note: In Invoice mode, Purchases can be allocated to Cost Centres only when Cost Centre classes are used, i.e., you have to auto-allocate purchases to cost centres if you are using the Invoice mode of entry. Using the voucher mode of entry for purchases allows manual allocation of purchases to cost centres.

Payment entry

Payment Entry (F5)


Gateway of Tally > Accounting Vouchers > selecting F5: Payment > displays the Payment voucher entry screen. Payment transactions can be entered using Tally's Payment Voucher.

The Payment Entry screen appears in Single Entry Mode by default (as the option "Use Single Entry mode for Pymt/Rcpt/Contra" is set to YES > in F12: Configure from Payment Voucher).

For example, the company settles expenses of conveyance, staff welfare, postage and stationery through cash – all in one voucher. The entry is displayed as:



You are prompted to choose the cash or bank ledger, which will pay the amount (the credit ledger).

Click on the links under "More" for more information on Payment Vouchers.

More:

Payment Entry - Double Mode

Payment Entry – Single Narration

Payment / Receipt as Contra

Warn on Negative Cash Balance

Cheque Printing

How to print Cheques

Trouble-shooting Cheque printing

TDS Payment

Manfacturing account

How to Create a Bill of Material?


You can create a bill of material (BoM) for any stock item. Typically, you would like to create a BoM only for those items that are being assembled in-house. For trading items, you do not need a BoM. Therefore, we need to specify a BoM at the time of creating a stock item (or altering its master)

Let us create a new stock item and specify its BoM.

Gateway of Tally > Inventory Info > Stock Items > Create



This screen contains information for Britain/Europe.

Some information like Batches, Alt. Units and Intrastate Classification depend upon the company features, configuration and invoicing set-up. Please refer to the relevant stock item creation section for more details.

The difference for India/Asia would be in the terminology for tax/duty:



For details on fields other than Set Components (BoM) please refer to the Stock Item Creation section under Inventory Information Chapter. Here, we shall restrict our discussion to BoM only.

When you activate Set Components (BoM) by selecting Yes, a pop-list for the components now needs to be filled in.



Unit of Manufacture
Give the appropriate (usually the minimum) number of the finished product item that will be made. While manufacturing (and recording through a stock/manufacturing journal), you will make the item in multiples of this unit of manufacture. At that time, the components will also multiply by the same factor automatically. (You are, of course, allowed to alter the components while recording to reflect actual consumption, if there is a change from BoM).

Note: However, that in certain circumstances, it is better to give a larger unit of manufacture, e.g. , per 1000 Pcs of nails, as per nail consumption of raw material will be too insignificant.

Item, Location (godown) and Quantity
Give the component name and quantity and, if multiple locations (godowns) have been set up, the most likely location for the item.

Again, by specifying the location here, you are not restricted to that location during transaction/voucher entry. The locations would default to these but you can opt for another.

Input your options for other questions for the stock item and accept the screen.

The stock journal/manufacturing journal entry screen
Gateway of Tally > Voucher Entry > Click on Stk. Jrnl

If you had created a new voucher type Mfg Journal, a pop-up menu will show both the default Stock Journal and the Mfg. Journal.

Select Mfg. Journal





Copyright Tally Solutions Pvt Ltd. 1988-2005. All rights reserved.



1 comment:

  1. This is nice to see I am a teaching faculty from IECT,Ramanathapuram District

    ReplyDelete