Learning Tally in easy steps(Part II)

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Recap: We have studied the concept of Debit(Account whose value is increasing because of any transaction) and Credit (Account whose value is decreasing because of any transaction)

Today, we are going to understand ,
                     what is LIFE CYCLE of a MANUAL ACCOUNTING SYSTEM??
  1. Accounting begins with Transaction, 
  2. For which we have VOUCHER(defined as a Piece of Paper holding complete details of Transaction)
  3. And we need to perform VOUCHER POSTING (defined as a process to input voucher details in corresponding Accounting Books)
  4. Accounting Books
    • Journal/ Journal Proper( A Common Book in which you can enter any kind of transaction)
    • Subsidiary Books (Secondary/ Alternate books in which we can post voucher for bifurcated maintenance.)
  5. Trial Balance: Process to Check the correctness of amount being entered during Voucher Entry
  6. Balance Sheet and Profit & Loss : Final Accounts Statements prepared at End of the Year to reflect your Business Status and also helps Management to look and decide future policies
The above mentioned Life Cycle contains steps of Manual Accounting System in which each and every step is compulsory . However, while working in TALLY, we need to perform only Voucher Posting just after creation of Ledger(Account). So, from now onwards, we will be discussing each and every concept , keeping in mind the working techniques that we will be using in TALLY 

HOW To Post VOUCHER?
In order to perform Voucher Posting, we need to extract following details from the voucher
  1. Type of Voucher(i.e. what type of transaction has taken place)
  2. Ledgers Involved
  3. Groups of Ledgers(so as to decide the nature)
  4. Identify the Ledger to be Debited and Ledger to be Credited(on the basis of Groups of Ledger)
Types of Voucher
With reference to TALLY, we basically have four types of vouchers to start with and these are:
  1. Purchase Voucher: When we have purchased goods on Credit , the voucher type is PURCHASE. In HINDI we refer it to as उधार खरीद 
  2. Sales Voucher: When we have sold goods for Credit, the voucher type is SALES. In HINDI, we refer it to as उधार बेच 
  3. Receipt: When we have received cash from some party because of any Transaction. ( पैसा आया )
  4. Payment: When we have given cash to some party because of any Transaction ( पैसा गया )
 Next>> Voucher Identification Examples : Tomorrow

Just drop me out your comments or questions , whatever you want to have on my blog , ENJOY Reading, Have a Nice Day






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