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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?? Accounting begins with Transaction,  For which we have VOUCHER( defined as a Piece of Paper holding complete details of Transaction ) And we need to perform VOUCHER POSTING ( defined as a process to input voucher details in corresponding Accounting Books) 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.) Trial Balance: Process to Check the correctness of amount being entered during Voucher Entry Balance Sheet and Profit & Loss : Final Accounts Statements prepared at End of ...

Before we begin,                         we need to know the Basic Accounting Concepts,prior to start working with TALLY. This would definitely help in easier understanding of TALLY and several ACCOUNTING FUNDAAS... What is Accounting? Accounting can be defined as a process to maintain routine transactions in any field systematically. Maintenance helps us in following ways: 1. Future Prediction : i.e. one can judge how its business is going on and what measures can be taken out for the progress and betterment of it. 2. Error and Fraud Tracing : Systematic and Regular maintenance helps us to find out INVALID or ILLEGAL  transactions  or any kind of FRAUDS . What are Account and Accounts? Account is the individual entity which takes part in your business transactions. Account is also known as LEDGER and खाता in Hindi Accounts or Accounting books are actually a collection of Account (Ledger) which are ...