Computerized Accounting

141 Pages·2014·2.5 MB·English

Accounting Vouchers
Accounting Vouchers
Session -2
Vouchers
In computerized accounting, we record transactions through voucher entry. A voucher is a
basic recording document. To input any data in Tally you must use a voucher. Inputting data
through the voucher entry mode may be called creating a voucher or voucher entry.
Tally is pre-programmed with a variety of accounting vouchers, each designed, to perform a
different job.
Tally gives us two types of voucher:
1. Conventional
2. Unconventional
Conventional Vouchers
Conventional vouchers are used to record all accounting transactions. These vouchers directly
affect to your final Account. It tally we have different types of conventional vouchers:
Types of voucher (Conventional):
Vouchers Shortcuts Functions
Contra F4 ToCreate A Contra Voucher
Payment F5 To Create A Payment Voucher
Receipt F6 To Create A Receipt Voucher
Journal F7 To Create A Journal Voucher
Sales F8 To Create A Sales Voucher
Purchase F9 To Create A Purchase Voucher
Debit Note Ctrl+F9 ToCreate A Debit Note Voucher
Credit Note Ctrl+F8 To Create A Credit Note Voucher
Selection of Voucher at the time of transaction:
We give you a visual guideline to decide appropriate voucher type that is suitable to
record the transaction:
Contra Voucher (F4)
Contra voucher is for entering Fund transfer Transactions where net inflow and
outflow are equal, i.e. net effect is Zero. In contra voucher you can enter transaction
between cash and bank. As per accounting rules, Contra Entry is a transaction
indicating transfer of funds from:
1. Cash account to Bank Account
2. Bank account to Cash account
3. Bank account to Bank account
Payment Voucher (F5)
All transaction related to payment (by cash or bank) are recorded in payment
voucher. Such payments can be towards purchases, expenses, acquisition of fixed
assets, dues to creditor, loans/advances given by you or repayment of
loans/advances taken by you earlier etc.
Receipt Voucher (F6)
All inflow of money (in cash or through bank) are recorded through receipt voucher. Such
receipts may be towards any income or from your debtors or loans/ advances given earlier etc.
The voucher is similar to the payment voucher except that you debit cash or bank A/cs and
credit the ledger form which you receive.
Journal Voucher (F7)
Journal entries are used in instances where the company requires adjusting the debit and credit
amounts without involving the cash or bank accounts. Hence, they are referred to as adjustment
entries.
Sales Voucher (F8)
Any sales transaction (whether for goods or Services) are entered in sales Voucher. In case of
cash sales, you receive payment immediately by cash or by cheque or credit card and since you
do not require to track outstanding (as payment has already been received so there is no need to
create a separate ledger for the buyer who has paid immediately).
Note: All Credit sales transaction is entered in sales voucher.
Purchases Voucher (F9)
Any purchases transaction (whether for goods or Services) are entered in Purchase Voucher. In
case of cash Purchases, you make payment immediately by cash or by cheque or credit card
and since you do not require to track outstanding (as payment has already been made so there is
no need to create a separate ledger for the seller who has paid immediately).
Note:All Credit Purchasetransaction is entered in Purchasevoucher.
Debit Note (Ctrl+F9)
By default Debit Note voucher would not be available. If you make entry in debit Note then
you have to active this option from F11 company Features. Normally a debit note is entered
when you make purchases return or have short-billed a customer or your supplier have granted
credit to you on account of rate difference, discount etc.
Credit Note (Ctrl+F10)
By Default Credit Note Voucher Would not be available. If you make entry in credit Note then
you have to active this option from F11 company Features. Normally a credit note is entered
when you make sales return or discount/ Rebate or due to some reason now you like to square
off a debit balance.
Unconventional Voucher
These special vouchers are used to record provisional or non-accounting transactions. They
don’t clutter the main books of accounts with unnecessary entries and at the same time make
the information available. These vouchers enable valuable reports in terms of provisional
accounts and forecasting. This aspect of reporting has been dealt with under a separate section
‘Scenario Management’.
Types of vouchers (Unconventional)
Vouchers Shortcuts Functions
Memos Ctrl+F10 To Create memorandum voucher
Rev Jrnl F10 To Create Reversing journal voucher
Optional Ctrl+L To Make a voucher as Optional voucher
Post dated Ctrl+T To Make a Voucher as Post Dated Voucher
Accounting Vouchers
Memo Voucher
This is a non-accounting voucher and the entries made using it will not affect your accounts.
That is, Tally does not post these entries to ledgers but stores them in a separate Memorandum
Register.
Some uses for Memo Vouchers
1. Making suspense payments
2. Vouchers not verified at the time of entry
3. Items given on approval
Reversing Journal
Reversing journals are special journals that are automatically reversed after a specified date.
They exist only till that date and are effective only when called for in reports like the Balance
Sheet. These are used in interim reporting in the course of the financial year where accruals are
required to be reported. These accruals are usually short term and are cleared in the subsequent
period. However, to get a proper perspective, decision makers require the reports with full
impact of all aspects and transactions
Use of optional vouchers
1. If a transaction has not been completed, you may not want it to affect the accounts.
But you want to record it so that you simply modify the voucher and remove the
‘Optional’ mark by ‘Regular’ it. Display the voucher in ‘Alter’ Form and click on
‘Regular’.
2. You might want to see the impact of transactions without actually posting them.
Optional vouchers allow you to do this.
Post-Dated Vouchers
While entering vouchers, you can post-date them, an tally will not update the ledgers until the
date in question. This is most useful for entering transactions that take place on a regular basis.
For example, if you pay for something by installments, you can set-up the payments in
advance, and tally will only enter them in the ledgers as they fall due. Mark vouchers ‘Post
Dated’ by [CTRL]+[D] or click on the button. The button toggles with ‘Regular’
Scenario Management
Scenario management is a management tool that enables different displays of accounts and
inventory related information, by selectively including certain types of vouchers without
affecting the source date. It is useful in generating provisional report, where entries are not
actually made in the main books. It is also a useful forecasting tool i.e. you can forecast the
expense using provisional Vouchers and include them in your reports.
The vouchers that are used in Scenario Management are:
Optional Vouchers
Memorandum Vouchers
Reversing Journals
Creating a Scenario
Set Use Reversing Journals & Optional Vouchers in F11: Company Features to Yes.
Gateway of Tally→ Accounts Info→ Scenario→ Create
1. Name
Give a suitable name to the scenario. In this case, it is Provisional.
2. Set Include Actual to Yes
3. Set Exclude Forex Gains/Losses Calculations to yes if you do not want the
unadjusted forex Gains/loss element to appear in the scenario
4. Set Exclude Inventory
Tracking Calculations to Yes if you do not want the sales/purchase bills pending
element to appear in the scenario
5. Include
From the list of vouchers, include the type of vouchers required. Notice that it picks
up the voucher Types created for this company. Provisional vouchers and Regular
vouchers that are marked Optional are permitted for selection.
6. Exclude
Exclude from the list of vouchers already included in the type of vouchers that you
do not want to affect this scenario. This option is used in Alter mode and hence is
discussed under Alter/Display scenario Information.
Accept to create this scenario.
Alter or Display Scenario information
1. Gateway of Tally→ Accounts Info. → Scenario→ Alter
2. Select the scenario to alter from the List of Scenarios
The information given while creating the scenario displays and you can alter it.
Exclude
Use the Alter mode when you do not want a selected included voucher to affect the
scenario, anymore. It is easier to put the selected voucher in the Exclude List, rather than to
remove it from the include List.
Using Scenarios
Create a Reversing journal Entry for the scenario as follows.
1. Gateway of Tally→ Accounting Vouchers→ F10:Rev Jrnl
2. Select Reversing Journals from the list.
3. Debit Depreciation and enter the amount
4. Credit Provision for Depreciation
5. Enter narration if any.
6. Accept the voucher.
Accounting Vouchers
Using Scenarios in Statements and Reports
You can use scenarios in statements (not registers) that have the New Column button
active.
1. Display the Balance sheet.
2. Select New Column.
3. In the column details, tab down to Types of Values to show
4. Select the scenario named Provisional.
Entering Voucher
The Voucher Entry Screen
The main voucher entry area
This is where you enter your transactions this screen contains fields fo date, ledger
name and amount as well as additional pop-up screens that are dependent upon your
voucher configuration.
Direct commands area
Displays the commands you type into this area, and in the current version of Tally, is
limited to calculator functions.
Buttons toolbar
Displays buttons that provide quick interaction with Tally. Only buttons relevant to the
current task will be visible.
Switching between screen areas
On selecting Voucher Entry from the Gateway of tally, you are taken to the main
voucher entry area. However, you may toggle between this and the Direct
commands/calculator area at the bottom of the screen, by pressing [Ctrl]+[N]+[M] as
indicated on the screen. The active area of the screen is highlighted by a green bar,
[Ctrl]+ [N] to go to the Calculator/Direct Commands area and [ctrl]+[M] for the
voucher entry area. Use calculator by [ALT]+[C] when in amount field.
Special Keys for Voucher Narration Field
ALT+R: Recalls the last narration saved for the first ledger in the voucher, irrespective of the
voucher type.
CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of the
ledger.
Contra Entry (F4):
Gateway of Tally→ Accounting Vouchers→ Selecting
F4: Contra
Example:
Cash deposited into the bank Rs. 50000/-
Payment Entry (F5):
Gateway of Tally→ Accounting Vouchers→ Selecting
F5: payment
Example:
1. Rent Paid Rs. 5000/-
2. Salary And Adv. Expenses paid Rs. 6500/-&
Rs. 2500/-
3. Cash Purchases Rs.3000/-
Receipt Entry (F6):
Gateway of Tally→ Accounting Vouchers→ Selecting
F6: Receipt
Example:
1. Cash sales Rs.8000/-
2. Comm. Received from Ram Rs.500/-
3. Interest Received Rs.250/-from ICICIbank
Journal Entry (F7):
Gateway of Tally→ Accounting Vouchers→ Selecting
F7:Journal
Example:
Depreciation Machinery & Computer Rs. 1,250/- &
Rs.480/-
Sales Entry (F8):
Gateway of Tally→ Accounting Vouchers→ Selecting
F8
Example:
Goods sold worth Rs. 5000/- to IFCA Trading Co. on
credit.
Accounting Vouchers
Credit Note (Ctrl+F8)
Gateway of Tally→ Accounting Vouchers→ Selecting
Ctrl+F8,
Example:
Goods return worth form IFCA Trading Co. Worth Rs.
450/-
Purchases Entry (F9)
Gateway of Tally→ Accounting Vouchers→ Selecting
F9,
Example:
Goods purchase worth Rs. 2500/- from king & Co. On
credit.
Debit Note (Ctrl+F9)
Gateway of Tally→ Accounting Vouchers→ Selecting
Ctrl+F9,
Example:
Goods return to king & Co. worth. Rs. 500/-
Exiercise
1. Pass the following transactions:
2005
April 5 Introduce furniture worth Rs. 15,000 for business.
April 7 Received a cheque of Rs. 14,000 from Amar in full settlement of his
account.
April 12 Amar’s cheque is dishonored and bank charged our account of Rs. 20 for
bank charges.
April 15 paid Rs. 2,850 to Mohan in full settlement of his account.
April 25 cash withdraw from the bank Rs. 5,000 for petty cash.
April 30 Cash withdraw form the bank Rs. 500 for personal use and Rs. 1,000 for
office use.
May 3 Paid wages 200, trade expenses 650, advertisment expenses 1,500 and
stationery expenses 275 from petty cash.
May 10 Sachin was declared insolvent and a payment of 60 paise in a Rupee
received form him.
May 16 Paid Rs. 4,000 and 3,000 to Shyam and Ram respectively.
May 27 Received cheque from Nitin in full settlement of his account after allowing
his 5% cash discount and cheque deposited into the bank same day.
May 29 Withdraw from bank Rs. 500 for personal use and Rs. 1,000 for office use.
May 30 Purchase two computers worth Rs. 15,000(each) for resale from J.K.
computers.
June 3 Payment made to J.k. Computers.
Hint: match the figure of Trial Balance 6,61,125.

Advance Accounting Features [F11]
Advance Accounting Features [F11]
Session -3
Advance Accounting Features [F11]
The different features of a company can be selected or modified by F11 button. This button is
available is available in almost all screens of tally as you might wish to modify it as your
requirements change.
1. Accounting Features<F1>
2. Inventory Features<F2>
3. Statutory Features<F3>
Accounting Features<F1>
General
Integrate Accounts with Inventory
Effect on Balance Sheet and Profit & Loss Account
The option in F11: Accounting Features>General has a significant effect on the Balance
Sheet and Profit & Loss Account. If set to Yes, it brings the stock/inventory balance figures
from the inventory records and provides a drill down to the stock registers from the Balance
Sheet.
Income/Expense Stmt instead of P&L
Account statements for Non-Trading organizations. For Non-
Trading accounts like accounts for charitable organizations, the
trading and Profit & loss statement are irrelevant. They need and
Income & Expenditure Account. They should activate the feature
in F11: Accounting Features>General and set the option
Income/Expense Stmt instead of P&L to Yes.
Note:The Profit & Loss Account is now displayed as Income & Expenditure Statement.
Multi Currency
Allow Multi Currency
For many organizations, globalization of business has necessitated working with more than one
currency. Transactions are often made in currencies other than the home currency. Such
transactions have to be recorded either in the home currency or in the foreign currency. It they
are recorded in home currency, the rate at which the foreign currency is exchanged for the
home currency should be recorded as well. Sometimes you need to record the transaction in
foreign currency itself. This would arise when you maintain the balance of the concerned
account in foreign currency. Tally uses the term base currency for the currency in which your
account books it kept (typically in home currency). Foreign Exchange is used interchangeably
with foreign currency. Tally has attempted to make the complex task of handling multiple
currencies very easy for you. You would find some new ways of working with multiple
currencies, automatic calculations of exchange rates, automatic conversion of any currency
used to record a transaction to the currency of the account, etc.
You must first activate multi-currency capabilities.
Gateway of Tally→ [F11]: accounting features→
Multiple Currency
Now, let us work with currencies.
→Currency →
The Currencies menu has the usual create, display and
alter options. There is an additional optional option,
rates of Exchange. We shall examine each option in
greater detail.
Create a Foreign Currency Master
You will now need to create the foreign currencies that would be used.
Gateway of Tally→Accounts Info.→Currencies→Create
Symbol : Give the Currency symbol, as it should appear in all reports.
Formal Name : This is meant for the name of the currency, e.g., U.S. Dollars, Pound
Sterling, Indian Rupees, etc. you are not allowed duplicates.
Number of
Decimal places : Give the number of decimal places for the currency.
Show amounts
In Millions : Tally has two formats for displaying an amount, viz., in millions and in
Lakhs. 1000000 (one followed by six zeroes) in millions format would
appear 1,000,000 and in lakhs 10,00,000. Selecting ‘No’ would mean
you want amounts to appear in lakhs.
Is symbol suffixed
toamount : Normally currency symbols are prefixed. However, if you want it to
appear after the amount, select yes.
Put a space
Between amount
And symbol : This is purely for aesthetics. Select Yes for amounts to appear like $100/,
No for $100/- If you put a’.’ after a prefixed symbol, do not opt for a
space. This could be found suitable for currencies like Rs. Where
amounts would appear Rs.100/-
Display/Alter Currency
If you do not have multiple currencies, the Alter screen is identical to the Display screen. When
you have more than one currency, select the currency whose details are to be display, Altered.