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Every businessman wants that when the goods of his factory are no more at this time order of repurchase is given by the employees . But how can the employee know that the material of stock are at closing level.So tally 9 makes a very scientific and automatic system with this , if you regularly pass the voucher entries of purchase and sale in tally 9 , you will find that which specific material is reaching at the closing point and order of purchase should be sent to suppliers
There are following benefits of this activation in tally 9
See Also
Godown and Activation of Godown in tally 9
Question : We used to take advances from Customers for certain products which we don't have stock,when we got enough quantity of requisitions we order those.After receiving the stock we call Customers and they pay full amount and take there items.What will be the Entry and which Head these goes to?
Answer by Me
When you get advance , it is just like loan received by you before giving goods to your customers .
For this pass the journal entry
Bank or Cash Account Debit Rs .5000 ( For example )
Creditor account ( Give the name of person from whom you get advance money ) Credit Rs 5000
Because , you get cash and creditor is giver so creditor account must be credit .
If you are working on tally 9 then there is no need creating cash ledger because it is automatically created by tally 9
But you need to create Bank account , if you have gotten cheque . for this
Account Info and after this ledger and after this create bank account under bank account
and accept it
after this you can create creditor ledger ( for every person from whom you get money in advance ) under the head of Sundry Creditor or Loan and liabilities .and after this accept each creditor ledger .
You can same create it in Accounting Voucher by pressing short cut command Alt+ C
after this we you will give the goods to your customer , you have to open receipt voucher and then pass the voucher entry
Cash or bank Account Debit 1000 ( balance of sale value )
Creditor account Debit 5000 ( Tally automatically adjust this from your creditor accounts advance with sale value price )
Sale account credit 6000
I think , above tutorial will useful for accounting treatment of advance from customers in tally 9
10/1/2009 , I got very interesting question from Naresh Seksaria Ji relating to Stock Valuation in Sales Return . I think , this should be shared with other tally users so they can also solve such problem by themselves . He asked question that
1) When there is a sales return, the inward stock is calculated at the selling price which is affecting the unit cost of stock. Is there any solution so that the unit price does not change?
2) Is it possible to check Profit on net sales i.e. Sales less Sales Return? If yes, how?
Answer By Me
Dear Naresh Seksaria
I have understood your both question. I try to give you its proper answer. I think it will useful for you.
If you have gone to Inventory info and create two ledger accounts
1st is Unit measurement
2nd is Stock item
In stock item, you must mention unite of measurement. Its effect will be on your purchase, sale and purchase return and sale return entries. Because after this when you feed any of above voucher entry in tally tally will ask you quantity of goods. You must fill quantity of goods in above all voucher entries.
After this tally automatically adjust sale return at cost price
I explain it with example
Suppose you have purchase
A product 100 unit at 10 per unit total purchase Rs. 1000
Pass it in tally
Now sell A product 100 unit at 20 sale price total sale Rs. 2000
Pass it in tally
Now sale return of unit 50 unit at 10 sale price total sale return Rs. 1000
Tally 9 automatically calculates the cost of sale return and closing stock at cost and gross profit. This is very simple
Tally 9’s profit and loss account show
Gross profit = sale – cost of goods sold
= 2000 – ( 1000-500 ) = Rs. 500
See Above example in following photo
On this apply just 10+1 accounting basic formula which is solve by tally 9 software
But, if you do not mention unit of measurement tally will forget
Then it show sale of return of sale price and surely affect cost of sale and gross profit
I explain it with an other example
Suppose you have purchase
A product total purchase Rs. 1000
Pass it in tally
Now sell A product total sale Rs. 2000
Pass it in tally
Now sale return total sale return Rs. 1000
Pass it in tally
Now when you see result in profit and loss account of tally it will show
No gross profit = 0
But closing stock in debit side = Sale – sale return – purchase
= 2000 – 1000 – 1000 =0
you can see this profit and loss account in following picture
What did tally do?
Tally takes simply sale return on sale price because; you did not mention units and its cost in ledger creation and in voucher entry.
So , I suggest u to follow above Ist example procedure procedure .
If you want to know , net profit on net sale , I think , ratio analysis ‘s net profit ratio give it please check it or calculate it by net profit divide by net sale into 100 .
Thanks for query, It is good question
Tally 9 provides good accounting environment. Import, export, print, email, web publishing direct from tally 9 software is the one of major reason of its popularity.
If we compare tally 9 with other accounting software in India, the tally 9 gets No. 1 position in market. We can do comparison of its extra large facility regarding its VAT calculation, automatic interest calculation and fringe benefit tax calculation.
In tally 9 we can easily record of sale trade, partnership firm, MNC, business of commission agents, share market and money market business records and other service and professional sector records.
Now, some Govt. Sector's large institution is also adapting tally 9 accounting software.
According to AK Nandani who is 20 years experience in the field of accounting and system analyzing says that tally 9 provides the scientific system to businessman through its invoice, order of purchase bill wise entry and recording of forex accounting. Association of Indian Chartered Accountant India also happy by use this software because they can audit the accounts on tally 9 very easily. In company creation audit feature can easily include. Bank reconciliation in tally 9 is very good for auditing point of view. Tally 9 is single Software which provides the facility of bank reconciliation. The double security system of tally 9 is very good from security of data point of view and preventing Anonymous access point of view.
Tally 9 is becoming torch - bearer for all businessmen who were facing difficulty to record all their branches transactions tally 9's simple cost center feature solve all problems regarding record of transaction more than one job , machine , process , department , branches and sub branches .
Speed can be increase in tally 9 up to 30 to 40% from simple voucher entry passing through following way
1. Multiple ledger creation
2. Effective use of short cut commands of tally 9
3. Effective utilization of configuration button.
For free download of tally 9 >> Download
For free download of Accounting Software of process weaver >> Download
2nd Type - Non monetary labour cost
Main Reasons of Increasing labour cost
It is the duty of cost accountant to reduce the cost of labour so that cost of production will reduce and businessmen can sell their products at lower price. So he must know what exact reasons beyond increasing labour cost .
Ist Reason
Are you wondering the jobs for industrial Accountants ? You can only get the job of industrial accountant , if you will deserve for this , if you are not deserve for this you can not become Industrial accountant . Now , one question may arise in your mind , how can I become perfect for Industrial accountant ? What are the main pin points which I should know ? For solving your mind's questions relating to this , I am trying to provide some tips for becoming the perfect in Industrial accounting jobs .
1st Tip
You must now the complete definition of Industry . Industry means group of factories and plants . So , it means , its accounting will be relating to production of goods . So , accounting relating to inventory management will be the necessary part of this accounting , so you should be prepare for inventory management accounting . I can tell you little about this , you have to record all raw material of different quantity , you have to record physical quantity of goods , you have to record consumption of goods for production , you have to record production of finished goods and you have to record closing stock of goods both quantity and Value and more from above work .
2nd Tip
It may be possible that your employer appoint you to sale department , so you must also know fully sale tax and Value added Tax's accounting treatment . How can fill the return and how can assess Value added tax and how can record this in the accounting books are the general questions , whose answer not only theory but also practical must require for becoming perfect in Industrial accounting .
3rd Tip
Today , Industry is converting from physical production to service sector , One of best example , you can take from my work , I am operating a website which giving you services about latest updates in accounting but this is not physical product and in consideration , I earn from advertising . So there are large number of Industries growing , day by day and they need accountants for recording their transactions , even sometime after , I will need an accountant for SVOPI , So for this you must know how to assess service tax and how to make service tax return and how to record these transaction in books are general question whose answers must be in your brain pocket . For example if , my web-publishing service earning , if more than Rs. 600000 , I will also pay service tax , so my accountant will have to perform these duties , for this he must know very well about service tax law and practical work relating to this .
4th Tip
In any factory or plan , you surely look large number of employees , so records relating to provident fund , how to calculate Employee's provident fund , how to deposit its Challans and what effect its in income tax return filling , how to calculate salaries , how to prepare the salary sheet these are basic question whose answer should be given by you .
5th Tip
Sometime your duty may be on billing , So you must also understand excise billing , VAT billing .
6th Tip
Last but not least , Excise duty , Tds and Advance tax matter must be solve from your side
I tried to give very few but very important tips in this small article after request of some online visitors who want to know special tips relating to Industrial Accounting .
See Also
From Internal Links
How to reach at top level in accounting Field
10 Tips for Interview taker for accountant post
Some tip for solving any accounting problem
External Link
Industrial Accounting in Lappeenrantra University of Technology
Professional accountants are the back –bone of accounting and auditing. They can change accounting concepts and add new concepts of accounting. Accounting is a concept of proper maintenance of accounts. Accounting means system of recording transactions in any organization. Accounting has three parts. They are worked jointly with each and other. These parts are financial, cost and management accounting. Other officers cannot make accounts because they have not any education of accounting or auditing. Professional accountants can easily develop accounting field. India is fast growing in the field of accounting and auditing. Senior and experienced accountants said," Professional accountants are like scientist for discovering new inventions in the field of accounting and auditing.” They can solve every accounting problem of business and any other profession. Our senior and experienced accountant Scholars established general accepted accounting principals by hard work and continuously research in the field of accounting. So young accountants should rise, awake and never lazy for their accounting profession. Their target is of becoming accounting troubleshooter for business.Every year, millions of students join in accountants jobs. All the accounting and auditing are done by our young accountants. Today, India is suffering with several problems like ignorance of accounting education, fraud and cheating in accounting, laziness in govt. accounting and highly manual works in accounting.Tally 9 gives you the very good facility of automatically calculation of interest on the the basis of information given by the tally user at the time of making of ledger. After this tally user can see the effect of interest collected against every ledger and every transaction. In tally 9 we can calculate both simple and compound interest. There are following steps for interest calculations in tally 9
1st step
Open tally 9 , and go to features F11 button and click it and yes in the front of activate interest calculation and advance parameters . After doing this interest calculation button will activate and accept the feature form. This is the first step which you have to pick up .
2nd step
This step divided in to two part ,
First part →
At the time of creation of ledger
If you have not made the ledger then go to Account info → ledger → create → write yes in the front of activate interest calculation and set the the internal setting
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