Redesign your Profit and loss account in tally 9

Tally Company provides many facilities when you are watching the profit and loss account in tally 9. If you have deeply concentrated right side of profit and loss account sheet, you will find 13 buttons. I explain you what are main purposes of these buttons.

F 1 – Detailed

If you press this button with mouse, you will find the detail of profit and loss account. In manual accounting when, we make profit and loss account, we make also footnotes for detail of items. These all footnotes are now available in profit and loss account of tally 9. If you want to print this report you can just click print and you can profit and loss account with full detail.

F 2 – Period

This button provides you any period’s profit and loss account. This button can be used to see Yesterday Company’s profit, Company’s profit with in 7 days, and Company’s profit with in one month, company’s profit with previous year. You have just written the beginning date and end date and you will find different profit and loss. This tool can be used by account manager any time to compare company’s profit with competitors’ company’s profit.

F 3 – Company

If you are watching one company’s profit detail in profit and loss account, you can see other company’s profit detail just clicking and choosing company. Suppose, I am watching TATA’s profit and loss account, if I want to see Reliance’s profit and loss account, then I just click company and choose Reliance Company, Tally automatically changes from TATA Company to Reliance Company.

F7 – Valuation

This function key will help you to show closing stock at different system of valuation and you can find the difference. You can change your profit and loss account’s profit by changing one system of valuation to another system. In cost accounting, you have studied these systems of valuation in detail. Main and usable systems of valuations are default, First in first out, Last in first out.

C – New Column

With the use of new column button in profit and loss account, you can easily compare your profit and loss account with your base system of valuation of closing stock to any other system of valuation of profit and loss account. This is very important for large scale company who want to show better performance of company’s profit through profit and loss account; they can easily adjust their profit and loss account easily by analysis study of these comparable reports. Suppose , if I have applied LIFO method and my profit is something and when I apply FIFO for valuation of closing stock , then my profit is more than LIFO method before publishing , I can easily change my profit and loss account from LIFO to FIFO and show better position in market with any fraud of window dressing . So , I think this button is most usable for account manager and they can suggest to businessman , what method of valuation of closing stock is most benefited and show better position in the world market .

A – Alter Column

This button can be used one accountant want to compare two company’s performance with same method of valuation of closing stock. With this business man can think which company is performing better and then he develop that company because, why businessman starts and invests in company because of motive of earning profit.

But some time Accountant can help company for making new plans just one company with any other method which shows higher profit than your competitor’s profit. How can he do this and show his accounting bent of mind. It is very simple; he only keeps your competitor’s company’s profit and their method of valuation, now design, your company’s performance by changing and changing different valuation method and check what is level of performance , it may possible that at any method of valuation of closing stock , your company’s profit becomes more than your competitor’s company . This is very confidential and it is also necessary for accountant that he should consult to company only when , company needs his help for redesigning company’s performance because trust of company on your very necessary for taking such actions .

F9 – Inv Rep

This button is useful for finding Inventory report within profit and loss account; this button is just link of profit and loss account and other reports of inventory.

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Accounting Education: Redesign your Profit and loss account in tally 9
Redesign your Profit and loss account in tally 9
Accounting Education
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