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How to enter Multi Currency in Tally 9 : PART I

If your company is dealing in export/import and then it is become necessary to make export/imports bills and entry in a foreign currency. it is also very important to effect profit/loss on each foreign transaction and if you don’t’ enter export/import in a foreign currency then you have to do this job manually.

However, Tally.erp 9 makes it easy to record such transaction.

Here I have uploaded a file to the rapidshare at the following link through which you can know how to create necessary ledgers for recording forex transaction

http://rapidshare.com/files/227917411/Multi_currency.doc

Please don’t forget to come back. within couple of days, I will let you know how to make entries in a foreign currency and also how to make journal entry TO EFFECT THE PROFIT/LOSS ON FOREX

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Service tax in Tally

Service Tax in Tally

Service tax is one of the common taxes in India. Some of the service categories in India are

§ Advertising Agency

§ Beauty parlors

§ Consulting Engineer

§ Transport of Goods by air/road/rail

Now Let us take an example of a case where I am the business owner of a car motor servicing company. I offer services and at times I also take consultancy from a giant management consultancy provider named Delloitte

Now let us see how this can accounted for using Tally.

1) Open TallyERP.9 and then select your company, if you haven’t created it yet, then you may create a company in 4 minutes

Also select the respective state you are in. Once that is done enable the service tax, by pressing F11 and then F3.

Fill in the details of service tax registration etc.

Note-Large Tax Payers are those assessees who pay

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Vat guide in Tally with screen shots

Mr. Varun has written this excellent Vat   guide in Tally  to assist Tally community. Varun  loves to help tally user community. This is an extensive guide which is very useful for beginners as well as advanced users of Tally.erp 9

Vat guide in Tally | Examples

Sales for specific type debtors with VAT Class

There are instances when you have a specific customer whom you want to give a predetermined discount irrespective of the item he purchases. These are special customers. Vat guide in Tally in pdf format will help you to understand it properly

let’s assume, I am a mobile dealer. I have two sets of customers

Retailers and Wholesalers

I have a fixed price for retailers and a discounted price for wholesalers

This article will help you how to activate  discounts at the time of entry and this can be done

 

from ( press F11 and then

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How to Learn Accounting without a degree?

Today we are living in a language arena. We have  a language all around us. Be it a human life or an animal life, tech life or a social life language is every where. In tech life, Java, C++, Ruby on Rails etc are the languages of  a computer so without the languages its difficult to have a meaningful life. We do business and business also have a language and wiki defines accounting as the  language of business

Learning accounting means learning the language of business and to learn the business language we need to be familiar with the  accounting principles. Knowing accounting principles is called basic accountancy. The more the basic is strong the more stable building you will be able to struct and so, to learn accounting you need to lay down a solid foundation of knowing the accounting principles.

 

 

 

Many people ask me

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TDS Example in Tally

TDS Example in Tally will help the user to get hands over Tally.erp 9.

TDS Example in Tally | SIMPLE

WAY of Using TDS

My Business Need:- I own a firm and I need consultancy services from a reputed consultancy firm Eloite. How do I account for the payments that involve a TDS. Taking consultancy from a company requires that I need to deduct the TDS applicable and then pay the remaining amount to the service provider. Since consultancy is being provided (Fees for Professional Or Technical Services) is applicable in this case. Now let us go through the step by step to learn TDS Example in Tally 1. A journal entry is passed to account for the consultancy services taken, we will assume that the total service charge is Rs. 1,00,000. Now first step is to configure our company for TDS, the easiest way to do this is through

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How to Choose a Business Accounting Software For Your Business

In today’s technology age, we can not imagine a professional business without an accounting software. However selection of a suitable accounting software is a tough job for small business units considering limited resources available to such units with reference to money, training and skills that required to maintenance the proper accounting software as well as the individual requirement of every small business differs one to one.

Every business units should consider following criteria before selecting a proper accounting software for its requirement that match perfectly and serve the purpose of the same.

The following major aspect must be looked before you choose an accounting software for your business

A) Easy to handle

An accounting software should be simple as much as it is possible so that a small business owner can take maximum benefit of its considering limited resources available to the unit. If the software is complex, then you

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QuickBooks Accounting Software

Quickbooks Accounting software is is widely using in western and many other countries. Its a web based software.

In Accounts and business world there is a range of Accounting software like Tally.erp 9, Quick-books, Simple Accounting,Peatchtree,SAP and many more. Every ERP software has its own pros and cons and we can’t figured out a particular software as the best for us. One should know other software and then should consider his/her specific requirement and expectation from the software and the available resources to apply the same.

deployment of any ERP accounting software requires huge investment by means of finance, training, time etc so the decision should be taken after examining all aspects like your requirements and ability of the software to satisfy the same, the available trained staff to manage the software etc.

QuickBooks

Quickbooks is a popular ERP Accounting solutions in countries like USA, UK, and many other countries.

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how to track cost for stock item in Tally| stock cost tracking

Stock Cost Tracking for stock item in Tally is now possible with Release 3.0.

Generally Cost tracking is used by companies engaged into manufacturing activities however it is also useful for non manufacturing companies to track costings of various items the company deals into.

 

Cost tracking for various expenses per item is a management reporting system which help management to decide the profitability of an item. It helps in a better decision-making process for inventory management Release 3 of Tally.erp 9 help you in the set up

The steps to follow in Tally.erp 9 to track cost per item for each ledger is as under :

 

ENABLING  STOCK COST TRACKING

 

Go to Main Menu of Tally than go to configuration page e.g. F11

Press F11

Select Inventory Option(F2)

Enable stock cost tracking to yes and accept the Screen

 

 

 

Now you need to set up

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House Rent Allowance In Tally|Payroll configuration

House Rent Allowance is an important Salary part and rules about Tax treatment for HRA is a bit complex.Fortunately Tally Solutions timely come out with Income Tax in Salary which was a long-awaited feature for Accounting staff like me who have to file ETDS return, form No. 16 to employees, Income tax return for Staff within the stipulated time limit.You can use Income Tax on Salary in Tally only if you have enabled Payroll in Tally, created employee master and  Salary master with proper set up and posted auto fill Payroll entry.else you have to prepare all reports related to  Employee Taxation manual and this article is not going to help you in any way.

House Rent Allowance is also known as HRA and is widely used by companies as well as employees to claim tax relief.

In this article, I will explain you how to configure House Rent Allowance in Tally.erp

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how to modify Ledger Master : Learn TDL

It's no secret that TDL is Tally's programming language and by learning TDL, you can alter default reports in Tally. You can create your own reports, can change an existing reports or can integrate Tally with other application to import/export seamless data.

We are providing free TDL to help you to learn TDL . The video on Address book TDL become very popular among tallynine reader. Here is one more free TDL to add bank details e.g. bank Account no., IFSC Code No. Name of Bank etc in Debtor’s Creditors Master Ledger Account. Latter on we will see how to use this newly add bank details in contact details.

[#Part :Led Contact]
Add: Lines : MyBank Ac,MyBankname,MyIFSCno

[Line : MyBank Ac]
Fields : Medium prompt, MyBank Ac

Local :field : Medium prompt :Set as : ” Bank Account Number :”

[line :MyBankname]
Field : Medium prompt,Mybank name
Local : Field : medium prompt : Set as :” Name of

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