Trading
Account &Profit & Loss Account
Trading Account:-
Trading account
is one of the financial statements which shows the result of buying and selling
of goods and / or services during an accounting period
Profit & Loss Account:-
The Profit
& Loss account is one of the financial statements. It shows the financial performance of business
during an accounting period
Gateway of Tally → Profit & Loss A/c
Trading & P& L A/c
Detail Profit
& Loss A/c
Click F1: Detail to get Detail Profit & Loss A/c Showing
next level Groups / Ledgers.
Click F1: Condensed toggle button to get back to Primary
Group Profit & Loss A/c.
Gateway of Tally → Profit & Loss A/c → F1
Profit & Loss A/c
Configuration
Gateway of Tally → Profit & Loss A/c → F12
Balance
Sheet
A Balance Sheet
is one of the financial statements. A Balance Sheet is a statement of assets
and liabilities of an enterprise at a given date. It is called a Balance Sheet
because it is a sheet of balance of those ledger accounts which have not been
closed till the preparation the Trading and profit and Loss Account
Gateway of Tally → Balance Sheet
Detail Balance Sheet
Click F1: Detail to get Detail Balance Sheet Showing next
level Groups / Ledgers.
Click F1: Condensed toggle button to get back to Primary
Group Balance Sheet.
Gateway of Tally → Balance Sheet → F1
Balance Sheet Configuration
Gateway of Tally → Balance Sheet → F12
Unconventional
Voucher
These
special vouchers are used to record provisional or non-accounting transactions.
They do not 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
unconventional vouchers:-
Ø Memorandum
voucher Ctrl+F10
Ø Reversing
Journal Voucher F10
Ø Optional
Voucher Ctrl+L
Ø Post
Dated Voucher Ctrl+T
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 data. It is useful in generating
provisional reports, where entries are not actually made in the main books. It
is also a useful forecasting tool i.e., you can forecasting the expenses using
provisional Vouchers and include them in your reports.
The vouchers that are used in
Scenario Management are:-
Ø Optional
vouchers
Ø Memorandum
voucher
Ø Reversing
journals
Creating a Scenario:-
Name: Give a suitable name to the scenario. In this case, it is
Provisional.
Set Include Actuals to Yes
Set Exclude: Forex Gains/Losses Calculations to Yes if you do not want the Unadjusted
Forex Gain/Loss element to appear in the scenario
Set Exclude Inventory
Tracking Calculations to Yes if you do not want the
Sales/Purchase Bills Pending element to appear in the scenario.
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 an Register voucher that are marked Optional are permitted
for selection.
Exclude: Exclude from the list of vouchers already included in the
type of voucher 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.
Gateway of Tally → Accounting Features → Use Reversing
Journal & Optional Voucher (Yes)
Reversing Journals
Reversing
journal 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. 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.
Optional Voucher
This is another
non-accounting voucher. However, it differs from the Memo Voucher in that it is
not a separate voucher type. You mark an existing voucher, (e.g., a payment
voucher or a receipt voucher) as ‘Optional’. Press {Ctrl}+ {L} or click on the button. This button toggles with
‘Regular’. By marking it ‘Optional’ the voucher does not get posted anywhere
but remains in the have the Optional Register.
Use of Optional Vouchers:-
Ø 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’.
Ø You
might want to see the impact of transactions without actually posting them.
Optional vouchers allow you to do this.
Sale Voucher
Receipt Notes
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:-
- Making suspense payments
- Vouchers not verified at the time of entry
- Items given on approval
Post-Dated Voucher
While entering
vouchers, you can post-date them, and 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}+{T} or click on the button. The
button toggles with ‘Regular’
