Introduction of Tally 9 (Part 4)

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:-

1. Making suspense payments
2. Vouchers not verified at the time of entry
3. 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’