Accounts : Let’s start from Basic

Posted on December 1, 2011 by Mahendra • 58 Comments

This blog is for all those who wanted to learn accounts with basic. Understanding basic accountancy is very much needed and it will help you to understand financial properly otherwise you will be lost and will search over Google here and there and every where

The most important thing in business without which business activities in relation to financial matters becomes clueless and have no goals, no ideas where they are going, where they started, where they are right now, what will happen.

In a Business a lot of transaction occurs and at each steps one needs to record them, monitor them, needs various reports from the past and current data so the future plan and financial goals can be achieved otherwise every efforts becomes meaningless

As Many of you already aware some basic rules of accounts yet i will go again with the same rules which are the life line, and root of entire accounts

When a financial transaction incurred, it has two effects
1. Money, goods, property changes hands
2. It may result in a profit or loss or neutral to the concerned party

The transaction when recorded, it always in the following way
1. One account is debited
2. The other account is credited

These are the thumb rules of accounts and a bit more thumb rules will be in my next post

Mahendra (192 Posts)

Mahendra is founder and CEO of the I Vision Infotech, Authorised Tally Sales and Service Partner and helping Tally users to learn Tally and accounting free through this site

mathumathi

dear sir,

i want short cut keys to used in tally

regards
mathu

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mamta

how can i follow you on twitter

balaji

i dont know accounts. i want to learn tally on tamil. it is posssible a sir

Rajinder

I want to learn tally9 online because i know that your programme is very better for us.

Neha Singh

Respected Sir,

I have done M.com in 1st div and presently i am working.I want to learn tally know and just want to know good institutes(Delhi) from where i can learn it.

Thanks
Neha

Rahul

I want to learn Tally9 ? pls help me

jamil ahmad

bkr

i have tally data of a company in my pen drive.i want to see on my computer.how to proceed?

Ramesh Pokhrel

Dear sir
At invoiing or delivering time I need to mention the last rate of the same goods for the same company which should come automaticelly. Is this facility avliable in tally? but I know the pricing method.

Thanks in advance for the reply
RAMESH

Nishan Pokhrel

Dear sir,
Can we find the invoice no with the help of delivery note no? eg. I made DN 123 and passed invoice no 555 but later i forgot wheather invoiced or not against DN 123. But I need the invoice no 555 with the help from DN. please make sure that I am not asking regarding SALES BILL PENDING.( Suppose now I have DN 123and I need invoice no of the same DN.)

Thanks & Regards

NISHAN

WINNY

I would like to learn tally. I dont know the abcd of tally.Is IT POSSIBLE TO STUDY TALLY WITHOUT THE KNOWLEDGE OF ACCOUNTS.I DONT KNOW ACCOUNTS ALSO.PLS GIVE ME A REPLY....THANKS....WINNY ANDREWS

Dear sir,
Thanks for your answer. But I got a problem which is mentioned above by Mr. Ramesh and I checked that problem but got the same result which was found by Mr. Ramesh. Then I also tried to solve the following problem.

Received Goods.

Date Qty Rate
1/1/2011 500 40.00
3/1/2011 400 30.00

Delivered
Date Qty
4/1/2011 600

But closing stock is shown 300 @ 35.56 in different stock valuation method ( FIFO, LIFO Annual, Last purchase cost, FIFO Perpetual avg. cost) so how it is coming the same rate in different method? Could you advice pleaee?

Mahendra

Nishan n Ramesh

Whilevcreating a new item master one shold select the default valuation medhod e.g. FIFO or LIFO.
Even if you have not selected it it does not have any effect.valuations refers to closing or opening stock unfortunately people have s misleading impressions and they generally consider n relate it with issue price.
O would recommend you chlorine valuations as op. Stock + purchases - less closing stock using any method say FIFO or LIFO. you will get correct closing valuations

Dear sir,
Thanks for reply but I am not getting the option of CANCEL. Could you help me how to calcel the vouter.

Nishan.
How to any voucher u wish to cancel.than press alt + x

Dear sir,
If we choose the automatic voucher number and when we delete any one of them at that time all voucher number which comes later from deleded no. automatically change. Is there any idea to stop the voucher number changing? eg. if we deletae voucher no 5 at that time 6 will be 5, 7 will be 6, 8 will be 7...................like this.

Waiting valuable reply
Thank& Regards
Nishan

Nishan.
Instead of deleting a voucher use cancel. N if you are not comfortable with cancellation you can do with a tel called auto mannnal voucher number.

Dear sir,
I have been using Tally from last 5 years.Now I mention problem and stock report which is shown by Tally 9. Material name BAG
Purchased Qty Rate Amount
1/1/2011 200 40.00 8,000.00
3/1/2011 300 30.00 9,000.00
4/1/2011 400 40.00 16,000.00
5/1/2011 500 20.00 10,000.00

Delivered Qty
4/1/2011 600
6/1/2011 100
7/1/2011 200

finally I checked stock value using different method ( FIFO, LIFO Annual, Last purchase cost, FIFO Perpentual) but I got the same Rate 30.71 and i am sure that it is come if we use weighted avg. method. So I want to know how comes the same rate in diferent method.

Thanks in advance for the nice reply.

Ramesh.
Waighted average valuations is yet not supportedvin tally.perhaps u r refferring to average cost. I confirm Fifo.Lifo etc all methods r giving perfect result in Tally.

Dear sir,
Could you share the idea how to set in inventory valuation for LIFO or FIFO method. Thanks in advance for the reply.

Ramesh,
Go to item master and you will see valuationethod.just select LIFO or FIFO as per your choice.if your tally screen does not show valuations method than press F 12 and set advance entry yes

Dear sir,
How much data can we store in Tally 9? And how to use LIFO & FIFO method in Tally 9?

Thanks in advance for reply.

Ramesh
You can save unlimited data but system may behave slow.
Fifo n lifo u can set in inventory valuations.

Ruhee gupta

I want to learn tally.I don't know its basics also. I am totally nil n want to learn as early as possible

subbarao s

i want to learn tally in easy way. so please send me tally papers step by step through mail.

sandhya rani sethi

Sir, i want to learn tally in easy way.so plz send me tally papers sep by step through mail.plz.

Sandhyaji,

You need to read as much as possible. use the Educational version of Tally. else join a Tally academy near to you.
you can also buy the Video CD http://www.lsoit.com/samples.asp?custid=19

I am sure it will help to learn in an easy way.

I'm housewife.trying for a gud job,so i want to learn tally in proper way through net.plz help.

I LOVE TALLY

Hi, U can learn Tally from the site itself from:-
http://experts.tallysolutions.com/tallyweb/modules...

download pdfs and then start reading the basic documents. Download the education version and start practicing.

KUNHU

Dear Sir
Iam kunhu
how to print in modifyde type

FRANCIS

Hi
iwill be glad if you could teach me tally online.
thanks

Revathi

Hi sir,i want to learn tally.So i request you to teach me tally.

navin kumar singh

Dear Sir,
I am Pass out Inter with science, Graduation with general arts(pass course).
Sir I am interested with tally but I have no knowledge to how start tally. so sir please send me on my email id step by step for bignning tally.
Thanks Sir,
Your faithfully
Navin kumar singh
Bihar

umesh

I Dontknow the how to learn tally please send me some free hand books for learning,

Umesh,
No one have that Free time to help you or others!

sangeeta munshi

hello sir ,

I am living in haryana.Iam urgent need to tally.

shakrar husain

i m shakrar husain live in delhi , i m a simple commerce graduate write now i m talking tally classes in an institute i want to ur help

plz rply soon

thanking u.

shobhana

Mahendra
Sir I am putting up in Delhi.
And I am in urgent need to learn tally .. can u please suggest me any book or link where can I get all information about tally.
Can you please share email-id or your contact no. so that it will be easy for me to contact you.
Regards
Shobhana Tripathi

Aditi

Sir,

i m learning tally but its very difficult to understand how it works. Even being a commerce student my accounts is average. i get confused while making entries. I really wanted to be very perfect in accounts. If you can provide me a notes on accounts and teach me tally i will be very grateful to you.

Aditi,
Please read my response to Mr. Sajid. I have well explained how to learn tally.erp 9

sameer

i have a doubt some material we will purchase in kgs but we will sell in nos ex raju purchase a 100kg of strips which contain 100 nos of strips but i have to sell tat strips into nos

Dear Sameer,
Please post your queries through support centre from your tally software. please read the article on how to reach us

thanks

hii this is sameer i have an doubt tat i want to be clear so please help me. in tally if gave 12.5kg means it shows 13kg only y ex rama purchased apple 12.5kg in tally it shows 13kg

ashok dubey

sir
i could not open &quot page
i am new on computer and do not know much of it
what is facebook rss twitter and i did start chat but got no reply
i get to use the computer only in the mornings
thank you

Dear Ashokji,
No Problem, I will not make things more complex and we will go on simple way.
To understand accounts, you have to keep in touch with me. Now start keeping a watch on your accounts.
First of all, you need to have some basic knowledge of accounts.
I am giving you link of some basic articles which will help you a great extent
Please browse this <a href="http://www.tallynine.com/category/basic-accoutancy/">basic rules of category
what I meant to say is that just click the anchor text( basic accountancy as shown in bold in above line) and you will be directed to the related page.
Once you understand this basic rules, Then I will guide you further. Meanwhile you may send me your queries or doubts at any time without hesitation.

My age is 45 yrs. my brother has started a business which is just one year old. neither he nor i know anything of accounts. he hasd an accountant who keeps the books. we would like to learn accounts and tally. please help us. what should we do to learn accounts and know what the accountant is doing. thank you.

Pranita

Hello Sir
I want to learn tally 9.0 as I am a commerce student I have also completed my T.Y.Bcom but I am week in accounting and still I want to learn tally as I am not able to go fr classes becoz of my job. so I requst u to teach me tally 9.0.

Regards
Pranita

Pranita,
First of all, you need to download an educational tally.erp 9 software which is available for free on the download section of this site.Then please refer the article on step by step company creation in tally.erp 9. for more details you can send me mail or can follow me on gtalk, twitter or facebook whichever is convenient

vitthal

hiiii i want to learn tally at home as iam nt able to manage to attend the classes for tally so now iam just blank about tally but iam a commerce student and done my Bcom so it will be easy for me to undstand it, i hav the lates version of tally something like 9.0.

please help me to learn tally..

regards
Vitthal

I can make you expert in Tally.
Please fill up the Cform Test as appearing in the top left side of this site.
Best Regards,