How to prepare a Balance Sheet in Tally ?

For last few months, I am selecting topic to post on this blog is from the search term my reader use to find the item they requires. Today, I will let you know how to prepare balance sheet in Tally.As frequently I am finding this term at my Lijit.com Search Box

First of all, we will look this matter from the view of manual accounting system
The process of Manual accounting is :

1. Preparing Vouchers/Bills etc.
2. Preparing Cashbook, Journals, Purchase and Sales Register and Bank book
3. Preparing Ledgers by posting items to individual ledger account from the item no. 2 as above
4. Preparing a Trial Balance
5. Preparing Trading and profit & Loss Account
6. Preparing Balance Sheet

Now, Vouchers, Bills ,cheques  are the base of accounting system they forms a transactions which are recorded in day book,cash book,bank register,purchase/sales register
then each transaction has been posted to related ledger account.
then on a particular date, Dr. and credit balance of each ledger trasferred to Trial balance, including closing cash on and bank balance on that date.
by following this process, the unit prepars A trial balance
Thus, A trial balance sheet shows summary of sales,purchase,assets and liabilty, expenses and income during that period.
Now from the trial balance sheet all items relating to revenue expenses,revenue incomes, sales, purchase etc are transferred to trading and profit and loss account.
Also stock on that date is to be valued and effected into the profit and loss account.
now if any provision for interest, taxes have to be made then the same are effected into Profit and loss account.
The result will be the Net profit and loss account.that will be transferred to Capital Account
Now items representing capital assets, cash/bank balance, capital and sundry debtors and sundry creditors in the trial balance are transferred to the Balance sheet
also stock to be shown in the balance sheet.
Now your balance sheet is ready.

In Any computerization Accounting system, preparation of balance sheet is relatively very different then as stated above.

In computerisation Acccounting software, all you need to create ledger accounts under proper grouping and t hen start entering vouchers only.

You don’t need to prepare any register
No need of posting to any ledgers
No need to prepare a Trial balance sheet
No need to prepare a Balance sheet
Because once you post a voucher in  a proper way, all the above reports the system will prepare automatically without any error or calculation.

In tally, you need to specify closing stock as on the given date to prepare a balance sheet which I have shown in my earlier posting.
Please read how to put closing stock in tally

Accounting for Non-Accountants, 2E: The Fast and Easy Way to Learn the Basics How to prepare a Balance Sheet in Tally ?

Reblog this post [with Zemanta]

Related posts:

  1. Reconcilation in tally
  2. Journal Entry in Tally.erp 9 : how to do ?
  3. Zero Valued Entries
  4. Opening and Closing Stock in Tally
  5. Columnar Sales Register in tally | How to view ?
Netfirms Plus Hosting Plan

Advertising Online