Insurance Premium Entry in tally prime

 insurance premium entry in tally prime is a way of recording the payment of insurance expenses in an accounting software called tally prime. There are different types of insurance entries depending on the nature and purpose of the insurance policy. For example, if the insurance premium is paid for a fixed asset, it can be treated as a prepaid expense and adjusted over the period of the policy. If the insurance premium is paid for a general liability or risk coverage, it can be treated as an expense and debited to the profit and loss account. To make an insurance premium entry in tally prime, you need to create a ledger for the insurance company under sundry creditors group and a ledger for the insurance premium under indirect expenses group. Then you need to pass a payment voucher by debiting the insurance premium ledger and crediting the insurance company ledger. Insurance premium