Financial Accounting

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on January 05, 2021

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Financial Accounting

insurance premium \ General insurance entry in tally prime

insurance premium is an amount paid to an insurance company for a policy that provides coverage for certain risks. Insurance premium can be a business expense if it is related to the business operations and activities. To record insurance premium entry in Tally Prime, you need to follow these steps : Create a ledger for insurance premium under Investments / Current assets group. You can name it as Insurance Premium or any specific name as per your requirement. Create a ledger for cash or bank account under Cash-in-hand or Bank Accounts group, depending on the mode of payment. Go to Accounting Vouchers > F5: Payment. Select the date and voucher number. Select the cash or bank ledger from which the payment is made. Select the insurance premium ledger and enter the amount paid. Enter the narration if required and save the voucher. The journal entry for insurance premium paid will be: Debit: Insurance Premium Credit: Cash/Bank बीमा प्रीमियम के लिए Investments / current assets समूह...

Stock journal voucher use in tally prime // stock transfer inter-godown in tally prime

stock journal entry in Tally Prime is a type of inventory voucher that helps you record various stock adjustments, such as inter-godown transfer, additional cost or expenses involved in the transfer of goods, accounting for wastage or shortage of stock, or manufacturing process To record a stock journal entry in Tally Prime, you can follow these steps - Go to Gateway of Tally > Inventory Vouchers. Click Alt+F7: Stock Jonranl or press Alt + G (Go To) > or press F10 (Other Vouchers) > type or select Stock Journal. Enter the date, reference number, and narration of the stock journal entry. Under Source (Consumption), select the name of the item, the godown from which the goods are getting transferred, and the quantity and rate of the item. The amount will appear automatically. Under Destination (Production), select the name of the item, the godown to which the goods are being transferred, and the quantity of the item. The rate and amount ...

Value added tax (VAT) in tally prime

value added tax (VAT) in tally prime is a feature that allows you to record, report, and file VAT transactions in an accounting software called tally prime. Some of the steps to enable and use VAT in tally prime are: To enable VAT in tally prime, press F11 (Features) and set the option Enable Value Added Tax (VAT) to Yes. Enter the company TIN and Interstate sales tax number. You can also set or alter tax/rate details, define VAT commodity and tax details as masters, and configure other options as per your requirements . To view VAT reports in tally prime, press Alt+G (Go To) and enter VAT. Select VAT Forms and choose the required report. You can also go to Gateway of Tally > Display More Reports > Statutory Reports > VAT Reports . To record a VAT transaction in tally prime, go to Gateway of Tally > Vouchers > press F8 (Sales) or F9 (Purchase). Enter the details of the party, stock item, quantity, rate, and VAT classification. You can also specify if the...

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Financial Accounting