Softsmith Infotech Basic Accounting & Tally Basic Accounting & Tally What is Accounting It is an Art Recording,Classifying & analysing Transactions Financial Nature Interpretation of results Basic Accounting & Tally
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Basic Accounting & Tally
What is Accounting
Following are the rules for each Account:
- Debit what comes in
- Credit what goes out
- Debit all expenses
- Credit all incomes
- Ledger is individual record as well as summary of a transaction pertaining to an account.
To Account ( Cr)
(Cr is not generally shown)
Example: Cash Account, Capital Account
- List of all Debit and Credit Balances
- Only Nominal accounts are transferred
Transaction is recorded in respect of an Account
Examples for Tally work:
Debit balances Credit balances
Total 23000 23000
Example with Stock in Tally:
Shown in Tally under Reports. If transactions are correctly entered as per accounting rules, the Profit & Loss account in Tally shows the profit or loss automatically.No separate posting needed.
Advantages of Tally over Manual System