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Q1) Write a note on Invoice entry.
Invoicing or sales invoicing is not very different from sales voucher entry. In fact, we use the same voucher but select ‘As Invoice’ option to turn it into a Sales Invoice. Purchase Invoices are recorded through normal Purchase Voucher entry and it does not have the provision of being converted into an invoice format for entry purposes. However, you can print the Purchase Voucher as a Purchase Invoice or even a Purchase Order.
In recording both sales and purchase invoice details, you can adjust accounting and inventory balances and account for VAT (Value Added Tax), all at the same time.
The default invoice formats have a variety of configuration options. Using them we may print our invoices. We may not need to create new invoices formats. It is recommended that we attempt to configure the default invoice itself. However, should you finally feel that the invoice does not meet the needs, you can design a new invoice using Tally’s Definition Language Report Designer. The TDL is quite an advanced language with which you can create new reports and screens. We may even modify existing reports and screens. However, it is a specialist’s job and would require advanced training.
Ensure that:
i) In [F12]: Configure under Gateway of Tally, Voucher Entry, in the Accounting Vouchers section of the screen, Show Inventory Details is set to Yes.
i) In [F11]: Features and in the top section of the screen, Allow Invoicing is set to Yes. This brings up another option, that of a separate discount column. If we have to separate column for discount in invoices, say Yes.
Also Ensure that:
1- In Accounts Info. > Ledgers, ledgers of the type purchases and Sales Accounts have Inventory values are affected set to Yes.
2- If we want tax accounts like VAT or Sales Tax (under the group Duties & Taxes) to use automatic calculation, ensure Percentage of calculation is entered (e.g. 17.5) and has appropriate Method of Calculation. If it is to use Tax based on Item Rate, then the stock item must have the rate specified.
- Dispatch Details : Give the dispatch details here. These are printed out on the invoice.
- Order Details : The order particulars may be entered here. If a prior order was recorded for the customer, a pop-up list of pending orders appears from which you select the relevant order or orders. You may raise an invoice against a single order exists for this invoice but you want to record the order particulars. Select Not applicable if not applicable. Select End of List to move to the next item.
- Buyer’s Details : The Buyer’s Address as per the master records appear as default, but you may alter it. If you have confirgured to have the Consignee address as well as Buyer address, its details too appear. Accept of modify them as necessary.
- Inventory Allocation : Inventory items that are to be invoiced have to be entered. Once you have selected the first item and the tracking number, if you have multiple locations set up, secondary screen pops up for accepting the item particulars.
Item Allocation for Maxell Disks 3.5 |
| Location Quantity Rate per Amount |
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Give the quantity, rate and unit particulars. You may select more than one location from where the goods have been dispatched. Press [Enter] at the first blank location field to accept the first item’s allocation of location and other details. You now have to give the accounting ledger that will be affected for the sale of this item.
Accounting Details : This information is to be given in a secondary screen that pops up after the allocation or each item. Select the relevant sales account to be debited for the first item. The screen will be as below:
| Accounting Details for : Maxell Disks 3.5’’ Upto: <=40.00 Cr. |
| Paticulars Amount |
| 40.00 |
Sales of Disks is a ledger account under the group Sales Account. It is the credit entry to the debit effected by the Party a/c name.
- Where you have more than one stock item : Each item will require item allocation and accounting allocation as above. You must repeat the procedure till you have completed all the items for that invoice. Press [Enter] on blank item or select [End of List] to complete the cycle.
- VAT / Tax or other expenses : These accounts are entered after the total value of stock items. Select relevant ledgers for the list. These are ledger accounts and will affect accounting ledgers. For accounts like VAT / Sales Tax that are under the group Duites & Taxes (or are otherwise specified s Calculate in invoice entry in their masters), the amounts are calculated automatically. Press [Enter] on blank item or select [End of List] when you have completed.
- Bill Details : After the cursor leaves the total amount field, you must give bill-wise particulars, if the feature is activated for this particular party ledger.
Q2) Write a note on:
i) Journal voucher
A Journal Voucher is an adjustment voucher. All amounts to be adjusted between two accounts are to be passed as a journal. By adjustment between the accounts we mean, there is no physical movement of funds. Purchase Returns, Sales Returns, Depreciation on Fixed Assets etc., can be entered through
the Journal.
Journal entries can be entered by pressing the functionetc., can be entered through the Journal.
Journal entries can be entered by pressing the functionl key F7.
In Accounting Features, if Use Debit/Credit Notes option is set Yes, then, if voucher type is set to
Journal (F7), three options will be displayed.
List of Journal Vouchers-
(i) Credit Note
Credit Note is used to enter the transaction related to Sales Returns or when there is an excess debit to
a party.
In case of Credit Note, always Credit aspect (ledger account of party who is returning the goods) is entered first.
(ii) Debit Note
Debit Note is used to enter the transaction related to Purchase Returns or when a customer is short-billed. In case of Debit note, always the Debit aspect (the ledger account of party to whom the goods are returned) is entered first.
(iii) Journal
Journal is used to enter the amount to be adjusted between any two accounts. The adjustment to be made can be between any two parties or any other accounts.
When making a Journal Entry, always Debit aspect is entered first.
ii) Sales voucher
Sales Voucher is meant for
assets of the office) will be entered in this voucher.
business) must be entered through Receipt voucher and not Sales Voucher.
Generally, business sales are made on credit. Tally allows the user to enter both cash and credit sales.
A sales Voucher can be entered by pressing the function key F8.
Debit and Credit accounts of Sales Voucher are.\,
| Debit | Credit |
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In a Sales Voucher, always Debit aspect (the account of Buyer) is entered first.
iii) Payment voucher
Payment voucher is used to enter all type of payments by cash or bank (payment by bank cheques).
Even the amount paid for the purchase of Fixed Assets like purchase of machinery, Land, Furniture
etc., (not being the regular course of business) must also be treated as Payments.
Pressing the function key F5 can enter a Payment Voucher.
Debit and Credit accounts of Payment Voucher are,
Debit | Credit |
| Ledger account paid e.g. a Sundry Creditor or an expense account e.g., Electricity Charges. | Cash or Bank A/c (e.g., Canara Bank A/c) |
Q3) What is the difference between purchase order and sales order?
| Purchase Orders | Sales Order |
| 1- How to create a Purchase Order – Purchase Order details will also depend on configuration settings. Let us have a look at the configuration and voucher types. From Gateway of Tally > select Voucher Entry > F9: Purchase > Select Purchase Order. 2- Purchase orders includes Party’s A/c Name, Order No, Name of the item, Due on, Location, Quantity, Rate and Amount, Additional Cost Details, Next Item. 3- Alter a Purchase order – We can alter a Purchase Order by displaying it from a variety of places but is easier through the Purchase Order Book or the DayBook. i.e., Gateway of Tally > Display > Inventory Books > Purchase Order Book or Gateway of Tally > Display > Day Book. 4- Delete a Purchase Order – Alter an order and use [Alt+D] to delete it. | 1- How to create a Sales Order – Sales Order entry is exactly like Purchase Orders. It will also depend on configuration settings. Hence, have a look at the configuration and voucher types. 2- Sales Order includes Party’s A/c Name, Order No, Name of the item, Due on, Location, Quantity, rate and Amount, Additional Cost Details, Expense/Tax, Narration. 3- Altering Sales Order – We can alter a Sales Order by displaying it from a variety of places, but it is easier through the Sales Orders book or the Day Book. From Gateway of Tally > choose Display > Inventory Books. 4- Deleting Sales Order – Alter an order and use [Alt+D] to delete it. |
Q4) Write a note on profit & loss account.
Profit and Loss Account will display the Net Profit or Loss of the company for the current financial year. To view the Profit and Loss Account, select Profit and Loss Account from Gateway of Tally menu.
Profit and Loss A/c - Tally
- Display the detailed Profit and Loss Account
To display the detailed Profit and Loss Account, press Alt+F1.
If detailed Profit and Loss A/c is displayed, to display the condensed Profit and Loss A/c, press Alt+F1 again
To display the Profit and Loss Account for a specific period of time, press F2 and type the From and To dates.
To change the method of calculating the Closing Stock Value (FIFO, LIFO etc.,) press F7.
To view the Profit and Loss A/c of more than one open company, press Alt+C.
Similarly, to delete a column ofscompany press Alt+D.
- Configuring Profit and Loss Account
To configure the Profit and Loss Account, press F12. By default, the profit and loss account will be displayed, horizontally with the details in 2 columns. To display a Vertical Profit and Loss Account, select Show Vertical Profit & Loss ? Yes. Default is No.
To view the percentage analysis of Profit and Loss A/c figures, select Show Percentages? Yes. Default is No.
By default, Profit and Loss A/c calculates the Gross Profit and then Net Profit separately. If Gross Profit calculation is not necessary, select Show with Gross Profit/ No. Default is Yes.
To change the scale factor for values like lakhs, crores, hundreds etc., use the Scale Factor for Values.
- Printing Profit and Loss Account
To print the Profit and Loss Account on paper, press Alt+P. The format in which the P&L A/c will be printed is displayed. If there are no changes to make, press Y (Yes) to print the Profit and Loss Account. But if there are modifications to make, press N (No).
Scale Factor for Values is default. It can also be lakhs, crores, thousands, hundreds, millions etc.
Format of Profit and Loss Account can be Detailed (default) or Condensed.
Show Vertical Profit and Loss Account or not (No for Horizontal Profit and Loss Account)
Display the figures with Percentages or not.
Profit and Loss Account is to be printed with Gross Profit or not. By default it is printed with Gross Profit.
To select the Printer name, paper type, orientation of printing etc., press Alt+E. Installed printer names will be displayed in a list. Select the appropriate printer using which the report will be printed.
To specify the number of copies, press Alt+C, by default, only one copy will be printed.
To specify the Profit and Loss Account Titling, press Alt+L. After changing the required options, select Print? Yes.
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