DE PAUL COMPUTER ACADEMY

ACCR.CENRE OF DOEACC.GOVT OF INDIA ESTD: 1981, EDATHOTTY

SHORT NOTES: DIPLOMA IN INDIAN &FOREIGN ACCOUNTING 2008

STUDIED SOFTWARES EX-NEXT GENERATION PEACHTREE COMPLETE ACCOUNTING TALLY.9.0 DACEASY 10.0

Prepared by: shihab peravoor Mob: 9605468349 Email: shihabpvr@gmail.com shihabperavoor@yahoo.com

EX NEXT GENERATION Note: If the stock is given in balance sheet, two entries should like the following; 1. Opening stock a/c dr To stock in hand (amount which given in balance sheet) 2. Stock in hand a/c dr To closing stock (total closing balance of items) (NB: do it if any adjustments is given) To create ledger: Setup chart of accounts Item creation: Setup select Items for creation For balance sheet: Reports view balance sheet Main accounts & corresponding types Creditors suppliers Debtors customers Bank bank Cash cash Shortcut Keys F2 account selection Ctrl+A chart of accounts F12 enter documents Ctrl+I for items Ctrl+T for narrations Ctrl+O open/ use the company Ctrl+G log off Ctrl+U user manager To know the b/s, trial balance, p&l a/c Reports For tax & discount creation Setup charges new (Enter the tax or discount ratio with % symbol and select appropriate category for tax ie.sst, vat, and .etc for discount select appropriate a/c and fill all fields and save the entered data) Sales Tax Authority ID Sales tax authorities are individual entities to whom you pay sales taxes (for example, city tax, county tax, state tax, or transportation tax). The sales tax authority ID identifies the

sales tax Authority in lookup lists and reports. Enter up to eight alphanumeric characters for the tax authority ID. You may want to use descriptive ids such as city, state, or county. Note: Sales tax codes are made up of a combination of sales tax authorities and are typically based on the locality of the sale. For example, your company may sell an item in a metro area that requires 6% sales tax (4% city, 1% state, and 1 % transportation). The sales tax code combines the tax authorities to calculate a single percentage. Sales Tax Code Sales tax codes are made up of a combination of sales tax authorities and are typically based on the locality of the sale. The sales tax code ID identifies the sales tax code in lookup lists, sales transactions, and reports. Enter up to eight alphanumeric characters for the tax code ID. You may want to use descriptive ids such as location. For example, your company may sell an item in a metro area that requires 6% sales tax (4% city, 1% state, and 1 % transportation). The Metro sales tax code combines the three tax authorities to calculate a single percentage.

PEACHTREE COMPLETE ACCOUNTING

1. Chart of accounts 10000 - 20000 Assets 20000 - 30000 Liability 30000 - 40000 Capital and drawings 40000 - 50000 Income 50000 - 90000 Expanses 2. Creation of Vendors /Customers Maintain vendors / customers Other shortcuts Alt+B beginning balance Alt+O save (ok) FIFO first in first out LIFO last in first out 3. Purchase orders / sales orders Maintain purchase / sales orders (If there is decimal problem Option Global set decimal option as Manual) 4. To show purchase or sales orders For purchase order option account payable For sales orders option account receivable 5. Purchase / sales Task purchase Task sales NB: For goods return enter the quantity with (-) symbol. Create separate a/c for other expanses which is not in GL accounts [Capital under equity doesnt close Drawings under equity gets closed] 6. Cash purchase or cash sales Enter the amount in the column Amount paid at sales/purchase 7. Expanses Task payments pay to the order of (enter amt here) Create corresponding account if not exist Example: tea/food expanses create a a/c on chart of accounts under expanses

8. Tax creation Maintain sales tax sales tax authority (after filling the information) Maintain sales tax sales tax code (create appropriate sales tax code ie.s1, s2 .Etc..) 9. For export and import of datas 1. Open the company (which have datas wants to export) 2. Fileexport/importselect the datas to export select export icon i.e. Vendors list, customers list.etc.) 3. Open another company requires the exported data 4. File import/export select the data to import which is already exported from Previous company import NB: for easy payment of small expanses like phone bill, electricity bill, Maintain Memorized transactions create the items (expanses) 10. For estimating the cost of jobs ie.construction work Maintain job costs 1. Cost codes create a cost code and select suitable cost type 2. Phases create and fill the datas of cost phases 3. Jobs create job id and job and fill other fields To show the report: Reports job cost 11. For security /password protection Maintain users create users like purchase, sales etc... (The purchase user may be the purchase manager or anyone from purchase department he can only visit and deal the matters related to purchase only he cant see the matters relating to sales .same as in the case of sales and other users except the main user he may be the CEO or MD of the company .He have the right to define the visible areas of each users.) NB: The users cant open the users menu (security setup menu) except MAIN USER if dont tick the access option at the time of user creation). 12. Default settings (For editing or show the default settings) Maintain Default information select item to edit. I.e. If you want to edit the default discount rate select the category (customers/venders) and edit the default rate. 13. Finance charges This option is used for charging finance charges for amount receivables (amount of credit sales) of the company if it is beyond a particular limit fixed by company. Through this option we can fix a credit limit and interest rate also. Example is given below in the case of a customer (credit sales) Maintain default info customers finance charges

Setup the interest rate, time limit and credit limit before sales (setup interest rate above the given time period ) if the amount goes over to the given time limit the company must create a interest rate and a minimum financial charge. Reports a/c receivable sales journal If the date is over means the given time period is occurred the company can charge financial charges by; Tasks Financial charges press OK click YES to apply charges and select a destination press OK. Then it will show the amount and explanation about charging method. 14. Quotes (quotation /sales orders) Tasks Quotes creates and save the quotes At the time of sales we can easily convert the saved quotes (sales orders) in to sales for that; Task Quotes selects the item and chooses the option convert select the appropriate result needed (to sales or to sales orders) 15. Select for payment: Task select for payment It is the option for payment through check. Mainly used for knowing bank balance after payments. Task select for payment select GL account as bank (specified bank) 16. Write checks (compound journal entry) It is the easiest way to enter payments means through compound journal entry system (only for payments) For this follow the given steps; Task write checks enter the vendor ID (if paying to vendor) or enter the name of expense in pay to the order of column and select appropriate GL account (cash/bank...etc.) Of expenses.i.e. For Rent select rent a/c And select split option 17. Payroll This option related with creation and payment of other expenses which is paid by the company to its employees with salary like Traveling allowances, DA, HRAetc... For this company should create the items by using the following steps;
Step 1.

Maintain default info employees after finishing option (enter state code etc) and select Pay levels add required Items under the correct GL a/c create if not have GL a/c. And press OK.
Step 2.

Maintain employees select a employee/create a new employee Pay info enter the amounts here for created items

After completing employee pay info choose; Task payroll entry and select appropriate employee to pay and select correct GL a/c If payment through check selects GL a/c as bank, select cash in hand for cash payment. 18. Time / Expense For calculating employees working hours we can use time /expense option Task Time/expense time tickets/expense tickets 19. Inventory adjustments If the company wants to adjust their stock which is increased or decreased by theft or loss by fire. Task inventory adjustments select item fill other options enter the quantity in the column with appropriate symbol For an adjustment-up, You will enter a positive quantity and can also enter a unit cost. This will increase your quantity on hand and total inventory value much as a purchase would. You could use an adjustment-up if you previously miscounted your inventory and now have more units on hand than you thought you had. For an adjustment down, You will enter a negative quantity, but you can't enter a unit cost. Peachtree will figure out the cost value that these units are being removed at, much like a sale. An inventory adjustment-down will decrease the quantity on hand as well as the total value. You could use an adjustment-down if something was stolen or for breakage or if inventory was previously miscounted or if you used the item for a job. When you make an adjustment, the Cost of Goods Sold, Inventory Total Value, and Inventory G/L accounts are all updated. 20. Assemblies For assembling new goods from existing stock we works with this option Step 1. Create items which are wanted to assemble for example: for assembling a computer we should create all parts required for computer with opp stock. And create computer as assembly and select Bill of material select all parts required for making the desired product save it Step 2. Task assemblies item ID (computer) enter how much quantity we want to make with available stock. Step 3. For report inventory item list 21. General journal entry Tips for entering transactions through general journal entry system. 1. If the cash is credit aspect selects GL account as pretty cash. 2. If the cash is debit aspect selects GL account as cash on hand. 3. Always create bank account under cash. 22. A/C Reconciliation

If the firm have a bank account and the purchases and sales are doing by issuing cheque of this bank we can do the payments and receipts through a/c reconciliation Step 1. Task a/c reconciliation. NB: 1.This practicable only when a vendor/customer is created and a transaction is created. 2. We can enter receipts through a/c reconciliation and also through receipts. 23. Void cheques This is the option used for voiding a cheque issued by the company .if the companys bank a/c doesnt have sufficient balance to convert that cheque in to cash we can void or cancel the cheque by using this option. Step 1. Task void cheques. 24. Action items It is a reminder setup for informing the meetings, calls, programmes etc in future for This Step1. Task action items (set time and matters) Step2. Options action items startup ( ) the display option. Analysis It is the shortcut to know the status of the business in different fields. E.g.: cash manager: - to know details about cash Collection manager: - to know the total receipts. Payment manger: - to know whole payments. Financial manager: - to know details about financial datas. 25. Options It includes option for setting some changes like colors and hides the GL accounts. NB: Always create drawings under equity doesnt clause

Tally 9.0
Voucher types

This is the option for entering whole transactions of the business Gateway of tally voucher entry. The main voucher types are as follows. 1. F4-Contra It is the option for entering transactions which related to bank and cash only ( the transactions which have cash and bank as debit/credit aspects ) mainly 1. Bank to cash 2. Cash to bank 3. Bank to bank (transfer) etc 2. F5-Payments For entering all types of payments (cash/bank) we can use this type of voucher .payments like .salaries paid, rent paid, cash paid to supplier 3. F6-Reciept Through this we can enter all types of receipts (bank/cash) like introduction of capital, building rent, cash from customer, commission receipts etc 4. F7-Journal This is the option for entering all type of transactions 5. F8-Sales This is the option for recording sales transactions .we can enter the sales and purchase transactions in two methods they are invoice format (which includes all details of items and quantity etc...Press ctrl+v for changing invoice format to journal format and for journal format to invoice format) and journal format (normal method). NB: at the time of sales / purchase enter the unit symbol with quantity if you are using multiple units means an item which purchasing in numbers (nos) and selling in dozens (doz) 6. F9-Purchase This is the voucher for entering purchase transactions .it is possible in two different methods mainly in invoice format and journal format. 7. Ctrl+F8- Credit note (sales return) It is the option used to record the transactions about sales return in other words return inward *if the option is not active press F11 from the voucher menu and set YES for the option Allow debit note and credit noteit also possible in invoice format and journal format. 8. Ctrl+F9- Debit note (purchase return) It is the option used to record the transactions about purchase return in other words return outward.

*if the option is not active press F11F1 from the voucher menu and set YES for the option Allow debit note and credit noteit also possible in invoice format and journal format. 9. Stock groups/category Sub groups: Inventory info stock groups create (under primary or desired group) For stock category: *if stock category is not displayed in the inventory info press F11 from the gateway of tally and select inventory features press F2 set Yes for the option Maintain stock category. 10. Tax If any item have sales tax record it when the item is creating for example if the item computer has 5% tax it should be shown in the item and follow given steps Step 1. At the time of sales in invoice format from the End of list window create suitable tax ledger under Duties and tax accounts (for example in the case of above given computer create 5%tax ledger ) and select suitable calculation method from the coming window means tax created on the item price/total sales etc 11. Godown Press F12 and allow for the option Maintain godowns For creation: gateway invent info create godown Mainly a company has three types of godowns they are 1. Main location 2. Purchase godown 3. Sales godown 12. Transfer of goods from one godown to another (e.g. Purchase to sales) Gateway a/c info voucher type alter stock journal set its class name as godown or any name just for coming window (the name is not specified) and set YES for coming option or window After go vouchers press Alt+F7 (stock journal) and transfer items by choosing destination godown and required items from another godowns. 13. For manual entering of Invoice number/Bill number A/c info voucher types alter select required voucher types (mainly purchase /sales/payment/receipt etc 14. Discount allowed Trade discount Amount will be given Cash discount Percentage of discount will be given 15. For trade discount The basic procedures same as tax creations procedure When doing sales from the end of list column and enter the amount with (-) symbol

16. For showing (%) window for discount F11 F2 (inventory features) separate discount column Yes 17. Cost center (for sales ex: or agents) It is the option used to record payments made to the sales executives, sales agents Step 1. Press F11F1 and set YES option for Cost centers and categories Step 2. Create agents or persons name on cost centers 18. Purchase orders & sales orders F11 F2 purchase order & sales orderYES Gateway of tally voucher entry Alt+F4 purchase orders Alt+F5 sales orders NB: at the time of sales select appropriate order number from the coming window. 19. Assemblies Step1. Press F12 at the time of item creation (which item we want to assemble by using parts for example we need computer as finished item press F12 at the time of creation) Step2. Set YES for the option Allow component list detail. Step3. For Assembling A/c info voucher types alter stock journal (change this to manufacturing journal) set YES for the option use as manfg journal Alt+F7 Manufacturing Journal 20. Bill-By-Bill Maintain bill by bill option is available for ledgers especially sundry debtors and sundry creditors It is a method of payment which is carried out the payment against the previous bills outstanding or previous bills receivable respectively. 21. Multi currency Step1. F11 Company features Set Allow multi currency as YES and create currency from a/c info with appropriate symbol example: for dollar ($) Step2. Select suitable currency for creditors and customers (when it is required) (If the value of currency changed we can update it by using alter menu) 22. Forex gain/loss The value changes of currency at the time of sales or receipt may cause to the company may have forex gain or loss in the present financial year the forex gain/loss can adjust through the following steps

Adjustment Step1. Voucher creation alter journal class name (give any name for the coming window) set YES for the coming window. Step2. Post a journal entry by selecting account as Profit&Loss a/c and use amount which is changed (forex gain/loss) *Ctrl + Enter for editing ledger at the time of sales or purchase * In tally always create drawings ledger under capital a/c as CR aspect.

OPTIONS (F11)
F1 A/c features F2 Inventory features F3 statutory features

F11 F1 A/c features

1. For showing p&l a/c as income and expenditure a/c Set YES the option for non trading account. 2. Interest calculation For calculating interest on debtors or loan set the option of interest calculation YES (If the rate changing in future set the option Advanced parameters as YES) NB: Create interest rate at the time of ledger creation with the time period and calculation method. For calculation Display statements of a/c interest calculation ledger F2 change the date to the transactions entered and calculate the interest for desired period. 3. Payroll (Payment to employees ie.Ta, DA, PF, HRA) Step.1. F11 a/c features Set YES maintain payroll and set YES for the option More than one payroll/ category. Step2. Gateway Payroll info pay heads create the needed items (TA, DA) With suitable calculation method (PF is deduct from employees salary) If a constant rate select Flat rate. In the case of user defined value the entering of amount is only possible when the payment is doing. Step3.Creating employees/groups Gateway payroll info employees create employees with details. Step4. For setting payment to each employees. Gateway payroll info salary details Setup payment items to each employee. Step5. For payment of salary with expenses. Gateway payroll vouchers A (Alt+A) for auto fills select date and employee from the coming window enter the amount save/ok. 4. Maintain cost centers After creating employees F11 a/c info set YES for Maintain cost centers Set YES for Use pre-defined cost center allocation during entry.(set this option after creating cost centers /employees and categories ) <Enter> Set percentage for each employees(cost centers) For payment A/c vouchers payment (the amount will be distributed according to the percentage already set. 5. Budget Step1. F11 a/c features Set YES Maintain Budgets an control Step2. Gateway a/c info Budgets Set Groups YES select a/c name and type of budget and enter amount for each expenses,

Step3.Select YES for ledgers also and select appropriate ledger. Step4.For payment a/c info F5 payment. Step5.For Display Gateway Display trial balance Alt+B. 6. Reversing journals and optional vouchers. .

F11 Set YES for the option Reversing journals and optional vouchers. A).optional vouchers It is the option for hiding transactions (receipts, payments, and journal) for posting in future .i.e. Telephone bill, .etc... Gateway a/c vouchers select a type of voucher (receipts, payments, and journal) press Ctrl+L to set optional and posting. To show the optional entry Display exception reports optional vouchers For posting Select optional entry press enter key press Ctrl+L for changing in to ordinary entry and set posting date ok/save. B).Reversing journals. It is a type of journal posting for deducting expenses from the actual content of items. I.e. Depreciation deduct from fixed assets. Step1. F11 Set YES for the option Reversing journals and optional vouchers. Gateway a/c info scenarios create the deducting item (depreciation, bad debts.etc) include reversing journal entries and save it. Step2.Gateway a/c vouchers F10 (Reversing journal) enter the reversing entry (i.e. In the case of depreciation of a machinery the entry will be Depreciation a/c Dr To machinery) set starting date save/ok. Step3.For display Display trial balance For showing the deducted item press Alt+C fill the details (mainly the date of depreciation or other items started to calculate) valuation method as Default Type of value to show as deducted item (depreciation, bad debts)

F11 F2 Inventory features

1. Maintain batch-wise details. It is the option for setup manufacturing and expiry date of items. Step1. F11 F2 set option YES Maintain batch-wise details. We can enter the date (mnfg/exp) at the time of purchase.

Gateway a/c vouchers purchase select items enter the dates in coming window. NB: Set YES for the option Maintain batches of each items at the time of item creation. Step2. For display the items and dates. Gateway display invent books ageing analysis primary (groups) for changing the date order manfg/exp in to exp/manfg press Alt+S and select desired date. 2. For setting discount for each item Based on quantity selling: Step1. F11F2 set yes for use price levels. And create price level groups of sales (wholesale and retail etc) After item creation (if it have stock) Gateway invent info price list select price level group Set rate for each item Step2.At the time of sales selects the appropriate price level and save/ok

shihabshihab

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7/19/2012